I think Ethereum is the one to watch and may be the one that determines where things end up in the short-term. The common theme with every cycle (and I've been watching them since the first $266 BTC bubble in 2013) is that you will all sit in disbelief wondering how prices could get so high. We are not there yet. Bitcoin to $50K or even $100K+ is "easy to explain" with institutional money rolling in. The only thing that's throwing everyone off right now is how soon it is happening, and that could be what puts a ceiling "below expectations" on the price in the short-term.
Getting back to Ethereum - this is the one to watch to maybe get a feel for where this cycle may end up. Remember that it almost flipped Bitcoin's market cap back in 2017, and although it never did it's the only crypto asset to have gotten that close. Currently it sits at about ~20% of Bitcoin's market cap. If there is a move in play for it to gain any sort of significant ground on Bitcoin again like it did in 2017, then it will be the one that "feels like" it goes to stupid levels after it breaches ATH (~$1.4K). For example, Ethereum could move to ~$3K while Bitcoin only goes a little bit higher to ~$45K. Even in that scenario, you'd have Ethereum sitting at just over 40% of Bitcoin's market cap which is still far less significant relative to what happened in 2017. And if you adjust these numbers just a bit more in Ethereum's favor (say place Bitcoin at ~$60K and allow Ethereum to explode to 50% of Bitcoin's market cap) you end up closer to ~$5K. These are the kinds of prices that are in unbelievable territory for me. Because while I expect Ethereum to get there eventually, I don't think anyone expected it to get there this year even prior to COVID. And here's another thing - prices get to those unbelievable levels: and then they keep going. They keep blowing your mind, the insanity, the chaos, and then it all comes to a sudden end - until the next time.
None of this means this will run much higher. We could be done at $40K, and I think if we are then I think 2021 will end up as a consolidation year between $13K-$25K that sets up the super-cycle to peak sometime between 2022-2025 (estimates that I and many others initially had).
This is just my own personal impression of the market today. I've seen $266 BTC in Q2 2013, $1200 BTC in Q4 2013, and $20K BTC in Q4 2017. It doesn't feel like any of those... yet. The euphoria and greed is definitely there, but the complete and total madness and chaos is not. From an outside spectator it may already be there. But for those who have been involved with crypto for years or truly understand what institutional investment means and where this is all heading barring government interventions, today's prices don't really matter.