In a recent statement, cryptocurrency analyst Miles Deutscher shared a list of cryptocurrencies he will follow closely, including Bitcoin, this week.
Here are the analyst's opinions and the cryptocurrencies he follows:
- Bitcoin (BTC): Despite some mid-week gains, Bitcoin continues its bearish momentum with another weekly close below the 200-week moving average. BTC is trading around the important horizontal support at around $25,000. The spot ETF trend looks tired until new updates and warrants caution.
- Chainlink (LINK): LINK is rising aggressively, likely due to SmartCon on October 2nd. Historically, LINK sees a price increase before the conference and a decline afterwards. With the Testnet v3 migration acting as an immediate trigger, Deutscher is bearish on LINK if it approaches its top range on the daily time frame.
- Open Exchange Token (OX): Despite aggressive unlocks affecting the value of the token, Deutscher remains bullish on this exchange.
- Arbitrum (ARB): Positive news from the Arbitrum ecosystem, such as Post Tech, the return of the Arbitrum Odyssey event, and the approval of the Arbitrum incentive program, caught Deutscher's attention. Deutscher, late 4th quarter/1st quarter. It plans to use the potential large decline to position for a broader EIP-4844 trade early in the quarter.
- Optimism (OP): With a major token unlock this week, ~3% of the token's supply ($31 million) will be unlocked. The token's foundation is also selling ~$150 million worth of OP to 7 separate buyers with a 2-year lock-in. Deutscher is interested in this as a short-term hedge in the short term and will reassess the situation post-unlock.
- Frax Shares (FXS): Deutscher, upcoming V3, Fraxchain, Fraxlend, frxETH etc. Due to developments such as this, there is a bullish trend in the FRAX ecosystem.
- Worldcoin (WLD): As artificial intelligence continues to be a popular topic, WLD is one to watch. Although it is in the 'hated coin' category and has a high fully diluted market cap, the coin's circulating value is acceptable, according to the analyst.
*This is not investment advice.