Bring a pot of salted water to a boil. Add shrimp and cook for 2 to 3 minutes until opaque and pink. Drain and submerge in an ice bath to stop the cooking process.
In a large mixing bowl, whisk together the tomato juice, ketchup, lime juice, hot sauce, olive oil, salt, and pepper until combined.
Stir in the finely diced red onion, cucumber, and chopped cilantro into the liquid base.
Pat the chilled shrimp dry and add them to the bowl, tossing gently to coat.
Carefully fold in the cubed avocado to maintain its structure.
Cover and refrigerate for at least 15 minutes to allow the flavors to integrate.
Serve chilled in glasses with saltine crackers or tortilla chips.