Crypto Expert Reveals Top 3 Trades To Take Now
June 05 2024 - 8:30AM
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In a video update, Miles Deutscher, a widely followed crypto
expert, provided his 502,800 followers on X with an in-depth
analysis of the current market conditions. This update came in
response to what Deutscher described as “massive ramifications” for
certain altcoins following a notable Bitcoin price surge. Deutscher
began his discussion by pointing out a significant rally in
Bitcoin’s price, which soared from $68,500 to over $71,000. This
movement aligns with his observation of substantial inflows into
Bitcoin spot ETFs, which he highlighted as nearly reaching $900
million in a single day. This figure is distributed across various
funds, with Fidelity, BlackRock and ARK contributing the largest
shares. “This is the highest inflow that Bitcoin has gotten since
the major breakout in March,” Deutscher stated. He connected these
inflows to a broader bullish sentiment in the market, suggesting
that they indicate a robust institutional interest that had not
been seen since Bitcoin’s previous highs around $74,000. Strategic
Altcoin Play #1: BNB Ecosystem Shifting the focus to the altcoin
market, Deutscher honed in on Binance Coin (BNB) and its associated
tokens. He elaborated on BNB’s performance, noting its breakout to
new all-time highs and its defiance of typical market gravity. He
advised potential investors to consider entering positions after a
definitive weekly close. Related Reading: Rumor Of Apple
Partnership Sends Crypto Altcoin Soaring By 20% “When a coin is in
price discovery, it’s often very hard to fade that coin. If you’re
interested in a long here, wait for a close above on the weekly if
you’re a higher timeframe trader, and then you have very clear
invalidation for this next leg to the upside,” Deutscher said. In
the BNB ecosystem, Deutscher pointed out specific tokens poised for
growth, especially FLOKI and Cake. FLOKI, which gained the
analyst’s nod as “one of the leading meme coins on the Binance
Smart Chain,” has shown similar price actions to another meme coin,
Pepe. Observing these patterns, Deutscher predicted a possible 20%
upside potential for Floki following its breakout. Cake, known for
its role as the largest DEX on the Binance Smart Chain, has started
to show promise by reclaiming key support levels. “Cake is an
interesting play. Because Cake, on the weekly chart, has been
pretty unimpressive, but it’s now finally starting to show signs of
wanting to reclaim that major support level, […], a reclamation of
that level could send it to $5.” #2 Ethereum Is Ready To Surprise A
significant portion of Deutscher’s analysis was dedicated to
Ethereum and the speculative impacts of the upcoming spot Ether
ETFs in the United States. He discussed how Ethereum’s potential
underperformance relative to Bitcoin could set up a lucrative
buying opportunity ahead of the ETH ETF’s launch. Related Reading:
Crypto Guru Unveils Best Altcoins To Buy Now Deutscher quoted
market sentiment from various tweets, indicating a general
consensus that Ethereum might underperform in ETF inflows, which he
believes is an undervalued viewpoint. “Given the fact that Bitcoin
is significantly upticking, the ETH inflows could surprise. And the
ETH chart really hasn’t done as much as you think it would,
considering they’re on the verge of a major, major catalyst ” he
explained, suggesting that the market might be underestimating
Ethereum’s appeal to institutional investors. #3 Crypto Trend:
Real-World Assets Third, Deutscher explored the concept of
real-world asset (RWA) staking as an emerging investment
opportunity within the Ethereum ecosystem. He cited Ondo Finance as
a leader in this area, already showing strong performance and
potential for further gains. “It’s actually consolidating into
another bull flag here on the 1-hourly and the 4-hourly after
breaking above that $1.33 level. The price action here is
absolutely absolutely amazing. It’s a thing of beauty,” Deutscher
noted. He also highlighted projects like Mantra and Pendle as other
key players benefiting from the shift toward RWA staking. “Mantra
recently announced their staking as well. Pendle is obviously a
platform to enable you to earn yield. This is a clear beneficiary.
These tokens, in my opinion have been the RWA leaders, […]. All of
these can perform well.” At press time, ETH traded at $3,799.
Featured image created with DALL·E, chart from TradingView.com
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