- Bitcoin’s next halving event is scheduled for April, which historically triggers a potential crypto bull run.
- Halvings reduce BTC rewards to miners, leading to a constraint in supply growth.
- Shiba Inu could experience a massive 5,500% increase if Bitcoin reaches $500,000.
Bitcoin’s next halving event occurs this April, potentially spurring a crypto bull run that sends Shiba Inu soaring. Halvings reduce BTC rewards to miners, constraining supply growth. This scarcity effect often precedes major Bitcoin price increases. Any BTC breakout to new highs could positively impact other cryptocurrencies, like SHIB.
Analysts Predict Bitcoin to reach $500K Post-Halving
Due to the exchange-traded fund (ETF) approvals and the supply-limiting halving, many analysts predict that Bitcoin will reach $500,000 in 2024. In January, the SEC greenlit 11 spot Bitcoin ETFs, opening crypto investing to more mainstream capital.
Past halvings jacked up Bitcoin prices as reduced mining rewards made the asset scarcer. The same market principle of shrinking supply amid steady demand could drive a rally over $500K within months after April’s halving event.
Shiba Inu Could Experience 5,500% Explosion
If such an enormous Bitcoin rise occurs, it would likely lift other cryptocurrencies. AI chatbot ChatGPT suggested Shiba Inu may then trade between $0.0002 and $0.0005. That upper bound denotes a staggering 5,500% increase from SHIB’s current price.
Meanwhile, Google’s new Bard chatbot gave a more conservative forecast of $0.0000495 to $0.0000990 for SHIB if Bitcoin hits $500,000. Still, even the lower estimate reflects a 1,000%+ SHIB price explosion. Despite differing views on scale, both AIs see immense upside.
However, crypto data site Changelly shows a less dramatic 68% SHIB rally to $0.0000149985 as its 2024 maximum. In contrast, prediction platform Telegaon foresees epic 540% gains to $0.0000571 next year. So expert estimates diverge widely.
Magnitude Depends on the Bitcoin Halving Effect
Ultimately, the extent to which Bitcoin’s impending halving and growing institutional adoption propel its price to stratospheric levels will determine spillover effects across altcoins. A watershed moment for BTC could signify a historic opportunity for Shiba Inu as well.
Past halvings have reshaped Bitcoin’s long-term trajectory. So while no one can predict precisely how high it runs or how much it drags up SHIB, the upcoming supply shock suggests big moves lie ahead in 2024 for both cryptocurrencies.
