Shiba Inu (SHIB) could record an equal surge in value if Bitcoin (BTC) clinches the much-coveted $500,000 price projected by multiple analysts.
Bitcoin has championed an impressive market run this period that has rejuvenated optimism in substantial price surges. As a result, predictions of a massive rally to $500,000 have emerged. For instance, Fundstrat’s Tom Lee predicts BTC will reach $500,000 in five years.
Interestingly, one of the first persons to make these predictions was Anthony Scaramucci, the founder of Skybridge Capital, who forecasted in November 2021 that he sees Bitcoin trading at $500,000 sometime in the future. Last month, Aurelien Ohayon, analyst and CEO at Xorstrategy, also projected a BTC price of $500,000 after 2025.
The prospect of Bitcoin reaching $500,000 has excited the broader crypto community, as Bitcoin’s price actions often dictate the broader market’s direction. Should BTC reach the $500,000 price, it could have a positive ripple effect in the market, positively impacting Shiba Inu’s price.
Shiba Inu Price If Bitcoin Hits $500,000
However, the extent of this impact remains a thing of intense speculation. To garner some useful insights, we explored opinions from prominent crypto analytical resources on the varying projected timelines for Bitcoin to reach the $500,000 goal possibly.
Analysts at Changelly expect BTC to claim the $500,000 value in 2029, projecting the leading cryptocurrency to hit a maximum price of $501,824 in January 2029. In a separate article, these analysts also expect SHIB to reach a peak of $0.000196 in January 2029, when BTC is expected to clinch $500,000.
For context, Bitcoin currently trades for $64,338, while Shiba Inu changes hands at $0.00002721. The growth projections from these current prices indicate that Changelly analysts believe BTC would rise 679% in the next five years, while SHIB could surge 620% within the same timeframe.
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However, Telegaon holds a different view, predicting Bitcoin to hit $511,424 in 2035, about 11 years from now. Interestingly, Telegaon believes SHIB will reach $0.000921 in 2035. Per these figures, Telegaon analysts see BTC soaring 695% in 11 years and SHIB rising 3,284% in the same period.
Meanwhile, analytics resource CoinCodex is less optimistic about the $500,000 projection than other platforms. According to CoinCodex, Bitcoin would only be able to reach a peak of $308,078 in 2030. These marks would mark a 378% increase in six years. CoinCodex’s less bullish sentiments cut across multiple assets, as they hold similar views for Shiba Inu. The platform expects SHIB to claim a $0.000112 price in 2030, essentially projecting a 311% rise in Shiba Inu’s price over the next six years.
However, it bears mentioning that Shiba Inu might not track Bitcoin’s price as much these platforms expect. While both assets often move together, the fundamentals backing their respective price actions are different.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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