A search for a massive $W'$ gauge boson decaying to a top quark and a bottom quark is performed with the ATLAS detector in $pp$ collisions at the LHC. The dataset was taken at a centre-of-mass energy of $\sqrt{s} = 8$ TeV and corresponds to 20.3 fb$^{-1}$ of integrated luminosity. This analysis is done in the hadronic decay mode of the top quark, where novel jet substructure techniques are used to identify jets from high-momentum top quarks. This allows for a search for high-mass $W'$ bosons in the range $1.5 - 3.0$ TeV. $b$-tagging is used to identify jets originating from $b$-quarks. The data are consistent with Standard Model background-only expectations, and upper limits at 95% confidence level are set on the $W' \rightarrow tb$ cross section times branching ratio ranging from $0.16$ pb to $0.33$ pb for left-handed $W'$ bosons, and ranging from $0.10$ pb to $0.21$ pb for $W'$ bosons with purely right-handed couplings. Upper limits at 95% confidence level are set on the $W'$-boson coupling to $tb$ as a function of the $W'$ mass using an effective field theory approach, which is independent of details of particular models predicting a $W'$ boson.
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