BTC profit taking strategies? - page 4.

Shamm

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Quote from: The Cryptovator on March 02, 2024, 05:54:52 PM

Whenever I sold my Bitcoin holdings, it was hard to buy them back. Because after selling it, it kept pumping. So we can't predict, actually. If you don't need serious funds, then don't sell your bitcoin right now. Because after the halving, Bitcoin should start pumping, and at the end, you may miss the train. Just set a goal for selling your bitcoin and do something in real life. I will advise you: don't be a hurry; you can buy a house if you have money anytime. But if you missed the Bitcoin train, then you will be in trouble.

Yes you are that mate especially nowadays if we sell our Bitcoin then we are struggling to buy again cause we all know that the price is keep on increasing even though there's a time that the price will decrease but it is not take too long so if we are too busy in our daily life then there's a chance that we can't find the perfect timing to buy again some coins. But so far this moments is time for selling our coin's which pretty sure enough that we made some profits from our previous buy.

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Quote from: Yamifoud on March 02, 2024, 05:46:44 PM

You still need to observe but I am certain that it works and is reasonable. Otherwise, you need to have another strategy and investment plan.
Stay out of FOMO and FUDs, it won't help you.

FOMO is the one that makes people miss the true potential of their profit and their portfolio. They are too emotional and always on the news to watch out the updates of the market. But if you've been here for quite a while, you'll get to understand that this bull run won't just be gone too soon and it takes time for it to have some cooldown and for people to realize that we're about to get out of it soon. And as you catch up with the news, you're just trying to give yourself some ideas on what the FUDs are, if you're too tough, you'll never get affected by them but if you're too emotional, that's where the problem begins that might cause you to panic.

Quote from: Yamifoud on March 02, 2024, 05:46:44 PM

Keep your goal straight and slowly achieve it as there is no magic in here.

I agree, going with a slow growth is better than a quick one and then fades away quickly. People are rushing to get into profit with this bull run but they don't have a clear plan on how they're going to take it. Take it slowly and one step at a time because you don't have to hurry as the bull run won't be gone away unless you are following some altcoins that really have a hype that can be gone too quickly. With that, you have to act quickly on how you're going to do it then.

The Cryptovator

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Whenever I sold my Bitcoin holdings, it was hard to buy them back. Because after selling it, it kept pumping. So we can't predict, actually. If you don't need serious funds, then don't sell your bitcoin right now. Because after the halving, Bitcoin should start pumping, and at the end, you may miss the train. Just set a goal for selling your bitcoin and do something in real life. I will advise you: don't be a hurry; you can buy a house if you have money anytime. But if you missed the Bitcoin train, then you will be in trouble.

Yamifoud

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Quote from: BrotherMencius on February 29, 2024, 12:07:46 AM

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.

Bitcoin investment will certainly give you a decent profit. Indeed, that is how it works as we continue our crypto journey, after selling during bull season, we start to accumulate again during bear season. But don't sell yet, it is too early for now, be patient and wait for a $70k price rally.

Quote

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

Thanks :-)

You still need to observe but I am certain that it works and is reasonable. Otherwise, you need to have another strategy and investment plan.
Stay out of FOMO and FUDs, it won't help you. Keep your goal straight and slowly achieve it as there is no magic in here.

Orpichukwu

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Quote from: BrotherMencius on February 29, 2024, 12:07:46 AM

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.

Since your plan is to sell it and get your family a house and a retirement fund, you have so far been able to accumulate up to 1.5BTC, which is not a small amount considering how much Bitcoin is currently trading right now.

In my own suggestion, since there is no house that needs an immediate down payment, you can be patient enough and wait until bitcoin breaks another ATH, which is above $68,000. I don't know how much that will be when converted to your currency.

And if you can still hold it for a little longer, maybe till the end of 2024 or 2025, when the price is predicted to reach up to $100,000 to $150,000, that will be enough to get you whatever you want and also for your retirement.

BrotherMencius

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Quote from: Furious 7 on March 02, 2024, 04:30:16 PM

Quote from: ChiBitCTy on March 02, 2024, 01:10:47 AM

STOP telling people how much bitcoin you have. Don't even tell anyone if you own a single dime. Keep this stuff private man! Also, NO ONE can tell you properly how to go about this unless they knew your entire financial situation, your financial outlook, where you live and the tax implications etc etc etc. Discuss it with a financial advisor in confidence ONLY!!!

Yeah, this is what should be done, but in the end, there are a lot of people who show off just for validity and temporary fame so that they are recognized as one of the investors in btc by clearly showing their portfolio.

Things like this are becoming commonplace now because with the current bitcoin hype that is increasingly being discussed, with the natural nature of humans who really want to always be recognized by others and praised by people, they do not hesitate to show the assets they currently have but they do not realize that it is precisely with things like this that makes them one of the targets for irresponsible people.
It is difficult to provide education like this especially for new people because they really want recognition from others which is a human nature that is difficult to change.

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.

Furious 7

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Quote from: ChiBitCTy on March 02, 2024, 01:10:47 AM

STOP telling people how much bitcoin you have. Don't even tell anyone if you own a single dime. Keep this stuff private man! Also, NO ONE can tell you properly how to go about this unless they knew your entire financial situation, your financial outlook, where you live and the tax implications etc etc etc. Discuss it with a financial advisor in confidence ONLY!!!

Yeah, this is what should be done, but in the end, there are a lot of people who show off just for validity and temporary fame so that they are recognized as one of the investors in btc by clearly showing their portfolio.

