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Shiba Inu (SHIB) had a decent start to the year, hitting a two-year high in early March. However, the asset has faced a significant correction over the last few weeks. SHIB is down by 16.6% in the weekly charts, 16.45 in the 14-day charts, and 21% over the previous month. However, SHIB has risen 6.9% in the last 24 hours and is up 98.7% since April 2023.
Also Read: Shiba Inu: $1000 Weekly Since 2020 Becomes $626 Million in 2024
Despite the recent correction, SHIB might turn the tide, given that Bitcoin’s (BTC) fourth halving is just around the corner. Historically, BTC has witnessed a price spike after its three previous halvings in November 2012, July 2016, and May 2020. Many analysts anticipate a similar pattern this time around.
How high can Shiba Inu (SHIB) go after Bitcoin’s halving?
During its previous halving in May 2020, BTC traded for around $8,500. By November 2021, BTC had rallied by around 711%, surpassing the $69,000 mark. Shiba Inu (SHIB) also benefitted from BTC’s surge. The asset rose by 303851% in less than one year.
If BTC witnesses another 711% rally, it could surge above $500,000. In such a scenario, if SHIB rises by just 10% of what it did in 2021, it could surge to around $0.006539. The price rise would translate to a growth of about 28,000%.
Also Read: Shiba Inu Price Recovery: Will SHIB Report Big Gains Post-Bitcoin Halving?
According to CoinCodex, SHIB is on the verge of another massive rally. The platform anticipates SHIB to hit $0.00007741 on May 15, 2024. Reaching $0.00007741 from current levels would translate to a growth of about 242%.
Furthermore, if Shiba Inu (SHIB) can hold its price at $0.00007741, we may witness the dog-themed crypto hit a new all-time high.
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