Hey guys, thanks for all the input. I figure it might be useful if I add a bit more information as to what I plan to do when I decide to take profit.

Once BTC passes a certain price point I intend on DCAing out of my position, selling a small portion of my holdings every 1-2 weeks. I figure that this would help limit the risk of losing a lot all in one go if something goes wrong, but also I don't know how high the next ATH is likely to be, and I don't want to potentially miss out if I sell too much too soon.

My main concern is the bank deciding to hold or freeze my assets if they see what they consider suspicious activity on my account. If occurs to me that I could potentially give my bank a heads-up before I start making any deposits like this, and if that's a problem for them then I could open an account elsewhere.

Yeah, I was thinking I'd likely sell through an exchange. My primary concern is that when I withdraw fiat from whichever exchange I use, the bank I withdraw to might want to put a hold on the fiat I try to deposit. Is this something to be concerned with? I've never tried before so I don't know for sure.

Hi guys, I hope you're all well :-)

I was wondering if any members here have any experience of profit-taking from BTC in Canada, and in particular, which Canadian banks are most likely to be OK with customers withdrawing cash from BTC sales into their accounts?

This is the first BTC bull cycle I've experienced (not counting the tail end of the 2020 cycle when I first started investing) so I've yet to try making any sales / taking profit, so I want it to be as hassle-free as possible.

Thanks :-)

I think I should address this, as it's a valid topic of discussion.

I realise in hindsight it probably wasn't wise to be even as vague as I was, stating my BTC holding. I'm not trying to paint a target on my back. I'm also not trying to show off; I was just trying to provide context and looking for relevant advice from people who know a lot more than I do.

But yeah, in hindsight, it was a mistake I won't repeat.

Thank you all for your replies and the ongoing discussion. I feel it might help to clear some things up if I expand on my proposed strategy.

My thinking is that, where the price is now (between $80K-$100K CAD), I'll most likely just hold what I have.

If and when the price climbs above $100K, I'll start selling in increments at 1 or 2 week intervals, based on what the current price is:

0.01 when BTC is between $100K-$125K CAD
0.0125 when BTC is between $125K-$150K CAD
0.015 when BTC is between $150K-$175K CAD

...and so on.

That way, if the price doesn't go much beyond the previous ATH this bull season, I'll still be able to hold most of my BTC through the next bear market and into the next bull market. Conversely, if it does go way beyond the previous ATH, I should still have BTC available to sell in that point. I'm trying to be prepared for each eventuality. I'm wary of selling too much in too few increments only to run out of BTC and see the price shoot past my ability to take advantage of it. If, on the other hand, that means that the bull market ends and I still have most of my BTC, then that's fine, there's always the future bull markets.

Also, in the event that the price drops down again, I'll stop selling and DCA back in. I don't intend on selling anything below $100K CAD. The overall value of my BTC is already significantly higher than what I've paid in so far, and I'd like to keep it that way. I'm not going to sell anything at a loss.

My only personal experience of a previous bull market was in 2021 when we saw 2 separate ATHs. So if we experience something similar where the price surges for a while, then dips back down before surging again a few months later, I'll match what the market is doing on a weekly or bimonthly basis. While it's up above $100K CAD, I'll sell in increments based on the current price. When it drops back down below $80K CAD, I'll go back to buying at a certain $ amount. Between $80K-$100K, I'll hold.

I hope that clears up some confusion.

Yeah, I don't expect to be able to buy a house outright just from this cycle, but I feel confident I'd be able to accumulate enough for a solid down-payment.

I'm not too concerned about the average house price. That price factors in crazy expensive places like Toronto and Vancouver, which I have no intention of living near, and I don't need anything big. I'd be happy with a small bungalow out in the boonies with a vegetable garden. I'm not greedy.

What you're saying makes sense. My concern with picking a specific value and selling there is based on the experience I had when I first entered the market; I spent way too much when the price was still high. Had I been more patient and DCAd early on, I would've been able to buy more for less.

The way I see it, if it does top out at $125K and I've only sold maybe 0.1 or 0.2 in that cycle, it just means I'll hold more for later. Conversely, if it tops out at $200K+ or even higher, I can ride it out for longer. I'd be kicking myself if I sell most of my BTC at $125K and then the price surges to 2x that or more.

