$80k Bitcoin Incoming, According To History

It seems that there are $80k Bitcoin incoming based on history, according to what Coin Bureau’s Guy Turner has to say. Check out more details about this below.

According to a popular crypto analyst, Bitcoin (BTC) is likely to reach $80,000 based on its past performance. Guy Turner, the host of Coin Bureau, shared this prediction with his 2.38 million YouTube subscribers in a recent video update.

Turner believes that Bitcoin, the leading cryptocurrency by market cap, will break its previous record high in 2024, regardless of whether the SEC approves a spot market BTC exchange-traded fund (ETF) or not.

“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 prediction in 2024 comes true, Bitcoin could reach a six-figure price tag in 2025. He also points out that the approval of a BTC ETF won’t necessarily result in inflows of money.

If this prediction turns out to be correct, it suggests that BTC will reach a peak sometime in late 2025. Based on previous cycles of BTC, which have resulted in diminishing returns, we believe that BTC will hit a high between $130,000 and $180,000.

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.