A widely followed crypto analyst says Bitcoin (BTC) is heading towards the $80,000 price level, based on historical precedent.
In a new video update, Coin Bureau host Guy Turner tells his 2.38 million YouTube subscribers that the top crypto assets by market cap will hit a new all-time high in 2024 – regardless of whether the U.S. Securities and Exchange Commission does or doesn’t. SEC) approves a BTC exchange-traded fund (ETF) on the spot market.
“BTC will hit a new all-time high in 2024. We believe this will happen regardless of whether a spot Bitcoin ETF is approved or not. [and] that’s simply because BTC has historically surpassed its previous all-time high, about a year before its cycle high.
In late 2016, BTC surpassed its 2013 cycle high of around $1,000. In late 2017, BTC reached a new cycle high of almost $20,000. At the end of 2020, BTC surpassed the 2017 high and at the end of 2021, BTC reached a cycle high of almost $70,000. It looks like 2024 will be analogous to 2016 and 2020.
In practical terms, thThis means that BTC could reach a high of over $80,000 by the end of 2024. It’s hard to say exactly what this price will be, but history suggests it won’t be much higher than the previous cycle high. As a result, a BTC price of $80,000 would be a conservative expectation.”
According to Turner, if his scenario comes to fruition in 2024, it could mean Bitcoin reaching a six-figure price tag by 2025. He also notes that the approval of a BTC ETF will not guarantee inflows.
“If this does indeed occur, it predicts a cycle high for BTC sometime in late 2025… We believe BTC will peak between $130,000 and $180,000 – this is also based on BTC’s previous cycles, which have seen diminishing returns.
In theory, BTC could go much higher in 2024 if a spot Bitcoin ETF is approved – which I repeat is extremely likely – however in practice a spot Bitcoin ETF does not guarantee inflows.”
Bitcoin is trading at $42,474 at the time of writing, up fractionally over the past 24 hours.
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