The Crypto Bull Run Is Far From Over, Analyst Contends: Ethereum Poised for Major Upswing Leading crypto analyst Miles Deutscher challenges the prevailing sentiment of fatigue in the cryptocurrency market, asserting that the current bull run is far from its peak. In a recent analysis, Deutscher, who commands a significant following, provides a comprehensive overview of both macro and market-structure signals, suggesting an extended cycle with Ethereum positioned as a potential frontrunner, even if Bitcoin sees a temporary cool-down.
Decoding Bitcoin's Current Position
Deutscher openly addresses the perception that Bitcoin (BTC) may have already "put in a top," acknowledging its recent "weak" spot price action. However, he dismisses the notion that the overall cycle is concluded. On a shorter timeframe, Bitcoin recently dipped below a key channel low but is actively attempting to reclaim its mid-range. He points to the $111.5k area as a crucial "line in the sand," with a sustained push above $114k necessary to re-establish a stronger market structure. Crucially, Deutscher's analysis highlights that a genuine cycle top typically coincides with broader business cycle peaks, signs of deteriorating risk assets, and "blow-off" dynamics—none of which, he argues, are evident in the current market landscape. Broader risk-on ratios, such as US micro-caps versus small-caps and emerging markets versus the FTSE 100, appear to be bottoming out, not topping, indicating that the business cycle is still advancing.
Ethereum's Potential to Lead the Charge
While Bitcoin's short-term performance might seem uncertain, Deutscher paints a distinctly bullish picture for Ethereum (ETH). He suggests that ETH's daily structure indicates a "classic compression" beneath its prior all-time high resistance, a setup he believes often precedes the "next expansive leg to the upside." Historically, Ethereum has demonstrated a tendency to perform its strongest after Bitcoin has topped. He cites examples from 2017 and 2021, where BTC peaked, followed by significant ETH rallies of 100% and 83% respectively in the subsequent 30 days. Deutscher posits that the market is already exhibiting a "decoupling" trend, where altcoins, particularly Ethereum, are gaining ground against Bitcoin, even amidst BTC's current softness. He concludes that relying solely on Bitcoin as the ultimate bull market indicator for altcoins can be misleading given Ethereum's strong underlying structure. This perspective influences Deutscher's personal strategy; he is actively increasing his Ethereum long positions, utilizing Bitcoin's dips as a strategic "confluence" point for his ETH trades. He advises caution against excessive leverage, based on past experiences, but maintains strong conviction in the market's long-term trajectory. Deutscher emphasizes that the crypto market's current "jitteriness" is a function of timing uncertainty rather than a fundamental structural shift, reinforcing his belief that the real top for both Bitcoin and altcoins is yet to come within the ongoing business cycle.
