VanEck analysts predict Bitcoin and Ethereum could reach $325,000 and $22,000, respectively.
Shiba Inu (SHIB) has a high price correlation with both Bitcoin (85%) and Ethereum (94%) over a 30-day period.
If Shiba Inu follows the price movements of Bitcoin and Ethereum, as predicted by VanEck, SHIB could potentially exceed the $0.0001 mark.
Amidst the prevailing market uncertainty, analysts at the prominent asset management firm VanEck have put forth bullish price projections for the two leading cryptocurrencies, Bitcoin and Ethereum.
These predictions, which are based on extensive research and a thorough analysis of current market conditions, could have significant implications for other digital assets, such as Shiba Inu (SHIB), if they come to fruition.
BREAKING: VanEck Portfolio Manager & Head of Digital Asset Research States Bull Market Price Predictions For…• $BTC – $325,000 • $ETH – $22,000• $SOL – $300Do You Agree With These Bull Market Price Predictions For Crypto? Comment Below & Follow For… pic.twitter.com/7poMfWl5Ob
— Good Morning Crypto (@AbsGMCrypto) June 13, 2024
VanEck’s Optimistic Outlook for Bitcoin and Ethereum
During a recent interview with crypto community figure Anthony Pompliano, Matthew Sigel, Head of Digital Asset and Portfolio Manager at VanEck, shared his firm’s bullish price targets for Bitcoin and Ethereum.
Abdullah Nassif, host of the Good Morning Crypto podcast, recently highlighted these remarks, drawing attention to the potential impact of these projections on the broader crypto market.
In response to a question from Pompliano, Sigel confirmed that VanEck’s research indicates a bullish case for Bitcoin, with a price target of $325,000. Additionally, he mentioned a recent projection from VanEck that sets a $22,000 price target for Ethereum.
These predictions suggest varying degrees of growth for the two leading cryptocurrencies. With Bitcoin currently trading at $61,738, reaching the $325,000 target would require a substantial 426.4% increase.
Similarly, Ethereum, which is currently changing hands at $3,460, would need to experience a massive 535.6% surge to achieve the predicted $22,000 level.
The cryptocurrency market is known for its price correlations, and if either or both of these leading assets reach the levels predicted by VanEck, Shiba Inu’s price could potentially benefit from the positive sentiment.
Data from IntoTheBlock reveals that SHIB has a 30-day price correlation of 85% with Bitcoin, indicating a strong relationship between the two assets’ price movements.