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A widely followed crypto currency analyst has addressed the reasons behind the rising crypto markets, including the spot ETF applications, stating that Bitcoin (BTC) is on its way to a price level of $80,000 based on historical precedents.
Effects of ETF Applications
Guy Turner, the host of Coin Bureau, told his YouTube subscribers in a new video update that the largest cryptocurrency by market value will reach its all-time high in 2024. The expert stated:
BTC will reach an all-time high in 2024. We believe this will happen regardless of whether a spot Bitcoin ETF is approved or not, due to BTC’s history of surpassing its previous all-time highs. At the end of 2016, BTC surpassed the 2013 cycle’s high of $1,000. At the end of 2017, BTC reached a new cycle’s peak of nearly $20,000. At the end of 2020, BTC surpassed the 2017 high, and by the end of 2021, BTC nearly reached a cycle high of $70,000. It seems that 2024 will be similar to 2016 and 2020. Practically, this means that BTC could exceed $80,000 by the end of 2024. It’s hard to say exactly what this price will be, but history shows it won’t be much higher than the previous cycle’s high. Therefore, an $80,000 BTC price would be a conservative expectation.
Bitcoin’s Price Target
According to Guy Turner, if the 2024 scenario materializes, it could mean that Bitcoin will reach a six-figure price tag by 2025. Guy Turner also notes that approval of a BTC ETF would not guarantee entries. The analyst commented:
If this happens, it could be a harbinger of a high cycle for BTC by the end of 2025… We believe BTC could reach a high between $130,000 and $180,000, which also relies on the diminishing returns seen in BTC’s previous cycles. Theoretically, if a spot Bitcoin ETF is approved, BTC could climb much higher in 2024 – which I will reiterate is highly likely, but in practice, a spot Bitcoin ETF does not guarantee entries.
Bitcoin was trading at $42,474, experiencing a slight increase in the last 24 hours at the time this article was written.
