It is crucial to have a long-term approach to investing in Bitcoin rather than being tempted to make quick profits by buying and selling frequently. Holding Bitcoin for a longer period of time can yield higher returns, but it also requires patience and discipline.
It’s more easier and less hassle to hold rather than buy and sell frequently not unless you are a full time trader because that’s consider as a job and not an investment. I preferred long time holding because I have job to do on daily basis that requires my attention and at the same time my Bitcoin is just sitting on my wallet growing without being notice by me.
It is also important to diversify one's portfolio, not just in Bitcoin, but in other assets as well. it is always important to invest only what one can afford to lose and to have a solid risk management plan in place.
When you want to go with short term gains and can afford the risk try newer low cap coins. But be ready to lose heavily till you master it. Always set aside say 10% of your investment money for low cap.
Diversifying on altcoins is not really a diversification because your assets is exposed on same risk or much higher risk since crypto behavior moves in a single direction following Bitcoin movement. I don’t recommend diversifying assets on altcoins but rather on stocks, gold or other investment that is not related in crypto so that you will different risk exposure on your investment. Just invest on Bitcoin as part of your cryptocurrency investment. You can allocate certain percentage of your portfolio on altcoin but that’s not considered as diversifying assets because that’s just same. You are just gambling on a higher volatile asset.