Outside Source
On Oct. 15, news that a Bitcoin (BTC) exchange-traded fund (ETF) could start trading as early as next week sent Bitcoin price to $62,933 but the rally has cooled off since then.
Some market participants believe that traders who bought the rumor of approval for a Bitcoin ETF product may sell on the news. Crypto trading firm QCP Capital said in an update that the approval of futures-based ETFs is unlikely to provide a long-term boost for Bitcoin prices similar to the one seen in the fourth quarter of 2020.
While high volatility cannot be ruled out in the near term, investors should focus on the major trend and not get caught in minor corrections that are part of the path to new all-time highs.
According to Foxbit founder João Canhada, his daughter has earned a 6,500% profit on the one Bitcoin gift she received when she was born in 2017. Although she couldn’t have traded the coin at such a young age, the returns show that patient investors who are not perturbed by a minor fall can end up with huge returns.
Could Bitcoin’s rally to a new all-time high pull altcoins along with it? Let’s study the charts of the top-5 cryptocurrencies that could outperform in the short term.
This article first appeared at Cointelegraph.com News
