Bitcoin - take profits or continue to DCA? - page 2.

MFahad

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Quote from: JamesDaniel90 on February 02, 2023, 11:24:48 AM

My thinking behind selling is although I got in at a good price (my current average buy is £15k), that it is only a 6x from £100k which is the expected amount Bitcoin will reach next bull run.

A 6x is good if you have thousands of pounds to invest , but I do not.

I want 20x gains and feel this is more realistic in top altcoins that are currently 80-90% down.

BTC price change is not volatile like other Altcoins and you cannot make big profit with small investment. But one thing is clear that Btc investment is most secure than any other coin. Before Every Every halving year we have seen ATH if BTC and this time it's possible to hit 100k but it will take so much time.
If you want 20x gain then I will prefer other Altcoin for quick profit. Suppose if you invested this in Aptos then by now you have done 4x. January was proved bullish for Altcoins and almost all coins recovered a little. If market remain bullish then we can see many x from different coins.

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Is anyone taking profits or are most of us just DCA?

I am just doing day trading on top coins. Magic coin is my favorite and I made good profit here. All my trade is risky that why I am not recommended to anyone.

Russlenat

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Quote from: bittraffic on February 02, 2023, 11:43:31 AM

We are still in the early days, it's not even 2024 yet in time for having but the price is already going up. Although there may be a correction soon, you may want to wait for it.

There may be some who are talking profits and then wait for a dip and then buy back, it takes skills to do it but doable. Continue DCA that's what many of us will say. We will see prices beating the last ATH.

The next bitcoin halving is still a year after so we should not resort into panicking and pressuring ourselves to start selling rather than continue to do DCA. Yes, the price may have seen increasing slightly these days but if we want to sell for profits, we should still wait for more price surges or wait for a new ATH to come so we can sell immediately and expect high returns. For now, DCA would still be the best option, as the price may suddenly drops back and fall again seeing the market is still in a bearish season.

maydna

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Everything will come back to you. Which one will you choose from the two options. But if I were you, I wouldn't sell my bitcoins too fast, especially at the current price, because my profit isn't that big yet. I can wait a little longer for the price to pass the last ATH price because that is my target for the next halving and I believe the price will exceed the last ATH price.

But if you feel it's time to take your profit from the current increase, you can sell your bitcoins and wait for the next correction to buy more bitcoins and hold them until the price increases again. By doing it repeatedly, you can expect increased profits and also you can have more bitcoins.

dansus021

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If you come to trading or crypto you might notice this word "Fear and Greed" or the simple version term is Fear when the price keep falling down but greed when it is not enough when the price is up.

If I were you I will keep continue my DCA when the market at a consolidation zone or correction but take profit some, so when the market goes bad you still made a profit and feel good about it.

But keep HODLL the big chunk or your coin

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legendary

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Quote from: Oceat on February 03, 2023, 05:28:12 PM

Quote from: Scripture on February 03, 2023, 04:49:00 PM

The market is getting better now but there’s still a chance for the correction so DCA might still work for this year and just like the other suggestion here, have your target price for profit taking because that is the rule of profit, you can’t have it if you will not sell it.

Stop questioning the market your “What if”, the price will always go up and down so better to always have your target and focus on that, being greedy here is not good at all. Continue DCA if the price is still far from the target, don’t be in a rush.

It's better to continue doing the DCA at least it will help in the long run and Bitcoin's bull run is just around the corner next year. I don't trust most altcoins that much since most of them aren't worth it to hold, they're just a bunch of copycat of Bitcoin that serves no purpose.

Stop being greedy or thinking too much on how much you would take profit during the bull market you might not get what you want since you are blinded with your idea on how much you would earn during the bull market. Just focus on what you can do right now or what you can afford to lose on investment. There are no millionaire in one day.

Well that's the best way for the long term then the DCA method is the most appropriate to collect bitcoin before the bullish comes and we still have time to do it as long as bitcoin is still low, remember altcoins have no definite purpose dumps often occur in the market so don't do it on altcoins and we focus more on bitcoin only.

In my opinion, while you can take short-term profits, it's not a problem, but I won't take this action unless you hold it for a certain period and what you hope for is a real bullish one in 2024 or 2025, which is a prediction that bitcoin will ATH again.

lionheart78

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Quote from: JamesDaniel90 on February 02, 2023, 11:24:48 AM

Is anyone taking profits or are most of us just DCA?

Obviously we must take profit one day. But to take profit this early, I think you will be missing out huge on this coming bull market. But it is your bitcoin so do whatever you think is right for you.

