Esteemed Analyst Reveals Exclusive Altcoin Selections for July 2024
In a recent video update, renowned crypto analyst Miles Deutscher offers an in-depth analysis of the current state of the crypto market and unveils his top altcoin picks specifically for July 2024.
Analyzing Bitcoin’s Performance in July
Deutscher kicks off his analysis by examining the historical performance of Bitcoin during the month of July. He reveals that June typically yields negative returns for Bitcoin, with an average of -6.96% over the past five years. However, the tide shifts in July, demonstrating more favorable returns with an average performance of +7.39%. Deutscher notes that although July has historically been stronger, the cyclical nature of the market suggests that August and September might see weaker performance.
Quarterly Returns and Market Cycles
Delving deeper into the seasonal trends of Bitcoin’s performance, Deutscher highlights that the third quarter, typically, is the weakest with an average return of only 5.87%. On the contrary, the first and fourth quarters historically showcase significant strength. Deutscher emphasizes the importance of understanding these patterns to position oneself advantageously for future opportunities.
Bitcoin Price Analysis
Providing a comprehensive technical analysis of Bitcoin, Deutscher underscores the significance of the $60K support level. Despite a few instances of liquidation wicks, Bitcoin has managed to hold this level, indicating solid buying interest. Deutscher advises that investing at range lows usually leads to profitable outcomes; however, it requires mental fortitude to counter trade market sentiment.
Upcoming Crypto Catalysts
Deutscher goes on to discuss several upcoming catalysts that have the potential to 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 activity surrounding meme coins. Deutscher suggests that these events could create significant opportunities for market movements.
Deutscher’s Select Altcoin Picks for July 2024
Drawing upon factors such as narrative strength, catalyst potential, and current price levels, Deutscher shares his top altcoin picks for July 2024:
1. Ethereum (ETH): Deutscher favors Ethereum for its liquidity and relatively lower volatility, citing the upcoming Ethereum spot ETF as a potential catalyst.
2. Pendle (PENDLE): Deutscher identifies Pendle as a strong contender due to its involvement in real-world assets and liquid staking. He views recent price drops resulting from market expiry as a buying opportunity.
3. Ondo (ONDO): Deutscher recognizes ONDO’s potential, particularly for scalping trades, advising investors to keep an eye on key support levels around $1 and $3.20.
4. Pepe (PEPE): Deutscher exhibits bullishness towards Pepe, highlighting its significant meme value and potential for substantial 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 robust performance during liquidation events.
6. Prime (PRIME): Deutscher deems Prime an appealing long-term hold, emphasizing its involvement in AI and gaming.
7. Bittensor (TAO): Deutscher believes Bittensor could present one of the easiest 4x opportunities in the market due to its dominance in the AI sector.
Additional Insights
Delving into other narratives and altcoins, Deutscher briefly touches on Everclear (NEXT) and Lingo (LNGO). He also discusses the importance of chain abstraction and highlights the potential for utility-based coins to perform well in the future.
Market Strategy
In terms of market strategy, Deutscher underscores the significance of maintaining discipline during periods of market volatility. He advises accumulating assets during major sell-offs and taking profits amid significant rallies. Deutscher’s overall strategy revolves around counter trading market sentiment and positioning for long-term gains.