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- Aussie crypto trader Miles Deutscher predicts that Bitcoin could reach US$100K within 10 weeks and shares his strategies for navigating the market, particularly focusing on altcoins.
- Deutscher highlights Bitcoin dominance as a critical indicator of the market’s cycle, suggesting that rising Bitcoin dominance typically precedes altcoin growth.
- His strategy involves a macro risk-on and micro-neutral approach, favouring high-quality altcoins in sectors like AI and GameFi without leveraging in volatile conditions.
In a catchy title called “$100k Bitcoin in 10 Weeks“, Aussie crypto trader Miles Deutscher revealed his top picks across four major sectors in crypto, while giving some insight into BTC’s potential value and some strategies for positioning to get ahead of the market.
Related: Top 3 Altcoins I’m Trading Now as Bitcoin Breaks Key Resistance!
Is Altcoin Season Starting Soon?
The Aussie analyst has previously doubled down on the imminent rise of the altcoin market, stating that medium to large-cap tokens could be on the verge of a breakout or a breakdown.
In a recent tweet, the analyst revealed which tokens he thinks will lead the next altcoin season.
Aside from memes, these are the 4 verticals that I think have the most upside this bull run.
Here are some of my top picks from each sector:
Gaming: $SUPER, $BEAM, $PRIME
AI: $TAO, $NEAR, $CARV
DePIN: $AR, $RNDR, $WMT, $ATH
RWA: $CPOOL, $OM, $ONDO— Miles Deutscher (@milesdeutscher) October 16, 2024
SUPER tops Deutscher’s list —the native utility token for the SuperVerse ecosystem, which focuses on NFTs and blockchain gaming.
Formerly known as SuperFarm, SUPER is an ERC-20 token on the Ethereum blockchain. It has several uses, including governance —allowing holders to vote in the SuperVerse DAO— paying platform fees, and staking for rewards.
The token has gained significant attention due to its role in play-to-earn (P2E) models and NFT integration. Its price has surged over 50% on the monthly chart, currently priced at US$1.31 (AU$1.96).
TAO is highlighted for its connection to AI, a sector with transformative potential across various industries. The token has gained visibility, even receiving a boost from Elon Musk. Deutscher sees TAO as a solid investment in AI infrastructure, offering buying opportunities during minor market pullbacks, making it a strong choice for those interested in the AI narrative.
On the DePIN sector (short for decentralised physical infrastructure networks, I know, the acronym sounds better), the analyst has two popular coins in his crosshair: Render Network (RNDR) and Arweave (AR).
Arweave is a decentralised storage network designed to offer permanent, low-cost data storage. It introduces the concept of the “Permaweb”, a community-owned, permanent web where data is stored and always accessible.
Arweave’s simplicity and innovative features have pushed its token to new heights, reaching a market capitalisation of over US$1.2B (AU$1.79B), according to CoinMarketCap data.
Render Network, on the other hand, is the leading DePIN platform, with a fully diluted value (FDV) of nearly US$3B (AU$4.49B).
The project gained notoriety for its ability to share and monetise idle GPU power, facilitating decentralised rendering through a global network of GPUs that can help with tasks such as 3D rendering and AI computations.
Render’s appeal is that it offers these services at a fraction of traditional costs, using the RNDR token as the currency for each transaction.
Is Bitcoin on the verge of a Breakout?
Deutscher mentions the importance of monitoring Bitcoin’s dominance, which has risen since April 2023.
The analyst explains that increasing dominance typically leads to the early stages of a new cycle, with Bitcoin leading the way before altcoins catch up. He also emphasised that the rise in dominance, coupled with BTC’s price increase, is a bullish sign for altcoins in the longer term.
We can use the path of altseason to better understand this— as BTC’s price performs well, liquidity (investors) tends to flow into altcoins.
Related: Standard Chartered Predicts SOL 5X if Trump Wins Election, BTC $200K Regardless
In terms of strategy, Deutscher suggests a macro risk-on and micro-neutral approach, stating that he prefers exposure to high-quality altcoins, such as AI and GameFi, without using leverage in current choppy market conditions.
Instead, the analyst wants to focus on accumulating assets during market dips and leverage shakeouts, when over-leveraged traders are liquidated, providing opportunities for those with a more cautious approach.
