Bitcoin (BTC) hit an all-time high of $98,988 earlier today. The momentum of BTC is expected to spread to other assets. Despite BTC being at unprecedented levels, Shiba Inu (SHIB) is still struggling to break the resistance level of $0.00003.
Recent Price Fluctuations of SHIB
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SHIB has experienced impressive growth over the past few weeks. Despite the increase, the dog-themed cryptocurrency has undergone a 1.4% correction on the daily chart, following a 7.4% correction in the previous week. The asset has maintained some gains across other time frames. SHIB’s price has increased by 30.6% on the 14-day chart, 30.8% on the monthly chart, and 188% since November 2023.
Let’s see if Shiba Inu (SHIB) can drop a zero and reach $0.0001 if Bitcoin (BTC) hits $125,000.
Can SHIB reach $0.0001 when Bitcoin hits $125,000?
If SHIB reaches $0.0001, it will set a new high for the project. To reach $0.0001 from the current price level requires an increase of about 314%.
CoinCodex analysts suggest that BTC could break the $125,000 mark on February 3, 2025 (approximately two months from now). Standard Chartered has also predicted that BTC will reach $125,000 after Donald Trump wins the U.S. presidential election.
On the other hand, the platform expects Shiba Inu (SHIB) to trade at $0.00002238 on February 3, 2025. Reaching $0.00002238 from the current price level would mean a drop of about 7.33% from the current level.
SHIB is unlikely to experience a pullback in the coming months. If Bitcoin (BTC) continues its upward momentum, we might see another total market rebound. SHIB may continue to rise following BTC's trajectory. The asset has climbed to the 12th position among the highest market cap projects. If it continues to rise, the dog-themed cryptocurrency could enter the top 10 projects.
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