Bitcoin has been skyrocketing in recent weeks and months. The token, ranked number one by market capitalization, has risen more than 50% in the last month and more than 150% in the last six months. Its market capitalization has surpassed $1.3 trillion, which is more than almost all listed companies. However, despite the recent growth, many believe there is more going on with bitcoin.
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#BTC will reach an all-time high in 2024. That's because BTC has a history of exceeding previous historical highs about a year before cycle highs In late 2016, BTC exceeded its 2013 cycle high of about $1,000 In late 2017, BTC reached a cycle high of nearly $20,000 In late 2020, BTC exceeded its high of the year, and in late 2021, BTC reached a cycle high of nearly $70,000.2024 is likely to be similar to 2016 and 2020," Turner said.
To make his bitcoin price prediction, Turner analyzed previous periods when bitcoin reached an all-time high (ATH) and said bitcoin will reach ATH in 2024 and that "$80,000 would be a conservative estimate.
Furthermore, according to his prediction, a new ATH is usually reached about a year before the cycle high. This means bitcoin could reach a new ATH, pull back a bit, and then continue to rise in 2025. " We believe BTC will peak between $130,000 and $180,000. " This is also based on previous BTC cycles that have seen diminishing returns.
Turner's prediction was "regardless of whether a spot bitcoin #ETF is approved," although spot ETFs have been approved for early 2024. These ETFs have attracted a huge number of institutional buyers and could be another catalyst for price gains.
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In addition to ETFs, the upcoming halving of bitcoin may contribute to further price gains. The halving will further limit the number of new tokens in circulation per block, effectively reducing the rate of supply growth.
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