The host of the Coin Bureau YouTube channel, Guy Turner, believes that Bitcoin (BTC) could hit nearly $200,000 this market cycle.
In a new strategy session, Turner tells his 2.42 million YouTube subscribers that history indicates the top crypto asset by market cap will likely soar to six figures sometime this cycle.
According to Turner, two major catalysts will cause BTC’s price to spike. The first is the upcoming halving event, which will cut miners’ rewards in half, and the other is the Federal Reserve’s monetary policy. Guy notes that historically, a parabolic rally tends to follow BTC’s halving event.
Furthermore, Guy says that the Fed continuing to print money will add fuel to Bitcoin’s fire. He believes the flagship digital asset could increase about 190% from its current value after the halving event, which is expected around April 20th.
“To put things into perspective, the US Federal Reserve alone increased the money supply by roughly 40% between 2020 and 2022. As almost everyone knows, this huge increase in the money supply was the biggest source of fuel for the previous market rally…
Based on the diminishing returns, BTC has seen over previous cycles, a historical analysis based on non-inflation-adjusted prices gives you a BTC price of between $120,000 and $140,000.
But if you factor in the 40% inflation that’s been caused by all the money printing during the pandemic you end up with a BTC price of almost $200,000 at the cycle top.”
Bitcoin is trading for $67,366 at time of writing, a fractional increase during the last 24 hours.
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- Source: https://dailyhodl.com/2024/03/08/bitcoin-could-explode-to-nearly-200000-this-cycle-according-to-coin-bureaus-guy-turner-heres-his-outlook/
