Here’s How High SHIB Could Rise if Bitcoin Hits $2.9M as VanEck Predicts

Shiba Inu price could potentially reach unprecedented heights if SHIB follows Bitcoin should the premier crypto asset hit $2.9 million as predicted by VanEck.

Being the firstborn and largest cryptocurrency, Bitcoin has continued to dictate the trajectory of the broader market. Notably, each bull market has begun with a Bitcoin upsurge, as the premier crypto asset typically carries the rest of the market with it when it witnesses a price rally.

SHIB and BTC Price Correlation

The latest bull market is no exception, with BTC recently breaching its all-time high price. However, some cryptocurrencies follow Bitcoin’s trajectory closer than others. For instance, data from IntoTheBlock (ITB) confirms that Shiba Inu has witnessed a 78% correlation with Bitcoin’s price over the last two months. 

Due to this close price relationship, Shiba Inu is likely to move in a similar direction as Bitcoin in most cases. This correlation could be advantageous or detrimental for SHIB’s price. Notably, when BTC records a drop, SHIB sees a similar collapse. However, should Bitcoin witness a rally, Shiba Inu would record an upsurge. 

With Bitcoin experiencing a prevalence of bullish sentiments, this close relationship is welcomed by Shiba Inu investors. Asset manager VanEck has made one of the emerging bullish projections on Bitcoin’s future. Recently, VanEck predicted that BTC could hit $2.9 million by 2050.

Shiba Inu Price if BTC Reaches $2.9M

If Bitcoin reaches this level, the rally could have far-reaching effects on altcoins, especially Shiba Inu. We recently evaluated how much SHIB is likely to increase should this price prediction plays out. 

Notably, BTC currently trades for $67,941 amid an impressive 2.2% increase over the past week. For the cryptocurrency to reach the $2.9 million price target by 2050, as predicted by VanEck, it would have to rally by as much as 4,168% over the next 26 years. 

Shiba Inu has the potential to replicate this run, boasting much higher probability. SHIB currently trades for $0.00001719, having increased 2.9% in the last 24 hours. If SHIB follows Bitcoin’s trajectory and records a similar 4,168% rally, its price would shoot up to $0.00073367 by 2050. 

However, projections from multiple analysts suggest that experts believe Shiba Inu could hit this price sooner. Interestingly, analysts at crypto exchange Changelly predict that SHIB could hit the $0.0007 region between 2033 and 2040. They expect a minimum price of $0.001204 for Shiba Inu by January 2040.