In a recent statement, cryptocurrency analyst Miles Deutscher unveiled his weekly watchlist, shedding light on his insights into the market’s trends. Let’s dive into Deutscher’s opinions on various cryptocurrencies and the rationale behind his choices.
Bitcoin (BTC) continues to be in the spotlight. Despite mid-week gains, BTC remains bearish, closing the week below the critical 200-week moving average. Currently trading around $25,000, BTC stands at a crucial horizontal support level. Deutscher advises caution with the spot ETF trend looking weary until fresh updates emerge.
Chainlink (LINK), on the other hand, is on a bullish run. With the SmartCon event scheduled for October 2nd, LINK is experiencing a surge in price. Historically, LINK tends to see a price hike before the conference, followed by a decline. Deutscher suggests a bearish stance if LINK approaches its peak range daily, especially with the Testnet v3 migration acting as an immediate trigger.
Open Exchange Token (OX) faces challenges with aggressive unlocks affecting the token’s value. However, Deutscher remains bullish on this exchange despite the hurdles.
Arbitrum (ARB) is on Deutscher’s radar due to the positive developments in the Arbitrum ecosystem, including Post Tech, the return of the Arbitrum Odyssey event, and the approval of the Arbitrum incentive program. Deutscher sees potential for a significant drop and plans to position for a broader EIP-4844 trade early in the upcoming quarter.
Optimism (OP) presents an interesting scenario with a token unlock this week, equivalent to approximately $31 million. The token’s foundation also intends to sell around $150 million of OP to seven buyers with a 2-year lock-in. Deutscher views this as a short-term hedge and will reassess the situation post-unlock.
Frax Shares (FXS) gain momentum with the upcoming V3 and developments in the FRAX ecosystem, including Fraxchain and Fraxlend. Deutscher identifies a bullish trend in FXS.
Worldcoin (WLD) enters the spotlight as artificial intelligence remains a hot topic. Despite being categorized as a ‘hated coin’ and boasting a high, fully diluted market cap, WLD’s circulating value aligns with Deutscher’s analysis.
In conclusion, Miles Deutscher’s insights provide this week’s comprehensive view of the cryptocurrency landscape. While Bitcoin struggles with its bearish momentum, other tokens like Chainlink and Arbitrum offer unique opportunities and challenges. Deutscher’s bullish stance on Open Exchange Token and Frax Shares highlights his optimism amidst market fluctuations. Lastly, Worldcoin stands out as a coin to watch in the evolving cryptocurrency landscape. Investors and enthusiasts would do well to heed these insights in their decision-making processes.