Predicting SHIB's Price if Bitcoin Reaches $200,000: A Deep Dive

• An Analysis of Shiba Inu's (SHIB) Market Position
• Anticipated Market Recovery in 2024
• Projected Future Scenarios for Shiba Inu (SHIB) Price
• Scenario One: Strong Correlation with BTC
• Scenario Two: Weak Correlation with BTC

An Analysis of Shiba Inu's (SHIB) Market Position

Despite its substantial fame, Shiba Inu$0.000010 -2.05%'s (SHIB) price has battled considerable challenges over the past year. The token, despite the launch of an influential layer-2 network, failed to gain substantial traction. A correction followed the token's price deleting a zero after its decimal point, aligning with the current market trend. Currently, SHIB is down by nearly 6% on the daily chart and more than 12% on the weekly and monthly charts. From January 2023 till date, the token's price has experienced a modest rally of 7.3%.

Anticipated Market Recovery in 2024

Shiba Inu (SHIB) and its fellow dog-themed cryptocurrency, Dogecoin$0.091 -0.42% (DOGE), had significant challenges in the previous year. Nonetheless, a large number of enthusiasts and investors are optimistic that these dog-themed cryptos will experience a resurgence in 2024, coinciding with a predicted bull run. Market analysts forecast that the US Securities and Exchange Commission (SEC) will approve one or more Bitcoin$42,260 -0.64% (BTC) Exchange Traded Fund (ETF) applications in January 2024. Additionally, BTC is expected to undergo its next halving cycle in April 2024. These developments could potentially trigger a new bull run for the cryptocurrency market. If this happens, BTC may attain a new peak, with several predictions hinting at a 6-digit figure for the pioneer cryptocurrency.

Projected Future Scenarios for Shiba Inu (SHIB) Price

A thought experiment arises: What would be the price of Shiba Inu (SHIB) if Bitcoin (BTC) reaches $200,000? Google's Bard AI (Artificial Intelligence) presents two possible outcomes for SHIB's price should Bitcoin (BTC) hit the $200,000 mark.

Scenario One: Strong Correlation with BTC

In the first scenario, where SHIB's price has a strong correlation to BTC's, SHIB's price might reach $0.00004386, a surge of over 380% from its current value. However, the AI does not foresee SHIB reaching its all-time high of $0.00008616, reached in October 2021.

Scenario Two: Weak Correlation with BTC

Alternatively, if Shiba Inu's (SHIB) price exhibits a weak correlation to BTC's, its value could rise to $0.00001357, increasing nearly 50% from current rates.

Edited by Jonathan Stoker