As Bitcoin (BTC) continues its upward trajectory, regaining its bullish momentum after brief range-bound price action and inching closer to its all-time high (ATH) of $73,700, crypto analyst Miles Deutscher shared insights on several altcoins to watch for potential gains this week. 

Altcoins With Strong Potential

First, Deutscher observes a robust recovery in Bitcoin following its recent dip below the $65,000 level on April 3rd. The analyst notes that Bitcoin’s structure appears positive, with $73,8000 being the critical level to watch as it represents the previous ATH and the cryptocurrency’s last resistance before further gains. 

According to Deutscher’s analysis, BTC’s ability to break through this level could signal further upward momentum for the market leader.

Despite recent network congestion issues, Deutscher remains optimistic about Solana’s long-term prospects, as it is the first of several altcoins on the analyst’s radar this week, promising further gains on top of its already 23% uptrend over the past month. 

The analyst highlights that sentiment around Solana has deteriorated slightly but emphasizes that these issues are unlikely to significantly impact the medium to long term.

Next on the list, Deutscher identifies BTC’s equivalent to non-fungible tokens (NFTs), Ordinals, as a strong performer within the BRC-20/BTC narrative ecosystem.  

With the Bitcoin halving scheduled for the last half of April just days away, Deutscher remains bullish on the ORDI token ahead of the event. While the narrative surrounding the halving remains relatively quiet, Deutscher continues to suggest that Ordinals stands out as a leader in the space.

Orion And Altlayer

Deutscher has expressed interest in Altlayer, an altcoin closely associated with the EigenLayer protocol, due to recent rumors surrounding the upcoming EigenLayer airdrop. According to the analyst, Altlayer’s proximity to the airdrop and its involvement in the restaking narrative contributes to its appeal. 

Given these anticipated developments, Deutscher sees a potential boost for the token as the market prepares for the airdrop. The token is up 14% in the last month alone and over 4% in the previous 24 hours. 

Similarly, Deutscher highlights ORN as the first restaking rollup on EigenLayer and emphasizes the limited opportunities to get exposure to EigenLayer before its official launch. 

This factor, combined with Orion’s rebranding to LUMIA, has attracted positive market sentiment, the analyst said, noting that recent weeks have demonstrated the market’s positive response to token rebrands, further increasing Orion’s potential.

Dogecoin’s ‘Doge Day’

Next on the altcoin watchlist, Deutscher notes the upcoming “Doge Day” on April 20, which has historically seen increased interest and speculation surrounding the dog-themed meme coin. 

According to the analyst, the possibility of Elon Musk tweeting about the meme-inspired cryptocurrency has fueled expectations for potential price moves. Deutscher suggests monitoring DOGE for strength and considering it as a viable short-term trading opportunity.

Finally, Deutscher points to previous instances where early altcoins airdrop participants experienced initial selling pressure, followed by potential rebounds. 

Wormhole’s native token, W, is facing a similar scenario as the token has fallen over 30% since trading began on April 3. Deutscher advises watching how the token reacts around the significant support level of $1. 

Once the initial selling pressure potentially subsides, Deutscher notes that a positive reaction can be expected, but whether the $1 support holds will be key to determining the cryptocurrency’s next moves. 

Featured image from Shutterstock, chart from TradingView.com

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Filed under: Bitcoin - @ April 8, 2024 11:00 pm