Bitcoin Could Reach $200,000 This Cycle, Says Coin Bureau Analyst
The host of the popular Coin Bureau YouTube channel, Guy Turner, predicts that Bitcoin (BTC) could potentially reach almost $200,000 in this market cycle. Turner, who has 2.42 million subscribers on his channel, believes that historical trends indicate a significant surge in the price of the leading cryptocurrency.
The Catalysts for Bitcoin’s Surge
According to Turner, there are two major catalysts that could propel BTC to new heights:
- Halving Event: The upcoming halving event, which will cut miners’ rewards in half, has historically been followed by a parabolic rally in Bitcoin’s price.
- Federal Reserve Monetary Policy: The Federal Reserve’s continued money printing is expected to add fuel to Bitcoin’s fire. The massive increase in the money supply during the pandemic has been a key driver of previous market rallies.
Predicted Price Range
Based on historical analysis and non-inflation-adjusted prices, Turner estimates that Bitcoin could reach a price range of $120,000 to $140,000. However, when factoring in the 40% inflation caused by the money printing during the pandemic, he suggests that BTC could potentially reach almost $200,000 at the top of this cycle.
Bitcoin’s Current Price
At the time of writing, Bitcoin is trading at $67,366.
Hot Take: Bitcoin’s Potential for Growth
If Turner’s predictions come true and Bitcoin reaches nearly $200,000 this cycle, it would represent a significant increase from its current value. With ongoing discussions around Bitcoin’s potential and its role as a store of value, many investors and enthusiasts are closely monitoring its price movements.
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