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Senior Analyst Miles Deutscher on How to Navigate Current Market
- The crypto market’s resurgence through February has many asking how to make the most of the new buying opportunities.
- Senior Analyst Miles Deutscher outlined several strategies to take advantage of the current uptrend.
- He believes it’s important to avoid distractions and stick to one thing you’re experienced at – trading, DeFi coins, NFTs etc.
- Deutscher also argues that simplifying things – even lowering your IQ – can help you succeed in a hype-driven, logic-lacking market.
The crypto market was a little wobbly throughout much of January, following the SEC’s landmark approval of a spot Bitcoin ETF. However, it has come guns blazing in February, with Bitcoin bursting through the USD $50K (AUD $76K) barrier and most other coins posting strong gains. While many may think that making money in a bullish trend is easy, this is not always the case. Picking up assets during a bear market often means you are accessing tokens at a discount – whereas the same is not necessarily true of an uptrend. Additionally, when the market runs hot it can be easy to be sucked into FOMO and pump/dump coins.
To make things a little simpler, senior analyst Miles Deutscher weighed in on the best ways to safely and responsibly work through a bull market.
“Don’t Lose Focus”
In a post to X (formerly Twitter) last week, Miles Deutscher listed 15 key lessons for traders to internalise while trying to avoid common bull run pitfalls. While some of them were rather straightforward, other points he made were somewhat surprising.
His key point of emphasis was on sticking to your guns and avoiding all the distractions and noise that can come with a bull market. Amid all the people drumming up FOMO and new exciting opportunities, Deutscher believes investors should stick with a longer-term plan rather than trying to dip their fingers in too many pies.
Interestingly, Deutscher also advises something that goes against most lessons one learns while trading – “accept that hype > fundamentals”.
Essentially, he is arguing that during a bull run, logic often goes out the window as new investors pile on hoping to make a bit of extra cash. Therefore, it becomes pivotal to understand human psychology – which is a big part of trading anyway – to truly capitalise on a crypto bull market. While this makes some sense for short-term trading, the advice likely does not apply to longer-term holders, where project fundamentals will almost always be a more important and
safer investment philosophy than hype.
Other tips included:
- New coins are good (short-term), as the market likes to flock to “new, shiny objects”.
- Don’t be scared off by corrections
- “Zoom out” and assess the market through a longer timeframe
- Constantly take profits, but leave a “moon bag” so you retain exposure to assets in case they go truly haywire.
The crypto market can be a bit of a weird one, so it’s fair enough that certain trading tips go against the grain. But there was one bit of advice from Deutscher that may be a little hard to justify:
But if bashing your head against a wall will make you a crypto millionaire, who am I to argue?
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
