Post
Topic
Board Bitcoin Discussion
Re: How to manage bitcoin correctly?
by
jostorres
on 03/08/2023, 20:20:33 UTC
When BTC reached $69000. I didn't choose to sell it. but the current price of Bitcoin dropped to less than $30000. Is it the most reasonable choice to sell BTC now and turn your attention to other investments? I hope to get some good suggestions. Although I have held BTC for many years. I am not good at management.
You didn't sell when the price reached $69k yet you're thinking the price below $30k is reasonable to already let go. What made you think that way? Are you tired of holding?

If you hold your Bitcoin for many years (as you've said) then you're already aware that the price currently is just temporary. So if you're selling at the current price, you became a weak investor despite of being a hodler for years. Anyway, it's up to you though since we have our own way of thinking.
He didn't sell at $69k because he probably thought the price would go higher, and now when the price is around $30k and isn't moving much, he is probably panicking and thinking what if the price goes down even more from here, and an investor with that kind of a mindset can never get much profit and will eventually exit the market because if you don't know the right time to sell and also don't have enough patience to hold, you can't survive in this industry.

A lot of people make the mistake of not selling at the peak thinking they will get more profit once the price goes up even more which doesn't happen at that exact time, and then they will either wait for a full cycle to get a better price or panic and sell at a much lower price just like our OP here.