February 23, 2024

According to Google Bard, Shiba Inu could gain massively if Bitcoin rises to the $500,000 predicted by Bloomberg. However, the AI bot claims that this is hard to predict and that SHIB will only gain if it strongly correlates to BTC. 

Remarkably, BTC broke above $42,000 in December 2023 for the first time in twenty months. Amid several bullish bitcoin forecasts, Bloomberg believes BTC will build on its current gains and rally to $500,000. 

Google Bard Makes Bold Prediction on SHIB Based on BTC’s Price

Google Bard suggests that if Bitcoin rallies, it may have a massive impact on the prices of altcoins such as Shiba Inu. However, the chatbot noted that considering the nature of cryptocurrencies, making a future prediction is quite challenging.

According to the chatbot, several factors could influence Shiba Inu’s price in the long term.

One such factor is its correlation to the price of BTC. Notably, most altcoins often benefit when BTC records price gains. Also, other factors influencing the price of SHIB are the developmental strides in the ecosystem.

The release of Shibarium and Shibaswap has added more diversity and solutions to the ecosystem. 

According to a post on X, the low gas fees on Shibarium make it the most popular Layer 2 built on Ethereum. Also, the strong backing of the SHIB Army has aided SHIB’s recent gains. 

Also, the recently introduced Shib Name Service, which gives users a unique digital identity, is a major growth factor. 

Moreover, the ShiboshisNFT adds more dimensions to the ecosystem and attracts NFT enthusiasts and lovers. Another interesting development is the Shib Metaverse, which allows community members to own land on the metaverse. 

SHIB token burns on Shibarium are another pivotal factor that will likely reduce the total supply of SHIB in the long term and boost its value. So, SHIB has all it takes to hit new record highs in the next bull run, especially if the $500,000 prediction for Bitcoin comes to fruition. 

How Is SHIB Faring Today?

Amid various speculations for a price increase, Shiba Inu is still grappling with notable bearish pressure. SHIB shows a correlation to Bitcoin’s price today, shedding some of its gains after a rejection at $0.0000099 on January 14. 

It is approaching the $0.0000095 support level, a crucial point that could facilitate further price decline if the bulls fail to regain control. Also, SHIB has dropped below the median band of the Donchian Channel (DC), confirming pressure from the sellers.

Although it formed a green candle today, the sellers have the upper hand and are forcing a retracement. 

The Relative Strength Index (RSI) is close to the oversold region, displaying a value of 47.65. Based on historical data, SHIB dropped below the $0.0000095 support between January 7 and 8.

It will likely repeat similar price action in the coming days if the sellers continue to dominate the market. 


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