The Bitcoin market has surged like a javelin escaping the thrower’s hand. It is like a state of affairs in the mid-flight that the investors and enthusiasts are highly speculative of the distance it travels before it finally touches the ground. Or will it ever? It thus faces major hurdles in the cryptocurrency market like trading aspects, upcoming ETFs and the impact on the various altcoins that have been surfacing over time.
The last year has been full of incidents pertaining to the launch of a Bitcoin ETF. But it has recently become a hurdle in the Bitcoin rally too. The last year saw the rejection of a Bitcoin ETF, which resulted in a boost in the altcoins. Then, Bitcoin outperformed all others and altcoin prices went flat. Ethereum and Ripple, the two biggest competitors too went flat with all the money flowing into Bitcoin.
However, when it comes to the rejection of the ETF, the SEC is completely backing it. It is either encouraging people to withdraw the application or delaying it. Yet, the community must be cautious about the ETF coming soon, keeping in mind the recent Bitcoin run. In case of a rejection or even delay, a heavy amount of money would flow out of Bitcoin and altcoins would soar up.
Jeff Kilburg, a CBOE Futures trader and an investor with over twenty years of experience, states that he would like to be a buyer at $8,000 and see a little pushback during the run, maybe around $300. He believes this level as being technically appropriate. If the prices move up to, say $8,800, Kilburg believes it could be a great momentum run for BTC. Nonetheless, the Bitcoin javelin has been gaining a rather abrupt flight. Thus, Kilburg places his ‘stop’ at just $400 lower at $7,600 to trade strategically.
Kilburg’s strategy does appear to be a sound plan. Even if sudden setbacks are witnessed in the run it must not be forgotten that BTC has always been volatile, and has somehow maintained its position as the world’s biggest cryptocurrency. Thus, analysed and incentivised trading is the demand of the hour. Who knows, an ETF might be unfolding in the upcoming days, which would surely boost the cryptocurrency to new heights. Anyways, there’s got to be turbulence through a long-rough-routed-flight.