Krupka Sees Bitcoin Rally Fading Before Possible Q4 Selloff

Bitcoin’s move near $86,000 has not convinced Dan Krupka that crypto’s recovery is durable. The Connection Capital founder sees room for further gains, but warns that a broad selloff could follow in the fourth quarter.

Krupka’s near-term targets are $96,000 for Bitcoin, $3,300 to $3,500 for Ethereum and $140 to $160 for Solana, according to Cryptonews. He says those levels could mark a late-stage rally rather than the start of a sustained bull market.

The timing of the warning matters: Bitcoin was around $86,039 at 6 a.m. Eastern on September 22, Fortune reported. That put Krupka’s Bitcoin target roughly 12% above the quoted price, while Ethereum was trading at $2,746.

Krupka told subscribers on January 1 to expect a brief first-quarter rise, a decline into a summer low, then a rebound into late 2026. Cryptonews says the total crypto market value has returned to its January starting level, but does not publish a dated record of the forecast or a scorecard showing how closely it matched.

His main macro concern is the U.S. dollar. Krupka argues that a stronger dollar would tighten conditions for riskier assets, including crypto, and says energy shortages in Europe and Asia could support dollar demand. Those are his assumptions, not confirmed triggers for a market break.

If prices hit his targets before reversing, Krupka says Bitcoin could retrace 50%, placing it between $30,000 and $40,000. That is a scenario tied to his forecast, not an observed market level or a guaranteed outcome.

Traders watching the call will be looking for signs that the rally is losing strength and whether the dollar breaks higher. Until either develops, Krupka’s Q4 crash warning remains a bearish forecast against a market that has recently rebounded.