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Against the backdrop of the impending Bitcoin halving event, which has historically triggered price rallies, Shiba Inu team member Lucie hinted at a potential supercycle for SHIB, driven by the market movements of Bitcoin.
Lucie shared a chart that showed a trend of bottoming and reaccumulation in each market cycle, eventually leading to a bull market scenario. This pattern is currently playing out in this market cycle, with bottoming and reaccumulation leading to the beginning of the bull run, which, according to Lucie's chart, still has room to run.
Urging the Shiba Inu community to zoom out, Lucie believes prices remain on track for a supercycle, as far as she can tell, adding that 2024-2025 will be interesting while tagging BTC and SHIB.
Bitcoin halvings, which occur about once every four years, have traditionally been turning points on the crypto market. These events reduce the reward for mining new blocks by half, effectively slowing down the rate at which new Bitcoins are created and, thus, limiting supply.
Tomiwabold OlajideThe previous halvings have led to significant bullish runs on the crypto market, and the anticipation of this scarcity effect has often spurred investor optimism.
Oklink, a blockchain explorer, indicates that the countdown is two days and 13 hours as of press time, with an estimated date of April 20.
With Bitcoin halving on the horizon, the SHIB community is looking toward a supercycle — a period of rapid price appreciation across the cryptocurrency market. The prediction suggests that SHIB could see a substantial increase in value, riding the wave of Bitcoin's reduced supply and increased demand - save for Near Protocol, which was higher by 9% on the daily time frame, and SHIB was trading higher among the top 20 at the time of writing, up 4% in the last 24 hours to $0.00002243.
Shibarium's gas token, BoneShibaSwap (BONE), has seen comparable gains, up 4% in the last 24 hours to $0.594.
While the prospect of a Bitcoin-driven supercycle for SHIB might seem exciting, it is crucial to remember that past performance may not be predictive of future results.
Arman Shirinyan
Alex Dovbnya
U.Today Editorial Team
Vladislav Sopov
Dan Burgin