But, if you ask me, I would rather keep on DCA'ing since the current Bitcoin cycle is only starting and hasn't fully reached the cycle's top which supposes to happen a year after Bitcoin halving. Altcoin investment is sure attractive due to its high payout but, be informed that Altcoin market is way more risky than Bitcoin.

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I want 20x gains and feel this is more realistic in top altcoins that are currently 80-90% down.

This figure is really attractive to invest in but the question would be, could these altcoin have the capability to bounce back. If it does not have then you are just putting you profit in risk of losing the.

Oceat

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Quote from: Scripture on February 03, 2023, 04:49:00 PM

The market is getting better now but there’s still a chance for the correction so DCA might still work for this year and just like the other suggestion here, have your target price for profit taking because that is the rule of profit, you can’t have it if you will not sell it.

Stop questioning the market your “What if”, the price will always go up and down so better to always have your target and focus on that, being greedy here is not good at all. Continue DCA if the price is still far from the target, don’t be in a rush.

It's better to continue doing the DCA at least it will help in the long run and Bitcoin's bull run is just around the corner next year. I don't trust most altcoins that much since most of them aren't worth it to hold, they're just a bunch of copycat of Bitcoin that serves no purpose.

Stop being greedy or thinking too much on how much you would take profit during the bull market you might not get what you want since you are blinded with your idea on how much you would earn during the bull market. Just focus on what you can do right now or what you can afford to lose on investment. There are no millionaire in one day.

Scripture

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The market is getting better now but there’s still a chance for the correction so DCA might still work for this year and just like the other suggestion here, have your target price for profit taking because that is the rule of profit, you can’t have it if you will not sell it.

Stop questioning the market your “What if”, the price will always go up and down so better to always have your target and focus on that, being greedy here is not good at all. Continue DCA if the price is still far from the target, don’t be in a rush.

Viscore

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Quote from: JamesDaniel90 on February 02, 2023, 11:24:48 AM

I first started investing in Bitcoin after the June crash last year.

I had accumulated 0.07 Bitcoin before we started pumping a few weeks ago and have since sold 0.02 which currently leaves me with 0.05.

I decided to sell and put the profits into other altcoins I believe will see greater gains in the next bull run.

I am not sure if I should continue selling my Bitcoin the more we pump or if I should start to DCA again.

My thinking behind selling is although I got in at a good price (my current average buy is £15k), that it is only a 6x from £100k which is the expected amount Bitcoin will reach next bull run.

A 6x is good if you have thousands of pounds to invest , but I do not.

I want 20x gains and feel this is more realistic in top altcoins that are currently 80-90% down.

Is anyone taking profits or are most of us just DCA?

I’m not sure if there are a lot of taking profits by now as the market is not completely impressive and profitable enough to sell our bitcoin. That’s why I stay doing DCA and only decide to sell when I think it’s the perfect time to sell. Though bitcoin price is starting to create a slight price increase, but knowing how volatile it is, it might drop again in the next following days. The reason why I only focus on DCAing to fill in my portfolio with bitcoin.

Mahanton

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Quote from: goaldigger on February 03, 2023, 04:08:48 PM

Quote from: lalabotax on February 03, 2023, 03:43:18 PM

Quote from: tvplus006 on February 02, 2023, 05:54:57 PM

Having such a goal to get x20 is not shameful, but the problem is to correctly identify the object for investment.

Actually it is possible. but it is too risky because we will not know which altcoins that will really rise up more than 20x higher than the current price. Moreover, not all Altcoins are able to survive and then continue reaching the previous All Time High rven in the next bullish era. So, yes, I think that choosing altcoins will be much risky. I personally will prefer to Bitcoin and continue to do DCA if possible. but once again, it will depwnd on the OP conditon and consideration. as long as the OP is able to hold the risk, it may not be a matter for him.

Always have the target price so you won’t miss any chance to take profit. Do DCA with a target, don’t just do this without knowing when to stop. If BTC hits a good price and its already your target price, better to take profit without any regret. DCA is a good strategy and many are doing that right now because the bull is about to come and they want to be more prepared, BTC is always a good option for long term.

Its a must thing because we know that profit do always count as a profit and it would be much more preferable rather than on going for long term holds which i do prefer because i cant really be that so confident on doing so.
I dont have the patience when it comes on long term holds because we dont know on what would happen in the future.Its better to cherish or make use of those money or profits you had gain on something
important on which i do prefer rather than on making those holds which im not really that much preferring into but i do have some coins that had been stashed up for long term but in
bigger allocation which i do always make out active approach towards my crypto investment.

stompix

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Quote from: tbct_mt2 on February 02, 2023, 11:52:49 AM

Depends on where you entered and how long you think you can hold your Bitcoin.