Hey guys,

My wife and I have been investing in BTC since around the last ATH, so this coming halving is the first one we've experienced. As a result, we need to figure out a profit-taking strategy. I was hoping to get some input from the community here.

We currently have around 1.5 BTC, and our ultimate goal is to be able to use that to help us buy a house and be able to retire at some point. Nothing too crazy. I'm hoping this bull cycle we'll be able to at least get a decent down-payment on something, then maybe over the next cycle or two be able to pay it off.

Anyways, the strategy I'm considering is something like, when BTC crosses $100K CAD, (it's currently at $83K CAD) I plan on selling 0.01 BTC per week. Kind of like DCA but in reverse. Then possibly increasing that amount alongside BTC value, so if it crosses $125K, sell 0.0125 BTC per week, 0.015 per week at $150K, etc.

Since it's impossible to predict exactly what will happen to BTC price over the coming bull market, I'm hoping to get a decent return over the course of the cycle without completely selling all of our BTC. Then when it inevitably flips bearish again, start DCAing back in like we have been up to this point.

What do you guys think? Does that sound like a reasonable strategy? Is there anything else I need to consider?

Thanks  :-)

So for these different exchanges, do they allow BTC to be transferred to a Ledger?

I bought some BTC using Mogo a while back, but they don't allow you to transfer your BTC to a different wallet.

I was trying to buy directly through Ledger but I don't think they have the option to buy using e-transfer (only bank transfer and debit/credit card I think)

... and my posts on reddit got removed for some reason. Bah!

Thanks. I don't really use reddit but I checked it out.

The thread is mostly do to with what exchanges it's good to buy with, that's not really my problem. It's that banks and credit card companies block crypto purchases.

I left a post on the main subreddit, hopefully I can sort this out soon.

I started investing in BTC since the middle of last year, but for some reason it's always a rigamarole. A lot of financial institutions here make it difficult or impossible to buy BTC.

After finding out both my bank and credit card companies don't allow crypto purchases, I got a Mogo card (back when they'd give you satoshis for purchases).

I bought some crypto directly through that, but then found they won't allow me to transfer to my Ledger. I then tried buying with my Mogo to my ledger. That worked once but now it's getting declined, and their customer service is non-existent.

What do other Canadians use to buy BTC. Do you run into the same problems? Any suggestions?

Yes mate! I couldn't agree more. So happy for countries like El Salvador finally having a chance at getting out from the tyranny of the IMF.

Thanks for everyone's input, I really appreciate it.

Honestly, I kinda want to just focus on BTC. It seems like the best bet to get to where we want to be in the long run. Maybe after we've got 1+ BTC it'll be worth re-examining.

I know what you mean about the "basic human dreams" thing. Man, I would love to own a house and not work bullshit 12-hour night shifts.

C'mon BTC, show me some love!

So my wife and I started buying bitcoin a couple of months ago, and as of right now we're the proud owners of 0.4 of a bitcoin.

Since everything is so cheap right now, I want to invest some more of our savings before things pick up again.

Should we just be focusing on BTC, or would we be better off diversifying (maybe Etherium?).

We got into crypto in order to help us own a house and be able to be semi-retired within the next 10 years, if that helps.

I mean, if anyone would know what a scam looks like, it would be Trump...

So my wife and I decided to get into Bitcoin back in April; we bought our first satoshis right around the ATH only to see the price immediately plummet.

I'm really grateful to have found this forum when I did; if I hadn't I might've panicked like a lot of new investors and sold at a loss. Instead I've learned to accept whatever happens to the price of BTC. If the price goes up, that's fine, I can sell some and put it to one side and reinvest later. If the price goes down, that's fine, it means I can buy more sats on the cheap. I'm able to not mind what happens.

Now if only I could learn to apply that energy to other areas of my life...

I'm a total noob. I bought my first bitcoin around the time of the ATH, so the value of my bitcoin immediately plummeted.

You guys have really helped me to be zen and see the opportunity in this. In a few of days I can buy more, and wait for the price to (inevitably) go up.

Thanks for posting this. I started buying bitcoin around it's highest point, so I'm feeling pretty silly now.

I definitely intend to HODL. I truly believe bitcoin is my best shot to be able to own a house without the bank owning me until I'm dead.