As Bitcoin (CRYPTO: BTC) tapped $121,000 on Friday morning, market commentators except the year’s final quarter to deliver positive returns for both BTC and Ethereum (CRYPTO: ETH).
What Happened: Trader Smiley Capital on Thursday pointed out that prices above $120,000 could act as a distribution zone for 2023 buyers, though he still targets $140,000–$160,000.
A drop below key support of $118,000 would invalidate this bullish thesis.
Ethereum remains largely correlated with Bitcoin, while most altcoins are still below their August exit levels, suggesting upside potential, particularly for high-beta assets.
Overall, the outlook is optimistic, with the potential for a very strong Q4 across crypto markets.
Also Read: Bitcoin, Ethereum, XRP Remain Strong As ETF Flows Reach $900 Million
What's Next: Innerdevcrypto anticipates a strong finish to the four-year cycle. His predictions:
- Bitcoin may reach $150,000–$190,000, a roughly 10x increase from its $15,000 bottom.
- His plans include selling 50% of BTC bought near $19,000 at cycle highs, with the intention to rebuy in about a year, following historical patterns.
- BTC is expected to surge first, followed by majors and a brief altseason favoring well-performing coins or new narratives. Any alt rally is likely short-lived, so quick profit-taking using BTC as collateral is recommended.
He cautions that falling BTC treasury stock prices could trigger partial selling, possibly retesting the $70,000–$100,000 range, though a full -80% crash is considered unlikely.
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