I don't know why most people enjoy the heavy rise of bitcoin while it is only good for long term holders. How long do they want to hold? Forever? They have to sell at some point and exit the market. For day traders like me, expensive bitcoin is not attractive at all because it not only reduces my profit, it also increases my stress.
I have to buy at $40.000 and sell at $40.200 to gain daily profit (This is an example). This is much less profitable than when I used to buy at $8000 and sell at $8200 the same day. Apart from this, whenever I buy at $40.000, I am worried about a big crash right around the corner because the prices are too high now.
How do you cope with this situation as a day trader? Do you dare to buy $40K bitcoin for short term trading?
Trading bitcoin during lower value and now @$40k is the same because you just need to get 5-10% on profit in your every trade. Unlike holding bitcoin in the long run, they earn revenue at a due time when the value of bitcoin increases.
I always do trading day ang night because I need to earn even a little every day. I can't afford to buy bitcoin and just hold for long term. Those who hold bitcoin for a long term are those with enough capital which they don't need to spend.