Crypto Expert Reveals Top 3 Trades To Take Now
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 Bitcoins 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 Bitcoins 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 BNBs 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.
When a coin is in price discovery, its often very hard to fade that coin. If youre interested in a long here, wait for a close above on the weekly if youre 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 analysts 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 its 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 Deutschers analysis was dedicated to Ethereum and the speculative impacts of the upcoming spot Ether ETFs in the United States. He discussed how Ethereums potential underperformance relative to Bitcoin could set up a lucrative buying opportunity ahead of the ETH ETFs launch.
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 hasnt done as much as you think it would, considering theyre on the verge of a major, major catalyst he explained, suggesting that the market might be underestimating Ethereums appeal to institutional investors.
#3 Crypto Trend: Real-World AssetsThird, 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.
Its 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. Its 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.
Read more: https://www.newsbtc.com/news/crypto-expert-reveals-top-3-trades-to-take-now/
Text source: NewsBTC
