Bitcoin (BTC) Set to Reach $80,000, Says Crypto Analyst Based on Historical Patterns
Crypto analyst Guy Turner, also known as the host of Coin Bureau, predicts that Bitcoin (BTC) will reach a price of $80,000 based on historical patterns. In a recent video update to his 2.38 million YouTube subscribers, Turner explains that Bitcoin is likely to set a new all-time high in 2024, regardless of whether the U.S. Securities and Exchange Commission (SEC) approves a spot market BTC exchange-traded fund (ETF).
According to Turner, Bitcoin has a history of surpassing its previous all-time high roughly one year before reaching its cycle high. In late 2016, BTC exceeded its 2013 cycle high of around $1,000. In late 2017, it reached a new cycle high of nearly $20,000. In late 2020, BTC surpassed its 2017 high, and in late 2021, it hit a cycle high of almost $70,000. Based on this historical pattern, Turner predicts that BTC could reach a high of over $80,000 by the end of 2024.
While it’s difficult to determine the exact price, Turner believes that a BTC price of $80,000 would be a conservative expectation based on historical trends. He also notes that if his scenario plays out in 2024, Bitcoin could potentially reach a six-figure price tag in 2025. However, Turner warns that the approval of a BTC ETF does not guarantee inflows.
Turner emphasizes that even if a BTC ETF is approved, it doesn’t necessarily mean that there will be a significant increase in investor interest and capital inflows. He states that while a spot Bitcoin ETF is highly likely to be approved, its approval alone does not guarantee a surge in BTC’s price or demand.
Currently, Bitcoin is trading at $42,474, showing a slight increase in the past 24 hours. The cryptocurrency market remains highly volatile, and investors should exercise caution and conduct their own research before making any investment decisions.
Overall, Turner’s analysis suggests that Bitcoin’s price could continue its upward trajectory in the coming years based on historical patterns, but the market’s future movement remains uncertain and subject to various factors.
Analyst comment
Positive news.
As an analyst, it is likely that the market will see continued growth in Bitcoin’s price based on historical patterns. However, the market’s future movement is still uncertain and dependent on various factors.
