Good time to sell again before the drop... always go against the kiddies who are the dumb money which is buying
Definitely a good move, just buy it back once the price starts to rise again. I think we are in the downfall again and if this will continue price may be back to $500 God forbid because I like to see bitcoin succeed and I even dream to see it until $1,000 before the end of the year.
I don't think it will fall to 500$. This fall could be just temporary and maybe the price will be corrected to 600-650$ again. So far there are no signs that price will continue to drop for a longer period so there is no room for dark thoughts.
Don't sell, keep your coins longterm.
Keeping them long-term is what I am doing mostly, for one. Though its tempting to sell some.