$80,000 Bitcoin Incoming Predicted by Coin Bureau’s Guy Turner – Could Happen in 2024
In a recent update, popular crypto analyst Guy Turner, also known as the host of Coin Bureau, has predicted that Bitcoin (BTC) will reach the $80,000 price level based on historical patterns. Turner, who has over 2.38 million subscribers on YouTube, believes that regardless of whether the SEC approves a spot market BTC ETF, Bitcoin will reach a new all-time high in 2024.
Turner supports his prediction by highlighting how Bitcoin has consistently exceeded its previous all-time high roughly one year before hitting its cycle peak. He points to the examples of late 2016, when BTC surpassed its 2013 cycle high of around $1,000, and late 2017, when 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 pattern, Turner suggests that 2024 will follow the same trend as 2016 and 2020.
Practically speaking, this means that BTC could potentially reach a high of more than $80,000 by the end of 2024. Though the exact price is uncertain, Turner believes it will not significantly surpass the previous cycle high. Therefore, an expectation of $80,000 for Bitcoin is considered conservative.
Turner further indicates that if his scenario plays out in 2024, Bitcoin could potentially reach a six-figure price tag in 2025. However, he also mentions that the approval of a BTC ETF does not guarantee an influx of funds.
“If this indeed plays out, then it suggests a cycle high for BTC sometime in late 2025… We estimate that BTC will reach a high between $130,000 and $180,000, based on diminishing returns observed in Bitcoin’s previous cycles. In theory, BTC could potentially go even higher in 2024 if a spot Bitcoin ETF is approved, which is highly likely. However, in practice, such approval does not guarantee significant inflows,” explains Turner.
As of the time of writing, Bitcoin is trading at $42,474, experiencing a slight increase over the past 24 hours.
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