Shiba Inu (SHIB) has seen a major price correction over the past few days. Some AI (artificial intelligence) powered platforms predict this asset will soon regain growth momentum.
According to PricePredictions, SHIB price could rise to $0.000029 by June 30, 2024. Reaching $0.000029 from current levels would require an increase of about 65.8%.
Analysts at CoinCodex predict SHIB to reach $0.00003238 by June 30, 2024. Reaching $0.00003238 from current levels would require an increase of more than 85%.
Changelly also predicts Shiba Inu (SHIB) will pick up steam in the next few days. The platform predicts SHIB will reach 0.00003333 USD by June 30, 2024, an increase of about 90.5% from current levels.
Why are Shiba Inu facing a price correction?
Shiba Inu (SHIB) recovered slightly 0.8% on the daily chart, following Bitcoin (BTC)'s recovery to over $61,000 after the initial cryptocurrency briefly fell below $60,000 on Monday. SHIB remains down 3% on the weekly chart, 22.8% on the 14-day chart and down nearly 30% month over month.
Bitcoin has seen a significant sell-off over the past few weeks. When the cost of mining one bitcoin rose to $86,000, miners began selling their Bitcoin holdings. Withdrawals from the Bitcoin ETF and lack of new capital also made matters worse.
According to crypto analyst Ali Martinez, BTC prices often surpass the cost of mining one BTC. If he is right, we could soon see a new all-time high of $86,000 for the original cryptocurrency. If BTC hits a new all-time high, there is a high possibility that Shiba Inu (SHIB) and other altcoins will follow suit.