In a recent market analysis, crypto analyst Ash Crypto has predicted that Bitcoin (BTC) could soar to $150,000 by the fourth quarter of 2023, while Ethereum (ETH) may reach $8,000, coinciding with the onset of a new altcoin season. As Bitcoin attempts to break above the crucial resistance level of $112,000, signs of market recovery are becoming increasingly evident.
Key Points
- Bitcoin expected to hit $150,000 to $180,000 by year-end.
- Ethereum could surge to $8,000 in Q4.
- Analysts advise investors to stay patient and wait for market opportunities.
- The altcoin season may already be starting, with some altcoins outperforming BTC.
- Current market data indicates we are closer to an altcoin season than a Bitcoin season.
In-Depth Analysis
Ash Crypto mentioned in a tweet that Bitcoin is likely to form a low this month, ranging between $94,000 and $100,000, misleading the market into thinking $124,000 was the peak. However, he predicts that Bitcoin will experience a significant breakout in October, potentially reaching between $150,000 and $180,000 by the end of the year.Another analyst, Stockmoney, pointed out that historical data shows Bitcoin typically undergoes significant fluctuations in Q4, particularly following a longer consolidation phase in the form of a falling wedge or bullish megaphone. His accompanying chart suggests Bitcoin could hit as high as $180,000 by the end of the year, providing a strong buy signal for investors.
Market Impact
Amid the overall market rebound, Ethereum's performance is also noteworthy. Market commentator Milk Road highlighted that Ethereum has surged approximately 110% over the past two quarters, significantly outpacing Bitcoin's 34% increase. Such performance often signals the beginning of an altcoin season, as historically this kind of 'flipping' tends to attract more investor interest in altcoins.According to Blockchain Center data, the market is currently closer to an altcoin season, although 75% of the top 50 cryptocurrencies still need to outperform Bitcoin before this phase can be officially confirmed.