Despite its popularity, Shiba Inu’s (SHIB) price has faced a lot of struggle throughout the last year. The asset did not gain much traction despite a significant layer-2 network launch. Although SHIB’s price deleted a zero after its decimal point, the token has faced a correction, following the current market trend.
SHIB is currently down by almost 6% in the daily chart and over 12% in the weekly and monthly charts. Since January 2023, the asset’s price has rallied by a mere 7.3%.
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Dogecoin (DOGE) and Shiba Inu (SHIB) took a backseat last year. However, many fans and investors believe the popular dog-themed crypto will bounce back in 2024 in anticipation of a bull run. Many analysts predict that the US SEC (Securities and Exchange Commission) will approve one or more spot Bitcoin (BTC) ETF (Exchange Traded Fund) applications in January 2024. Moreover, BTC will undergo its next halving cycle in April. Both developments could usher in a new bull run for the crypto market. In such a scenario, BTC might hit a new all-time high, and many have predicted 6-digit figures for the original cryptocurrency.
What will Shiba Inu’s (SHIB) price be if Bitcoin (BTC) reaches $200,000?
Google’s Bard AI (Artificial Intelligence) chatbot presents two scenarios for SHIB’s price when Bitcoin (BTC) reaches $200,000. In the first scenario, the chatbot gives a situation where SHIB’s price strongly correlates to BTC’s. In this scenario, SHIB’s price could hit $0.00004386, a rise of over 380% from current price levels. However, the chatbot does not anticipate SHIB to reach its all-time high of $0.00008616, which it attained in October 2021.
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On the other hand, if Shiba Inu’s (SHIB) price has a weak correlation to BTC’s, its price could hit $$0.00001357, a rise of almost 50% from current levels.