A widely followed crypto analyst says that Bitcoin (BTC) is on its way to the $80,000 price level based on historical precedent.
In a new video update, Guy Turner, the host of Coin Bureau, tells his 2.38 million YouTube subscribers that the top crypto asset by market cap will set a new all-time high in 2024 – whether or not the U.S. Securities and Exchange Commission (SEC) approves a spot market BTC exchange-traded fund (ETF).
“BTC will hit a new all-time time high in 2024. We believe that this will happen regardless of whether a spot Bitcoin ETF is approved or not, [and] that’s simply because BTC has a history of surpassing its previous all-time high roughly one year before its cycle high.
In late 2016, BTC surpassed its 2013 cycle high of around $1,000. In late 2017, BTC hit a new cycle high of almost $20,000. In late 2020, BTC surpassed its 2017 high and in late 2021, BTC hit a cycle high of almost $70,000. It appears that 2024 will be analogous to 2016 and 2020.
In practical terms, this means that BTC could hit a high of more than $80,000 by the end of 2024. It’s hard to say exactly what this price will be but history suggests that 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 in 2024 plays out, it could mean that Bitcoin hits a six-figure price tag in 2025. He also notes that the approval of a BTC ETF won’t guarantee inflows.
“If this does indeed play out, then it foreshadows a cycle high for BTC sometime in late 2025… We believe that BTC will hit a high of between $130,000 and $180,000 – this is likewise 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’ll reiterate is extremely likely – in practice, however, a spot Bitcoin ETF does not guarantee inflows.”
Bitcoin is trading for $42,474 at time of writing, a fractional increase during the last 24 hours.
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