Shiba Inu (SHIB) had a good start to the year, hitting a two-year high in early March. However, the asset has faced a sharp correction in the past few weeks. SHIB is down 16.6% on the weekly chart and 16.45% on the 14-day chart, down 21% month-on-month. However, SHIB is up 6.9% in the past 24 hours and 98.7% since April 2023.
Despite the recent correction, SHIB could turn things around considering that Bitcoin’s (BTC) fourth halving is around the corner. Historically, BTC experienced price surges after the first three halvings in November 2012, July 2016, and May 2020. Many analysts expect a similar pattern to occur this time around.
How high can Shiba Inu (SHIB) go after Bitcoin halving?
During the last halving in May 2020, BTC was trading at around $8,500. By November 2021, BTC had risen by about 711%, breaking the $69,000 mark. Shiba Inu (SHIB) also benefited from BTC's surge. In less than a year, the asset has risen by 303,851%.
If BTC rises another 711%, it could break through $500,000. In this case, if SHIB rises by just 10% of what it has in 2021, it could soar to around $0.006539. The price increase would translate into a growth of about 28,000%.
According to CoinCodex, SHIB is on the verge of another massive rally. The platform expects SHIB to reach $0.00007741 on May 15, 2024. Reaching $0.00007741 from current levels would mean a growth of about 242%.
Furthermore, if Shiba Inu (SHIB) can sustain its price at $0.00007741, we might just witness a new all-time high for the dog-themed cryptocurrency.
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