Bitcoin Mounts Strong Comeback, Paves Success Path for Altcoins, Predicts Crypto Analyst

Bitcoin is back in the news as it makes a steady climb toward its previous peak price of $73,700. Following a temporary period of stagnant price action, the cryptocurrency giant has once again found its bullish stride, hailing a promising week ahead for the world of altcoins, according to renowned crypto analyst, Miles Deutscher.

Deutscher has been keeping close tabs on the teetering market, monitoring Bitcoin’s impressive rebound after it dipped below the $65,000 mark on April 3. After revisiting the data, the analyst assiduously notes that Bitcoin is looking stronger than ever. He identifies the looming $73,800 threshold as significant. Once Bitcoin breaks past this level, it suggests the last hurdle to further gains, marking a shift toward greater upward momentum, according to Deutscher’s thorough analysis.

Amid these optimistic forecasts, Deutscher singles out Solana, despite its recent network congestion issues. The well-known analyst remains hopeful about Solana’s long-term prospects, putting it at the top of the altcoins to watch this week. He predicts that it will add more gains to its already impressive 23% uptrend over the prior month.

While sentiment around Solana has dulled somewhat, Deutscher argues that these short-term issues are unlikely to significantly impact its medium- to long-term prospects.

The analyst maintains a bullseye focus on Ordinals, best known for being Bitcoin’s non-fungible tokens (NFTs) counterpart, dubbing it a robust performer within the BRC-20/BTC narrative ecosystem. With the Bitcoin halving due in the latter half of April and the noise around Ordinals still pretty subdued, Deutscher endorses the strong potential of ORDI tokens in light of the closely watched event.

Deutscher also finds Altlayer, an altcoin tied to the EigenLayer protocol, enticing, thanks to recent buzz around an imminent EigenLayer airdrop. The altcoin’s association with the airdrop and its role in the restaking narrative heighten its charm for the analyst.

He anticipates that the market’s preparation for the airdrop could propel the token forward, following a 14% rise in the prior month and a 4% increase within the last day.

Turning his attention to Orion, Deutscher points out ORN’s distinction as the first restaking rollup on EigenLayer and stresses the limited chances for exposure to EigenLayer ahead of the official debut.

The rebranding of Orion to LUMIA, in conjunction with this, draws positive market sentiment, says the analyst. Given the market’s favorable response to recent token rebrands, the potential for Orion looks promising.

Looking ahead, Deutscher is zeroing in on the upcoming “Doge Day” on April 20th, a day historically marked with surges in interest and speculation on the whimsical, dog-themed meme coin. He notes that speculation over Elon Musk tweeting about Dogecoin may significantly influence the cryptocurrency’s price points.

In rounding off his projections, Deutscher recalls previous cases where early altcoin airdrop beneficiaries faced a sell-off effect, only to potentially rebound later. This week, Wormhole’s native token, W, finds itself in similar straits, witnessing a sharp 30% decline since trade initiated on April 3. Deutscher advises close monitoring of how the token performs around the critical support mark of $1, eyeing potential post-selloff recovery.

If Bitcoin remains the North Star of the digital currency universe, altcoins show the sector’s dynamic nature. As Deutscher’s analysis indicates, notable shifts are forthcoming, with potential for both gains and dips on the horizon.