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Q3 Expectations: Outlook for Bitcoin and Top Altcoins

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By Brennan Forrest - - 5 Mins Read
Bitcoin logo coin, linear
Credit: Pixabay |

 

Bitcoin logo coin, linear
Credit: Pixabay

 

 

The second quarter of 2023 has ended, and the crypto market has made so much progress, considering what it began the year with. In quarter 3 of 2023, there are huge expectations of what it will bring forth for the crypto market. 

 

So we have created an article sharing with you some expert predictions, expectations, and outlook of how Q3 might look like. Let's dive in! 

 

Bitcoin Outlook for Q3

Bitcoin is often referred to as the apex cryptocurrency, and it merits that name since it takes a large chunk of the cryptocurrency valuation. It has more market cap, users, and community following than many other cryptocurrencies combined. Bitcoin has also established itself as a financial asset capable of withstanding financial crises. It has also garnered confidence from many brands, as it is now being used as a payment method for many businesses. 

 

With its growth, there are expectations that the BTC price will only improve in quarter 3 of 2023. It has already proved that despite the price instability, it is still a major option for investors looking to make long-term investments. Definitely, there are positive signs. 

 

Within the past few weeks, Bitcoin price has reversed after some major bearish trends. The major cause of these bearish trends was the Securities and Exchange Commission filing legal papers against prominent exchanges like Binance and Coinbase. But these bearish trends have reversed, thanks to a couple of good news favoring the crypto industry. 

 

Maybe the most prominent is the speculation that Bitcoin will soon have a spot ETF. Blackrock, the world’s largest asset manager, filed for a Bitcoin spot ETF, and there's a chance their application will be approved by the authorities. One should note that many other establishments have applied for Bitcoin spot ETF and have been denied. But with the power Blackrock wields in the market, there are sentiments that the application will be approved. The SEC approving a Bitcoin ETF will literally blow up the crypto industry. It would be the first time in the United States such a class of assets was approved. And considering its importance for the Bitcoin community and investors, it would positively affect its price for Q3. In Bitcoin's prediction and analysis, that would be a huge advantage. 

 

The price of Bitcoin at the time of writing is very close to reaching the $31k mark. However, the expectation for Q3 is that it will cross the $33k mark. 

 

Speaking of price increases, another area in Bitcoin is witnessing huge growth in its accumulation. 

 

Significant Increase in Bitcoin Accumulation 

New data has shown that Bitcoin accumulation has increased by a significant margin. For the record, the substantial increase in Bitcoin accumulation does not only apply to private investors. In fact, the major focus of the data lies with institutional investors. The number of institutions like investment firms and hedge funds buying and storing more Bitcoin has increased drastically. 

 

What does this mean for Bitcoin? The increase recorded with institutional investors just before the start of Q3 signifies one thing. It means that the confidence large institutions have in Bitcoin is increasing. There's a huge sentiment that Bitcoin price will see a positive run in Q3. 

 

 

Bitcoin Market dominace score chart
BTC market dominance chart (Messari)

 

 

According to data analytics firm CryptoQuant:

 

"By closely observing fund holdings, we can identify a significant upward trend in the accumulation of bitcoins by these institutional entities. This exponential increase in holdings indicates a strong interest to acquire #Bitcoin, even at its current price level."

 

CryptoQuant also answered the question of why these institutional investors are buying Bitcoin. They said:

 

"These entities are actively seeking long-term investment opportunities in #Bitcoin, demonstrating a more patient approach compared to short-term investors who closely monitor price fluctuations." 

 

What Crypto Experts Think About BTC Price for Q3

Several crypto experts surely have their opinion on the price outlook of Bitcoin in Q3. Popular trader Jelle said he is optimistic, assuming Bitcoin ticks some of his price markers. Jelle said he would expect the bull market to officially begin in Q3 when the BTC price has crossed the $32k level. 

 

He said:

 

"Market structure is bullish, we’ve reclaimed the 200-week EMA. Once we the $32k resistance area, I expect the bull market kicks off. Until then, we trade the range and buy deeper pullbacks."

 

Jelle isn't the only crypto trader with huge expectations for the apex cryptocurrency. Another popular crypto trader Crypto Ed even has higher goals regarding the price of Bitcoin within this period. According to Ed, he is hoping that Bitcoin will reach the $36k price level. His range of price expectations toward Bitcoin is from $36k to $40k. While noting that the market structure for Bitcoin remained good, Ed also stated that Bitcoin might still see its price drop to $28k. According to this trader, it is part of the retracement steps which would take the apex cryptocurrency to higher price levels. 

 

Few crypto traders are not optimistic about the price of Bitcoin for Q3. A popular trader CryptoBullet said he is pessimistic about the price of Bitcoin for the next quarter of the year. 

 

In his words:

 

"I’m not saying we’ll dip to 20k this or next month. Imo it will happen in Q4."

Q3 Outlook and Expectations for Top Altcoins 

It is already an age-long knowledge that most altcoins react to the price of Bitcoin. If Bitcoin is having troubles in the market, there are chances that many other altcoins will be having issues. However, for the Q3 of 2023, some altcoins have been predicted to enjoy some massive gains. 

 

XRP gets the vote of confidence with predictions for a massive price increase for the next quarter of 2023. On its own, XRP has recorded some gigantic gains since the year started. For a cryptocurrency that started the year at less than $0.35, reaching the $0.48 level in July is definitely some massive improvement. But some analysts are saying it won't stop here. There's an expected increase in the price of XRP in Q3 of 2023. 

 

Ethereum is another powerhouse to look out for in Q3. According to a popular crypto trader Crypto Tony, Ethereum would be used as a benchmark to check the price increase of other altcoins in Q3. Ethereum has done incredibly well, considering that it started the year at less than $1,200. Now it is very close to crossing over to $2,000. 

 

Crypto Tony also revealed other altcoins that will be used as a benchmark for other categories of cryptocurrencies. The leading indicator for AI tokens would be Ocean Protocol (OCEAN)  and Chainlink (LINK)  for DeFi projects. On the other hand, when it comes to meme coins, the crypto trader opines that the PEPE token would be the indicator of progress for Q3. 

 

Disclaimer: Any crypto information you find on this website was written for purely informational purposes and not financial advice.

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