A prominent crypto analyst has forecasted that Bitcoin (BTC) is on its way to reaching the $80,000 price level, based on historical precedents. The analyst also touched upon the impact of potential spot ETF approvals on the crypto market’s surge. Guy Turner, the host of Coin Bureau, shared in a new video update that the leading cryptocurrency by market value is expected to hit an all-time high in 2024. Turner believes this will happen regardless of whether a spot Bitcoin ETF is approved, citing BTC’s history of surpassing previous all-time highs.
In late 2016, BTC exceeded the $1,000 peak of the 2013 cycle. By the end of 2017, it nearly reached a new cycle’s peak at almost $20,000. BTC then surpassed the 2017 peak in late 2020, and by the end of 2021, it approached a cycle high of nearly $70,000. Turner suggests that 2024 could mirror the years 2016 and 2020, practically implying that BTC could rise above $80,000 by the end of 2024. While it’s difficult to predict the exact price, history indicates it won’t be much higher than the previous cycle’s peak, making $80,000 a conservative estimate for BTC.
According to Turner, if the 2024 scenario unfolds as predicted, it could signal Bitcoin reaching a six-figure price tag by 2025. However, he also cautions that the approval of a BTC ETF does not guarantee inflows. Turner speculates that if a spot Bitcoin ETF is approved, BTC could potentially climb much higher in 2024. He believes BTC could reach between $130,000 and $180,000 by the end of 2025, based on the diminishing returns seen in previous cycles. Theoretically, a spot Bitcoin ETF could boost BTC’s value significantly in 2024, but in practice, such an ETF does not ensure inflows.
At the time of writing, Bitcoin was experiencing a slight increase over the last 24 hours, trading at $42,474. The crypto community is closely monitoring these predictions and the potential approval of a spot Bitcoin ETF, which could have significant implications for the market’s trajectory.