The Shiba Inu price is currently experiencing a significant correction alongside Bitcoin. However, crypto analysts have suggested that Shiba Inu could experience a parabolic rally if the flagship crypto experiences a bullish reversal above $100,000.
Shiba Inu Price Could Hit $0.000037 As Bitcoin Hits $100,000
In an article X, crypto analyst Rose predicted that Shiba Inu could soon reach $0.000037372. This happened as the analyst revealed that the best coin is currently trading in a consolidation phase, showing breakout potential.
The analyst further mentioned that the accumulation zone lies between $0.00002387 and $0.00002541, providing investors with the opportunity to accumulate within this range. Along the same lines, Rose said that if Shiba Inu price breaks this resistance, the next targets for SHIB are $0.000031040, $0.000034024, and $0.000037372.
The analyst added that the meme coin remains a key asset for monitoring near-term growth. Indeed, the room itself should be monitored, especially if the Bitcoin Price were expected to witness a bullish reversal to the upside and reach the $100,000 mark.
IntoTheBlock data shows that the price correlation between Shiba Inu and Bitcoin is currently 0.88, indicating a strong positive price correlation. Therefore, SHIB will likely benefit from a bullish continuation as BTC moves higher.
SHIB still looking for current ATH
Cryptocurrency analyst Javon Marks recently suggested that Shiba Inu price is still targeting its current all-time high (ATH) of $0.00008 and could reach it soon enough. This came as he said SHIB appears to be in some of its best positions in years. 
He added that the meme coin was holding up well and rose over 162%, while also showing mostly positive responses to a recent hidden bullish divergence. The analyst mentioned that this divergence could suggest a move of more than 75% above the 2024 highs.
Javon Marks said this may be just a smaller part of a much larger 215% rise toward the first overall breakout target at $0.000081. On the same note, the analyst said that a price increase of more than 3 times the Shiba Inu could happen and happen quickly.
Shiba Inu Burn Rate recently reached 4,500%, presenting a bullish outlook for the meme coin. SHIB whales are also actively accumulating coins, which could continue this impending price rise.
Boluwatif Adeyemi
Boluwatife Adeyemi is an experienced crypto writer and editor who has covered topics touching on DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making them easy to understand for crypto beginners. Outside of writing, he is an avid basketball player and part-time degen.
Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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