Crypto’s biggest rally since 2023: With bitcoin price at high, here’s what history, Ray Dalio, and Kalshi predict comes next

Crypto is having an extended 3-day rally, and it looks a lot like what happened back in 2023, according to at least one analyst.

Cryptocurrencies such as Bitcoin and Ethereum and crypto-related stocks are up today, starting the week on a high note, amid worries about the growing U.S deficit and inflation, according to https://www.cnbc.com/2026/08/24/crypto-extends-gains-after-biggest-3-day-rally-since-2023.html">CNBC.

That’s after last week’s rally had https://finance.yahoo.com/markets/crypto/articles/why-bitcoin-20-price-rally-055801012.html">crypto prices soaring 20% with https://en.bloomingbit.io/feed/news/118970">Bitcoin up more than 21%, XRP surging over 46%, Ether up 28%, and Dogecoin up 30% for the week, breaking out of their trading range.

The rally comes as the https://www.reuters.com/world/us-treasury-double-sizes-some-debt-buyback-operations-least-4-billion-2026-08-19/">Treasury doubles down on its bond buyback program, and amid President Donald Trump’s https://www.cnbc.com/2026/08/20/cryptocurrencies-trump-bitcoin-ethereum.html">continued push to pass the https://www.congress.gov/bill/119th-congress/house-bill/3633">Clarity Act crypto bill, as Fast Company previouslyhttps://www.fastcompany.com/91592913/bitcoin-xrp-prices-flying-high-today-why-crypto-up"> reported. (⁠Trump has prioritized crypto reform during his ​second term in office, https://www.woodsrogers.com/insights/publications/cryptocurrency-and-digital-assets-under-trump-2-0-a-cheat-sheet-for-community-banks-and-credit-unions">aggressively promoting crypto-friendly reforms and initiatives, while https://www.citizen.org/article/trump-crypto-world-liberty-financial-binance-iran-sanctions/">the president and his family take a personal stake in crypto investments.)

Adding fuel to the fire, Bridgewater Associates founder Ray Dalio warned investors of a possible debt crisis within the next 3-5 years. “I am confident that the government’s financial condition is at an inflection point,” Ray Dalio https://www.linkedin.com/pulse/how-countries-go-broke-dynamic-behind-what-happening-now-ray-dalio-rvl6c/">wrote on LinkedIn, advising investors to “underweight debt assets like bonds, and [overweight] gold and a bit of Bitcoin.”

A look at the numbers: https://finance.yahoo.com/quote/BTC-USD/">Bitcoin (BTC) was trading up 3.5% midday on Monday, at 79,912.92, just shy of $80,000, at the time of this writing; while https://finance.yahoo.com/quote/ETH-USD/">Ether (ETH) was up over 2% to about $2,500, at 2,493.61.

Both are hitting levels not seen in months, given cryptos mostly lackluster performance for much of 2026 so far.

Crypto treasury stocks are also up. https://247wallst.com/investing/2026/08/24/strive-jumps-5-as-ceo-declares-the-bitcoin-bear-market-over-strategy-and-bitmine-rise-3/">Strategy and Strive climbed 5% and 3%, while https://finance.yahoo.com/quote/BMNR/">Bitmine (BMNR) was up 9%, and https://finance.yahoo.com/quote/SBET/">Sharplink (SBET) over 6% at the time of this writing.

But on Monday, https://www.btig.com/products-services/research-strategy/analysts/jonathan-krinsky-cmt/">BTIG’s Jonathan Krinsky noted that in January 2023, Bitcoin surged some 20% in a 3-day rally—but then later fell back to its earlier 200-day moving average, per CNBC.

Meanwhile, https://www.cnbc.com/2026/08/21/kalshi-traders-say-bitcoin-rally-wont-go-much-higher-by-end-of-2026.html">Kalshi traders think the bitcoin rally will set the tone of the year’s end, with prices remaining at the current levels—but not soaring further ahead.