Crypto Analysts Shift Altcoin Focus as Bitcoin Hovers at $68,000

Crypto analysts are looking at some altcoins in an effort to strategically position their portfolios. Rebalancing comes as Bitcoin (BTC) hovers around $68,000.

Typically, bullishness in the Bitcoin market shifts to altcoins as capital flows into smaller tokens with smaller market capitalizations.

Analysts Identify Top Altcoins Picks for Q4

Well-known crypto analyst Miles Deutscher has placed his own portfolio with altcoins. Market sectors. It features a balanced mix of AI-focused projects and long-term meme coin holdings. These come when the analyst wants to make a big profit. The following are the technical and fundamental strengths of digital assets, among others.

Deutscher sees Bittensor (TAO) as a leader in the AI ​​cryptocurrency space, positioning it as its main holding for this cycle. TAO explains that there was a high performance in the portfolio, led by the AI ​​infrastructure, which received a lot of attention.

Another key asset in Deutscher's portfolio is the NEAR Protocol (NEAR), one of the leading layer-1 (L1) blockchains for AI. While TAO leads the AI ​​infrastructure sector, NEAR is positioned as a leading AI L1 solution, making it relevant to the broader investment theory. Additionally, according to Deutscher, NEAR's growing popularity in the AI ​​space makes it a compelling addition for those looking to diversify into the AI ​​crypto niche.

Finally, Deutscher Aethir (ATH) highlights the low-cap assets as another significant part of the portfolio. He While AI coins are widely discussed, he emphasizes that the market has yet to see a full “AI season,” meaning that most of these assets will remain undervalued.

Read more: Top 9 Artificial Intelligence (AI) Cryptocurrency in 2024

In his view, Aether has the potential to grow explosively once the AI ​​narrative gains more momentum. For now, he advises cautious stocking on dips, understanding that significant gains can be made after AI coins become widely used.

Dogecoin is a high risk, high reward game

Deutscher also included Dogecoin (DOGE) in his altcoin strategy for Q4. The meme coin, already up 25%, has seen a strong performance driven by speculation that Donald Trump may run for president in 2024. In addition, crypto influencer Andrew Kang's endorsement further strengthened market confidence in DOGE as a viable speculative business.

“One of the funnest ways to describe a ‘Trump win' business is probably to own DOGE (and other memorabilia). Not only is the DOGE ETF high probability, but the Department of Government Efficiency (DOGE) makes every headline. Week and push forward with Trump,” Kang said.

While DOGE remains a high-risk play, Deutscher sees the potential to capture market enthusiasm during periods of intense speculation. He suggests that those looking for short-term gains can consider Dogecoin, although he cautions that it shouldn't make up a large portion of an investor's portfolio.

According to data from BeInCrypto, DOGE is trading at $0.1338 as of press time, up nearly 10% since the opening of Friday's session.

Take profits and return to Bitcoin

Apart from these primary plays, another well-known commentator, Michael van de Pop, has turned his attention to several other projects. It emphasizes the importance of taking profits and turning them back into Bitcoin.

Michael argues that older altcoins that have performed well in previous cycles are unlikely to repeat their past success. With this, he points traders and investors to altcoins in their early stages but with the possibility of high profits.

Advising calculated risks by focusing on emerging projects, the analyst highlights Renzo (REZ), a recent entrant into the Solana ecosystem. Other mentions include Omni Network (OMNI) and Rocket Pool (RPL), among others.

Michael van de Popp advises to watch for uptrends and take profits when the altcoin price approaches its previous highs. Once profits are taken, he recommends switching to Bitcoin and Ethereum or stablecoins depending on market conditions. This strategy, according to Michael, allows investors to maintain profits while preparing for future corrections.

Read more: 12 Best Altcoin Exchanges for Crypto Trading in October 2024

The analyst encourages an extreme strategy, compounding returns through the new altcoins and gradually moving the profits into safer, more established assets like Bitcoin and Ethereum. This approach positions investors to maximize returns while avoiding risks in a volatile market, he said.