AI chatbots Google Gemini, OpenAI’s ChatGPT, and Grok from X have differing price predictions for Shiba Inu if Bitcoin hits $500,000 as forecasted by Bloomberg.
The well-known business and market platform made this prediction about Bitcoin’s price in a report released last December. This forecast came after Bitcoin surpassed $42,000 in December 2023 following a period of consistent bearishness. Notably, Bitcoin had faced bearish pressure throughout 2022 and 2023.
Bloomberg’s projection of Bitcoin reaching $500,000 was accompanied by optimistic forecasts and comments from industry experts as the market turned bullish. The report suggested that the surge in December marked the beginning of a super cycle that could potentially drive Bitcoin to $500,000.
Interestingly, such a significant increase could have a positive impact on the broader market, with altcoins like Shiba Inu benefitting due to their price correlation with Bitcoin. IntoTheBlock (ITB) data confirms that SHIB has had an 87% price correlation with Bitcoin over the last 60 days.
This correlation implies that Shiba Inu has historically risen when Bitcoin has increased and fallen when BTC has dropped. Therefore, a potential rise to $500,000 for Bitcoin could potentially propel SHIB to new heights. We turned to AI chatbots Google Gemini, ChatGPT, and Grok for their predictions on what Shiba Inu’s price might be.
Currently, Bitcoin is trading at $68,034, while Shiba Inu is priced at $0.0000178. Google Gemini emphasized that a jump to $500,000 from Bitcoin’s current level would require a 7.35x increase. Applying a similar growth rate to SHIB would push the meme coin to a new all-time high of $0.000130.
ChatGPT’s response echoed a similar sentiment. According to the OpenAI chatbot, if Bitcoin reaches $500,000, Shiba Inu could potentially see a proportional increase due to their price correlation. ChatGPT predicts SHIB’s potential price to reach $0.000135, also setting a new all-time high.
On the other hand, Grok from Elon Musk’s X platform offered a slightly different perspective. Grok estimated that Shiba Inu could rise by a modest 500% if Bitcoin hits $500,000, projecting SHIB to reach a price range of $0.0000495 to $0.0000990.
These forecasts indicate that Shiba Inu could respond positively to a surge in Bitcoin to $500,000. However, it is important to note that these scenarios are hypothetical and should not be considered as investment advice. The actual realization of Bitcoin reaching $500,000 and how SHIB would react to it remains uncertain.
Disclaimer: This content serves as information and should not be taken as financial advice. The opinions expressed in this article are personal and do not necessarily reflect The Crypto Basic’s stance. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic holds no responsibility for any financial losses incurred.