Shiba Inu (SHIB) is finally breaking out of its resistance level. The asset is up 8.3% in the daily charts, 6.9% in the weekly charts, 3.9% in the 14-day charts, and 33% over the previous month. Despite the rally, SHIB is still down by 37.3% since May 2024.
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Cryptocurrencies Surge As Bitcoin Breaches $100,000
The latest market rally is likely due to Bitcoin (BTC) reclaiming the $100,000 mark once again. SHIB and other crypto assets are following BTC’s trajectory.
BTC’s breakout could be due to the Arizona governor signing a digital asset reserve fund bill into law. The move may have boosted investor confidence.
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Another bullish development is the Federal Regulator allowing regulated banks to buy, sell, and offer custody services for crypto assets. The approval may have led to SHIB and other assets seeing a spike in inflows.
Grok AI Predicts Shiba Inu’s Price If Bitcoin Hits $200,000
According to X’s Grok AI, BTC hitting $200,000 will likely lead to speculative assets like SHIB to rally. The AI chatbot presents two scenarios for the asset. If there is a strong correlation between BTC and SHIB, the latter could rally by 204% to $0.00004386.
On the other hand, if Shiba Inu (SHIB) has a weak correlation with BTC, the asset could trade at $0.00001357. SHIB’s price will dip by 5.83% if it falls to $0.00001357.
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If Bitcoin (BTC) breaches the $200,000 mark, there is a high probability that many crypto assets will rise to new peaks. Shiba Inu (SHIB) may also hit a new all-time high if BTC hits $200,000. SHIB is currently down by 83.3% from its October 2021 all-time high of $0.00008616.
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