How High Will SHIB Go If Bitcoin Hits $350,000?

Bitcoin (BTC) has been among the best-performing assets of the last decade-and-a-half. As BTC’s price has risen, so has the price of other assets. As the market leader, a BTC rally also trickles into other altcoins. Shiba Inu (SHIB) has also benefitted from BTC’s price going up. BTC hit a new all-time high of $73,737 earlier this year, fuelled by BTC ETF inflows. SHIB also claimed the charts thanks to BTC breaking out.

According to Rich Dad, Poor Dad author Robert Kiyosaki, BTC could surge to $350,000 by Aug. 25, 2024. BTC reaching $350,000 from current levels would translate to a growth of over 462%.

Also Read: Meme Coins Like Shiba Inu, Dogecoin Record Dip in Dominance

If Shiba Inu (SHIB) also witnesses a 462% rally, it will take the asset’s price to $0.0000955962, a new all-time high. Reaching 0.0000955962 could also lead to SHIB eventually deleting a zero and hitting $0.0001.

When will Shiba Inu begin its rally?

SHIB has taken a beating over the last few days. The asset is down by 6.2% in the daily charts, nearly 16% in the weekly charts, 26.3% in the 14-day charts, and almost 40% over the previous month.

Also Read: Shiba Inu: Analyst Predicts SHIB to Delete a Zero and Hit $0.0001

The latest market dip is likely due to BTC falling below $63,000. BTC’s decline, on the other hand, is most probably because of miner capitulation, investor fatigue, the lack of new capital in the market and major outflows from ETFs. Miners began selling their holdings as the cost of mining one BTC surpassed the $86,000 level last week.

According to crypto analyst Ali Martinez, BTC’s price usually surpasses the cost of mining one BTC. We may soon see a trend reversal with BTC hitting a new high of over $86,000. If BTC hits $85,000, Shiba Inu (SHIB) will likely follow suit and break out into a rally.