Ninjastic
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Re: Why Is Bitcoin Price Increasing?
by
DanWalker
on 07/10/2023, 07:53:47 UTC
Quote from: Pierre 2 on Today at 01:32:37 AM
Quote from: Texac on October 06, 2023, 02:19:10 PM
Quote from: JohnBitCo on October 05, 2023, 10:35:19 AM
This is a system of Bitcoin. The Bitcoin prices go up and down, that is not a unique thing. This is the best time to sell Bitcoin and when it will go down so buy Bitcoin. This is the system of Bitcoin and cryptocurrencies.

Anyway, Bitcoin prices are like a peak of mountains. Let's see that Bitcoin price goes down in October or not.  Lips sealed

I would consider this the worst decision or advice this year.  we are 2 years into bear season and it is almost over and there is no reason for us to sell our bitcoins now.  moreover, what do you rely on to be confident that bitcoin will fall again to buy bitcoin?  if you sell it now and the price doesn't decrease but continues to rise, what will you do? Would you sell bitcoin for $27k and buy it for $30k?

Yes, no one can predict what prices will be like in October, but there's also nothing to say prices will drop.  the idea of selling now is a bad idea if you are only selling out of fear and not because you need the money for an emergency.
I think he may be suggesting it can better to sell now for buyback later at lower prices. Some people (including me) like this method to maximize our profits. But I would agree that its very risky as you describe, selling at 28k may mean buyback at 30-35k later. But still I think October is never better bitcoin month historically. I feel like bitcoin price will only increase when fed will start to ease its monetary policies. So we need to wait some more month(s). Next year will be much better than 2023.

My prediction is that there will still be some correction and the price could return to $25k before the halving, but I also disagree with the idea of selling now and waiting to buy back when the price drops. After all, we are all just making predictions and nothing is certain because we all know bitcoin is unpredictable.

I believe we have bottomed out for this bear and the halving is approaching so we won't have another big drop. So buying bitcoin at $28k or $30k or $25k won't make much of a difference if our goal is to only sell when bitcoin makes a new ATH. Don't trade too much risk for a little profit, think about what will happen if we sell now and the price doesn't drop as we expected?