If you bought it around $15,000 or $16,000 I actually think $23,000 or $24,000 is a very good price to take profit. Bitfoin can rise more to $28,000 or even to $30,000 but it is a kind of greedy gambling.

He said £15k , so that's $18k, plus he said he sold earlier so high chance he did it lower than 24k.

Out of pure curiosity, I ran two DCA calculators from June last year and they both show a profit of ~20%,
https://www.dca-cc.com/dca/bitcoin?investment=10&investmentInterval=7&dateFrom=2022-06-20&dateTo=2023-02-01&duration=591¤cy=usd
https://cryptohead.io/dca-crypto-calculator/?crypto=bitcoin&fiat=USD&qty=7&frequency=weekly&start=2022-06-20&finish=2023-01-27
so, it's not like wanting a bit more could be called greed around here, 20% gain is nothing compared to the targets others have around here.
Still, OP is talking about wanting 20x and he cashed out at 1.2x, this is a bit weird.

Quote from: iv4n on February 02, 2023, 03:15:27 PM

For many people, DCA is something unattainable... simply the costs (weekly/monthly) are greater than the (weekly/monthly) income. It has always been and always will be, the ones who have the means to save can do it in many different ways (one of them is investing in risky ventures), and the ones who don't will be trapped in the "magical circle of poverty".

I don't understand how somebody who does DCA on Bitcoin can end trap in a circle of poverty unless you hint at the price going to zero.
DCA is simply making a target of the amount you're able to invest each day or week and do exactly that, not exceeding your means by anything, that's FOMO, once you can't afford DCA anymore you quit investing, I don't think anyone is stupid enough to do this kind of long term investing with borrowed money!

goaldigger

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Quote from: lalabotax on February 03, 2023, 03:43:18 PM

Quote from: tvplus006 on February 02, 2023, 05:54:57 PM

Having such a goal to get x20 is not shameful, but the problem is to correctly identify the object for investment.

Actually it is possible. but it is too risky because we will not know which altcoins that will really rise up more than 20x higher than the current price. Moreover, not all Altcoins are able to survive and then continue reaching the previous All Time High rven in the next bullish era. So, yes, I think that choosing altcoins will be much risky. I personally will prefer to Bitcoin and continue to do DCA if possible. but once again, it will depwnd on the OP conditon and consideration. as long as the OP is able to hold the risk, it may not be a matter for him.

Always have the target price so you won’t miss any chance to take profit. Do DCA with a target, don’t just do this without knowing when to stop. If BTC hits a good price and its already your target price, better to take profit without any regret. DCA is a good strategy and many are doing that right now because the bull is about to come and they want to be more prepared, BTC is always a good option for long term.

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Quote from: tvplus006 on February 02, 2023, 05:54:57 PM

Having such a goal to get x20 is not shameful, but the problem is to correctly identify the object for investment.

Actually it is possible. but it is too risky because we will not know which altcoins that will really rise up more than 20x higher than the current price. Moreover, not all Altcoins are able to survive and then continue reaching the previous All Time High rven in the next bullish era. So, yes, I think that choosing altcoins will be much risky. I personally will prefer to Bitcoin and continue to do DCA if possible. but once again, it will depwnd on the OP conditon and consideration. as long as the OP is able to hold the risk, it may not be a matter for him.

Smartvirus

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Quote from: ShowOff on February 03, 2023, 12:59:33 PM

Most of the assets I own so far are bitcoin, and there are very few altcoins there including a few stablecoin. I have never thought that asset diversification is wrong, and I think diversification is also necessary because basically both bitcoin and altcoin provide benefits for their investors. So it doesn't matter if you invest in both especially because of the diversification.

Taking profit has been most useful for altcoins but not so much for bitcoin. Altcoins for most of it haven't been a commodity that you invest in with a long term intent given that, even the best or promising altcoins can dip in a vear market and never rises again. Why not that? Its mostly because, investors have taken profit and it becomes really risky to keep faith with such project.

When it comes to bitcoin, it's entirely different as, its got some securities on its part by promises of a future usage. Bitcoin being the one truly decentralized currency stands out as one whom is sure not to fail. Has history on its side and keeps growing no matter what. An asset to own for sure.

harizen

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You will really end up testing different strategies and taking risks before knowing the result of those "what ifs "

If your chosen strategy or plan will be effective or not, only you will know as you progress.

After a series of tests for quite a long period of time, regardless if you are winning or losing, somehow you should be able now to make your own conclusion. The several tests you made will be a good reference in making your future strategy.

