Here’s Shiba Inu Price if Bitcoin Hits $1M as Predicted by Bernstein

Should Shiba Inu record a proportional price increase, its price could reach substantial levels if Bitcoin (BTC) clinches $1 million in 2033 as predicted by Bernstein.

Bitcoin has been underperforming over the past few days, recently dropping to a monthly low of $66,043. Despite a rebound from this floor, BTC remains at the lower spectrum of the $66,000 level. This market woes have impacted altcoins, with Shiba Inu seeing an equal price drop.

Bernstein Predicts BTC to Reach $1M

Most recently, market veteran Peter Brandt asserted that BTC might have already reached its peak for the cycle. This would mean that Bitcoin will fail to record any price spikes in the future, causing altcoins like Shiba Inu to remain at their current values for the rest of the cycle.

However, The Crypto Basic reported on June 14 that Bernstein, a leading asset manager with $759 billion in AUM, made a different assessment. Analysts at Bernstein are more bullish on BTC, predicting that the premier cryptocurrency could hit $200,000 in the current bull run and then rally to $1 million by 2033. 

If Bitcoin follows this projected trajectory, there could be positive far-reaching effects for the broader crypto market. This is due to Bitcoin’s influence in the crypto market, as it currently boasts a 54% dominance with a market cap of $1.3 trillion. While the broader market follows Bitcoin’s movements, some share greater price correlation with it.

For instance, The Crypto Basic confirmed earlier this month that Cardano held a 62% price correlation with Bitcoin over the 30-day period leading to June 4. Nonetheless, Shiba Inu boasted a high 79% correlation with Bitcoin within the same period. This indicates that SHIB would follow Bitcoin’s trajectory more.

Shiba Inu Price if Bitcoin Hits $1M

Citing this prospect, we recently evaluated how much Shiba Inu would rally if it trailed Bitcoin’s price at the targets set by Bernstein. Notably, the $200,000 goal would require a 201% increase from Bitcoin’s current price of $66,273. If SHIB rises by a similar rate, its price would surge from the current $0.00002066 to $0.00006198, marking a new cycle top.

In addition, if Bitcoin clinches $1 million by 2033, it will have increased by 1,409% within nine years. A proportionate rise in Shiba Inu’s price would skyrocket to around $0.0003117. This price would take SHIB’s market cap to $183.6 billion, a valuation that some analysts would deem too low over a nine-year period.

For instance, analysts at Changelly predict that Shiba Inu could reach $0.0003 in September 2030, three years prior. However, for the year 2033, these analysts expect SHIB to clinch a maximum price of $0.000996 by December. Such a value would push Shiba Inu’s market cap to $586 billion.