- Bitcoin (BTC) hit a new all-time high of $97,836.61 and its rally is expected to trickle down into other assets.
- Shiba Inu (SHIB) has maintained some gains recently, but continues to struggle to overcome the $0.00003 resistance level.
- There is a possibility that SHIB could hit $0.0001 if Bitcoin continues its upward momentum and reaches $125,000, though analysts predict SHIB will trade around $0.0000223 by early February 2025.
Bitcoin has been on an incredible rally recently, reaching new all-time high prices. This has sparked interest in whether the gains in Bitcoin could boost other cryptocurrencies like Shiba Inu. In this article, we’ll analyze if Shiba Inu can reach the key price level of $0.0001 if Bitcoin climbs to $125,000.
Recent Price Action for Shiba Inu
Shiba Inu has seen impressive growth over the last few weeks. However, the meme-inspired cryptocurrency has faced some pullbacks recently. In the daily charts, SHIB is down 14%. Over the past week, it has dropped a steep 74%. Still, SHIB has managed to hold onto some gains in other timeframes. In the past 14 days, it is up 306% and up 308% for the month. Since November 2020, SHIB has gained 188%.
Can SHIB Hit $0.0001 if Bitcoin Reaches $125,000?
For Shiba Inu to reach the target price of $0.0001, it would require a massive 314% rally from current levels. This would represent a new all-time high for the cryptocurrency. Bitcoin reaching $125,000 is projected to occur around February 2025 based on analyst forecasts.
However, analysts estimate Shiba Inu could be trading at only $0.00002238 by February 2025. This is 73.3% lower than the current price. While a Bitcoin rally could lift all boats in the crypto market, there are no guarantees SHIB can surge 314% to $0.0001 in that timeframe.
Market Prospects for Continued SHIB Rally
There is a chance the overall crypto market boom could propel Shiba Inu higher in the coming months without a major correction. If Bitcoin keeps setting new highs, it could bring SHIB along for the ride. SHIB has already climbed to become the 12th-largest cryptocurrency by market capitalization. If the rally persists, it could potentially enter the top 10.
Conclusion
While hitting the $0.0001 mark would be an ambitious target for Shiba Inu, the meme coin has defied expectations before. If Bitcoin reaches $125,000 by early 2025 as predicted, the ongoing crypto frenzy could possibly push SHIB high enough to knock off another zero. However, based on analyst forecasts, it seems more likely SHIB will remain below $0.0001 over the next two months unless there is a parabolic rise across the crypto markets.
