News

Prominent Analyst Shares His Top Altcoin Picks for July 2024

In a recent video update, crypto analyst Miles Deutscher provides a comprehensive analysis of the current crypto market and highlights his top altcoin picks for July 2024.

Historical July Bitcoin Performance

Deutscher starts by examining the historical performance of Bitcoin in July. According to Deutscher, the month of June typically results in negative returns for Bitcoin, averaging -6.96% over the past five years. In contrast, July tends to be more favorable, with an average performance of +7.39%. Deutscher notes that while July has historically been better, the cyclical nature of the market suggests that August and September could be weaker months.

Quarterly Returns and Market Cycles

Deutscher highlights the seasonal trends in Bitcoin’s performance, noting that Q3 is typically the weakest quarter, with an average return of only 5.87%. He points out that Q1 and Q4 are historically the strongest quarters. According to Deutscher, understanding these patterns can help investors position themselves better for future opportunities.

Bitcoin Price Analysis

Deutscher provides a technical analysis of Bitcoin, emphasizing the importance of the $60K support level. He explains that despite some liquidation wicks, Bitcoin has held this level, indicating strong buying interest. Deutscher advises that buying at range lows is typically profitable, though it requires mental fortitude to counter trade market sentiment.

Upcoming Crypto Catalysts

Deutscher discusses several upcoming catalysts that could impact the crypto market. These include the potential listing of an Ethereum spot ETF, the distribution of $16 billion in cash to FTX customers, and the ongoing market activity surrounding meme coins. Deutscher suggests that these events could create opportunities for significant market movements.

Deutscher’s Top Altcoin Picks for July 2024

Deutscher shares his top altcoin picks for July, each selected based on its narrative strength, catalyst potential, and current price levels.

1. Ethereum (ETH)

Deutscher likes Ethereum for its liquidity and relatively lower volatility. He mentions the upcoming Ethereum spot ETF as a potential catalyst.

2. Pendle (PENDLE)

Deutscher highlights Pendle as a strong play due to its involvement in real-world assets and liquid staking. He notes recent price drops due to market expiry but sees this as a buying opportunity.

3. Ondo (ONDO)

Deutscher sees potential in ONDO, particularly for scalping trades. He advises watching for key support levels around $1 and $3.20.

4. Pepe (PEPE)

Deutscher is bullish on Pepe, citing its strong meme value and potential for significant price appreciation during bull runs.

5. Solana (SOL)

Deutscher includes Solana as a major part of his portfolio, noting its role in the meme coin ecosystem and its strong performance during liquidation events.

6. Prime (PRIME)

Deutscher views Prime as an attractive long-term hold, especially due to its involvement in AI and gaming.

7. Bittensor (TAO)

Deutscher believes Bittensor could be one of the easiest 4x opportunities in the market due to its dominance in the AI sector.

Additional Insights

Deutscher also touches on several other narratives and altcoins, including Everclear (NEXT) and Lingo (LNGO). He discusses the importance of chain abstraction and the potential for utility-based coins to perform well in the future.

Market Strategy

Deutscher emphasizes the importance of maintaining a disciplined approach during periods of market chop. He advises accumulating during major sell-offs and taking profits during significant rallies. Deutscher’s strategy revolves around counter trading market sentiment and positioning for long-term gains.

SOURCE

Leave a Comment

shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw shw