Bitcoin Exceeds $68,000: Analysts Want $80,000

Bitcoin has been rising for weeks and months. The top market cap token has risen over 50% in a month and 150% in six months. Its market valuation exceeds $1.3 trillion, surpassing most publicly traded corporations. Despite the current pump, many believe Bitcoin has more to come.

Guy Turner of Coin Bureau expects Bitcoin to rise. With over 2 million subscribers, his YouTube channel gets hundreds of thousands of views. He lists his top 10 predictions for 2024, including Bitcoin, in an early 2024 video.

BTC will reach a new all-time high in 2024 since it usually surpasses its previous high one year before its cycle high.BTC exceeded its 2013 cycle high of $1,000 in late 2016. BTC peaked at around $20,000 in late 2017. BTC exceeded its 2017 peak in late 2020 and reached almost $70,000 in late 2021. Turner predicted a 2024 similar to 2016 and 2020.

Turner reflects on history Bitcoin has reached all-time highs (ATHs) to anticipate its price, saying "$80,000 would be a conservative expectation."

His prediction also demonstrates that a new ATH usually occurs a year before a cycle high. Bitcoin might hit new ATHs, regress, and surge in 2025: "We believe that BTC will hit a high of between $130,000 and $180,000 – this is likewise based on BTC's previous cycles, which have seen diminishing returns

Turner predicted "regardless of whether a spot Bitcoin ETF is approved or not," yet they were approved in early 2024. ETFs attracted large institutional buyers and may have boosted prices. Along with ETFs, a Bitcoin halving might boost prices. The halving will significantly reduce the rate at which new tokens are circulated per block. This may be priced in, but it might lead to additional gains in April 2024.

Exchange liquidity matters too. Only 5,000 BTC, or $300 million, separates the current price from $80,000 on Coinbase and Binance. The post says that's less than ETF sponsors buy daily. Without greater liquidity, existing prices at $80,000 have less room than before.

As Bitcoin looks to be following past trends and other signals point to price increases, it will be interesting to see how the price swings in the coming months and if Turner's prediction comes true.

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