The market is HOT again. And it’s not just stocks…

Crypto is also on fire.

Bitcoin is up an incredible % in 2023.

It’s massively outperformed both the S&P 500 and Nasdaq… and is easily the world’s best performing asset. 

Many altcoins are performing even better.

Solana (SOL) has surged % higher in 2023. Injective Protocol (INJ) has rallied %, and Render Network (RNDR) is up %.

And that’s just to name a few.

Of course, you’re probably more interested in where crypto’s headed next.

That’s what we’re going to look into today. As you’re about to see, we think crypto climbs much higher in the coming months.

But first we want to welcome you to The Discount Weekly. Each week, we look at the biggest issues facing traders and investors… and detail what they mean for your money.

Today’s issue is all about crypto. 

Let’s kick things off by looking at King Bitcoin…

No Dips For You

It’s no secret that BTC recently reclaimed $30,000.

This was a key psychological level that many traders and investors were watching like hawks.

Since breaking out, BTC has kept marching higher. It’s now trading at just below $37,000.

After such an powerful rally, many traders were calling for a pullback. They thought bitcoin would retest that crucial level around $30k… giving sidelined investors the buying opportunity they’ve been waiting for.

But that hasn’t happened. And that’s mega bullish…

You see, the most bullish assets are very difficult to enter. They don’t dip like many expect. Instead, they force traders and investors to chase them.

At this stage, we wouldn’t be surprised if bitcoin tags $40k before pulling back to $30k. 

And we don’t just say that because of what we’re seeing on in the chart…

Bitcoin is Going Mainstream 

As you’ve probably heard, many of Wall Streets biggest players have recently applied for Bitcoin ETFs.

These ETFs would make it much easier for everyday investors - think “boomers” - to own bitcoin.

It’s a huge deal.

Each day, we move closer and closer to these funds being approved by US regulators. 

When that happens, it will open up the floodgates for bitcoin. Billions of dollars will enter the cryptocurrency market almost overnight. 

The market knows this. And that’s a big reason why bitcoin has been performing so well lately.

But it sure isn’t the only factor working in Bitcoin’s favor…

Down Goes the Dollar

The U.S. Dollar is also weakening…

You can see this clearly in the chart. Here, we’re looking at the performance of the U.S. Dollar Index. This index tracks the dollar’s performance against major currencies, including the euro and Japanese Yen.

After ripping hard for months, the dollar has reversed course in a major way. It’s now trading at the lowest level since MONTH.

The sharp reversal in the dollar has taken a ton of pressure off bitcoin.

But, once again, it’s not the only cryptocurrency performing exceptionally these days.

When is Alt Season?

Certain altcoins have been on fire lately.

Solana (SOL), for example, has surged 180% over the past two months. Thorchain (RUNE) has skyrocketed 182% over the same stretch, and Fetch AI (FET) has surged 123%. 

After explosives moves like this, you’d expect the market to cool off. 

But the strongest altcoins barely dipped.

The resiliency of alts is further proof of how strong this market is right now.

It’s yet another reason why we think crypto’s  big major move is higher. 

The million-dollar question is how to make the most of this opportunity.

You can’t go wrong owning blue chips like BTC, ETH, or SOL. 

But there’s even more upside owning the best alts.

Here’s how you can find those…

Buy relative strength. In other words, look for altcoins that aren’t just appreciating in USD value. You want to own alts that are uptrends versus bitcoin.

This way you get paid for buying riskier alts.

Pay attention to the narratives. Crypto is all about the “next big thing.” Every cycle, new themes emerge that capture everyone’s attention… and produce the biggest winners.

Today, the hottest narratives include artificial intelligence (AI), gaming projects, and Solana ecosystem plays. 

Focus on these areas of the market to make the most of these juicy market conditions. 

Focus on newer coins. Old coins come with baggage. They have a lot of “bag holders”, or people who are looking to exit their positions near break even.

These bag holders make it more difficult for older coins to pump. Every strong rally is met with an army of sellers.

New coins don’t have this problem. They’re also viewed as “new, shiny objects”… meaning a lot of people are excited about their potential.  

Of course, this doesn’t mean that all old coins should be avoided. Just make sure that old coins have superb chart setups and fundamentals if you’re going to get involved with them.

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See You Next Sunday!