YCC Crypto Alpha #08
Our latest community alpha & portfolio updates.
No time to scroll on X or Discord? I got you covered!
These posts are your gateway to the latest market alpha, top coins to watch and our community updates. It also keeps our busy Patrons happy and informed.
This issue covers:
Latest market outlook
Top altcoins in 2024
YCC portfolio updates
Market tip of the week
To start, I want to extend my appreciation to all Patrons that make this newsletter possible which is now a bestseller on Substack - thank you for that!
TLDR: The Bitcoin ETF expectations are making the market extremely volatile and unpredictable. Until a definite answer arrives, speculation will run wild. I suggest you place a bet with a long-term focus. That means being bullish on Bitcoin.
Rumors on X are saying BlackRock has $2 billion ready to go the day the Bitcoin ETF is approved. That’s a lot of money on day one and will quickly add up in 2024 if the ETF is approved.
This is why I believe having skin in the game right now (i.e. holding Bitcoin) is the asymmetric bet you can’t miss. Watching the news as Bitcoin will break above $100,000 will not be the same if you don’t hold some. This is a once in a lifetime event and the price chart will surely reflect that soon enough.
Bitcoin’s price action shows indecision and has been running flat above 42k which also acts as support. If the ETF is approved, BTC will easily pump to 48k. If it’s postponed or rejected then it may break below the key support and test lower levels such as 40k or even 36k.
Either way, big players are on the sidelines awaiting a clear signal before they act. I don’t speculate on Bitcoin. I play the long game. If we get more discounts, be grateful and buy more. If not, then enjoy the ride since you should already be positioned if you are reading this.
Just look at gold’s chart after its first spot ETF was approved. Will Bitcoin follow? We’ll find out this year!
Top altcoins in 2024
With a new year begins new opportunities and this is a great time to look into that. Last year, we had some great performers in our list and as the saying goes, hold your winners close.
The speculation around Bitcoin’s ETF led to a deleveraging event last week when many late longs got liquidated. The market was overheated and this event nuked some altcoins lower which provided some excellent entries, if you were quick to grab them. For example, GMX crashed by 30% in minutes as shown below.
We don’t know which way the ETF news will go, but I have my eyes on these altcoins right now. Use any discounts to accumulate. Let’s begin.