Bitcoin is predicted to grow by 250% in the near future

Guy Turner, host of the Coin Bureau YouTube channel and crypto expert, believes that bitcoin will bring investors unprecedented profits in the future, but the market leader is not immune to a price regression.

The analyst tells his 2.34 million subscribers that, based on historical achievements, BTC could soar by about 250% from the current level during the next bull market.

«There are many ways to measure historical growth. We like to do it this way: we look at the previous support and resistance zone for the entire cycle and compare it to the last top. In the case of BTC, this zone [підтримки та опору] was around $ 1000 during the first cycle. The maximum price of BTC in 2017 was about $ 20,000, which is 20 times [зростання].

In the second cycle, the key [підтримки та опору] zone of BTC was around $ 10,000. In 2021, the price of BTC reached a maximum of $ 70,000, i.e. a 7-fold increase. This suggests that BTC’s returns are declining over time, which makes sense given that this happens to every asset as it matures. If we accept this premise, then BTC should get about a 3x gain between its current key zone and the next top.

As far as we can tell, BTC’s key zone is at $ 40,000 for this cycle. This really makes sense considering that $ 40,000 is roughly how much it will cost to mine BTC after the next halving.So, a quick calculation shows that the price of BTC is about $ 120,000, which is in line with many other forecasts," Turner said.

As a reminder, Matrixport analysts predict that bitcoin will grow to $ 125,000 in 2024. According to the experts, this is preceded by four bullish stages of the market flagship, and the fifth will come in the near future.