ShowOff

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Most of the assets I own so far are bitcoin, and there are very few altcoins there including a few stablecoin. I have never thought that asset diversification is wrong, and I think diversification is also necessary because basically both bitcoin and altcoin provide benefits for their investors. So it doesn't matter if you invest in both especially because of the diversification. Then from that, DCA is just one strategy that helps and you can apply it to altcoin and bitcoin investments.

I agree with the DCA strategy for bitcoin and altcoin investments because the prices of both are very volatile. DCA will help investors to get lower prices, and not infrequently investors can generate decent profits because of it.

ethereumhunter

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Quote from: JamesDaniel90 on February 02, 2023, 11:24:48 AM

I first started investing in Bitcoin after the June crash last year.

I had accumulated 0.07 Bitcoin before we started pumping a few weeks ago and have since sold 0.02 which currently leaves me with 0.05.

I decided to sell and put the profits into other altcoins I believe will see greater gains in the next bull run.

I am not sure if I should continue selling my Bitcoin the more we pump or if I should start to DCA again.

My thinking behind selling is although I got in at a good price (my current average buy is £15k), that it is only a 6x from £100k which is the expected amount Bitcoin will reach next bull run.

A 6x is good if you have thousands of pounds to invest , but I do not.

I want 20x gains and feel this is more realistic in top altcoins that are currently 80-90% down.

Is anyone taking profits or are most of us just DCA?

I haven't profited on bitcoin bulls at the moment and still have it sitting in my wallet. If I do the math, I made a profit because I could buy at a low price of around $16k-$17k but I believe that the current price could go even higher. I have a high target price, which is above $69k and if the price can exceed $69k, I may sell slowly or half of the total bitcoins I have and prepare to buy at low prices again.

And it will depend on your strategy because if you want bigger profits, you can wait and continue doing DCA. But if not, you can sell some of your bitcoins and buy bitcoin again when the correction comes. I do not recommend buying in altcoins but it's up to you.

justdimin

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Quote from: worle1bm on February 03, 2023, 01:25:53 AM

Quote from: avikz on February 02, 2023, 01:01:35 PM

The final decision is yours! But if I were you, I would continue holding it and keep on buying in small quantities. Bitcoin has just started showing an uptrend. It's just the beginning and it won't stop here. So I would keep on buying at the current level.

I would generally avoid altcoins except ETH. But don't sell your bitcoins to buy into altcoins. Invest additional money into it. But again that's my personal take on the situation.

I would also say that if you are not in need of money and have faith in BTC then hold it for long term to take out profits but if you want short term gains then you can also sell it but doing DCA is your wish and how much you want to invest in it.The amount should be invested which is surplus with you and not taking too much risk in it as one loss can turn you down but there's high chances of getting profits from bitcoin in the long run.

Serious investors are well planned and don't put all their money in one basket so that they still have something to get in tough times and there is no need for them to sell their Bitcoin. They can also use some of their pocket money to do a DCA but I know many are not organized as that so they can't help it but to sell some of their Bitcoins only to have money to survive.

This isn't wrong as long as they will buy back again after some time. Losses (especially bigger ones) can indeed turn us down but this wasn't the end. As long as we try to divert our attention to positive things again and prevent ourselves from selling at a loss then there is still a chance that we can recover.

worle1bm

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Quote from: avikz on February 02, 2023, 01:01:35 PM

The final decision is yours! But if I were you, I would continue holding it and keep on buying in small quantities. Bitcoin has just started showing an uptrend. It's just the beginning and it won't stop here. So I would keep on buying at the current level.

I would generally avoid altcoins except ETH. But don't sell your bitcoins to buy into altcoins. Invest additional money into it. But again that's my personal take on the situation.

I would also say that if you are not in need of money and have faith in BTC then hold it for long term to take out profits but if you want short term gains then you can also sell it but doing DCA is your wish and how much you want to invest in it.The amount should be invested which is surplus with you and not taking too much risk in it as one loss can turn you down but there's high chances of getting profits from bitcoin in the long run.

tvplus006

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Quote from: JamesDaniel90 on February 02, 2023, 11:24:48 AM

...I want 20x gains and feel this is more realistic in top altcoins that are currently 80-90% down...

Having such a goal to get x20 is not shameful, but the problem is to correctly identify the object for investment. If you are sure that your choice of altcoin will be correct, then invest in it. But you should remember that investing in altcoins is more risky than in bitcoin, so you should understand that you can completely lose your deposit.

Topic: Bitcoin - take profits or continue to DCA? - page 2. (Read 450 times)