Things like this are becoming commonplace now because with the current bitcoin hype that is increasingly being discussed, with the natural nature of humans who really want to always be recognized by others and praised by people, they do not hesitate to show the assets they currently have but they do not realize that it is precisely with things like this that makes them one of the targets for irresponsible people.
It is difficult to provide education like this especially for new people because they really want recognition from others which is a human nature that is difficult to change.

spectre71

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Quote from: ChiBitCTy on March 02, 2024, 01:10:47 AM

If this is all true, you need to read a recent post I made.. https://bitcointalksearch.org/topic/m.63658943 .

STOP telling people how much bitcoin you have. Don't even tell anyone if you own a single dime. Keep this stuff private man! Also, NO ONE can tell you properly how to go about this unless they knew your entire financial situation, your financial outlook, where you live and the tax implications etc etc etc. Discuss it with a financial advisor in confidence ONLY!!!

The smartest post I have read thus far!.

I have not scene one person address the tax problem (I know nothing about Canadian taxes).

Simply put you need figure at the tax implications, possible retirement account tax breaks.

I knew when I opened this post it would full of don't sell it now wait until it moons blah blah blah

Distinctin

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Quote from: pinggoki on March 01, 2024, 11:41:53 PM

Sounds like a really good profit taking strategy to me, you've got a target selling price and at the same time you're not selling all of it at once which is smart because that way, you can easily sell at more profit the next time or maybe even get some profit during the peak and not regret hodling for a long time and you're not wallet emptied when the price starts stabilizing then dumping again. I would've liked to recommend you to hold on to it and set a target price to sell but when you look at it, it's more logical to do this, make sure that you're ready for the transaction fees though, they're going to be really expensive during those times and probably it's even more expensive than the last time because there's ordinals now that's hitching on the network and just imagine what would happen when every retail investors are selling their bitcoins in droves in combination to this one, it's going to be a riot.

I believe as long as you never sell for losses, then your strategy will certainly work. Selling gradually while bitcoin price is on the surge helps you assure that you are making good returns every time you decide to sell. I cannot say it’s totally big but at least you have already taken advantage on the current price.

However, selling in time of bull run is more advisable because even bitcoin experts timing their bitcoin selling when a new all time high is present. But if you are more comfortable of doing that, as long as profits are there, I think that reason alone is good enough to say that you’re not losing but completely gaining good financial returns from your investment.

Zanab247

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This would work only if Bitcoin price keeps increasing but in case if it suddenly falls or enters into bear market then you will either be selling at loss or your funds will be struck as you cannot withdraw at loss. I would suggest you to wait till the end of this year or till we ride the upcoming bull run and once it crosses ATH then you need to set up a stop loss and hodl so that you can keep increasing stop loss value as long as Bitcoin's price keeps increasing and in worst situation if it fall then you don't lose much as you would sell at SL with sufficient profit.

And it will be difficult for the price of BTC to continue increasing without bear season occur, which you can confirm it from this new bull run that just occurred in the market for hodlers to begin to sell and make something reasonable from their patience over one year and some months waiting for bull run to come.

There will surely be bear season where you can buy and hodl until another bull run come before you can sell to make more money from your investment, but at this period, if you buy BTC from the market, it will not let you to make a good profits that will encourage you to invest another day, it will be favourable if you can wait for bear season to come.

ChiBitCTy

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If this is all true, you need to read a recent post I made.. https://bitcointalksearch.org/topic/m.63658943 .

STOP telling people how much bitcoin you have. Don't even tell anyone if you own a single dime. Keep this stuff private man! Also, NO ONE can tell you properly how to go about this unless they knew your entire financial situation, your financial outlook, where you live and the tax implications etc etc etc. Discuss it with a financial advisor in confidence ONLY!!!

pinggoki

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Sounds like a really good profit taking strategy to me, you've got a target selling price and at the same time you're not selling all of it at once which is smart because that way, you can easily sell at more profit the next time or maybe even get some profit during the peak and not regret hodling for a long time and you're not wallet emptied when the price starts stabilizing then dumping again. I would've liked to recommend you to hold on to it and set a target price to sell but when you look at it, it's more logical to do this, make sure that you're ready for the transaction fees though, they're going to be really expensive during those times and probably it's even more expensive than the last time because there's ordinals now that's hitching on the network and just imagine what would happen when every retail investors are selling their bitcoins in droves in combination to this one, it's going to be a riot.

OcTradism

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Quote from: kentrolla on March 01, 2024, 02:28:55 PM

This would work only if Bitcoin price keeps increasing but in case if it suddenly falls or enters into bear market then you will either be selling at loss or your funds will be struck as you cannot withdraw at loss. I would suggest you to wait till the end of this year or till we ride the upcoming bull run and once it crosses ATH then you need to set up a stop loss and hodl so that you can keep increasing stop loss value as long as Bitcoin's price keeps increasing and in worst situation if it fall then you don't lose much as you would sell at SL with sufficient profit.

If you worry about it, take profit gradually to reduce risk of loss when Bitcoin turns to a bear market.

If you bought around bottom and already have like doubling your initial capital, you can take profit 50% of it and get your initial capital. With rest 50%, you can let it run as it is your profit, even Bitcoin turns to a bear market, it is still your profit, just smaller.

Your strategy can be: 50% for taking initial capital, 25% for next take profit, 25% for the last round of take profit.

kentrolla

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This would work only if Bitcoin price keeps increasing but in case if it suddenly falls or enters into bear market then you will either be selling at loss or your funds will be struck as you cannot withdraw at loss. I would suggest you to wait till the end of this year or till we ride the upcoming bull run and once it crosses ATH then you need to set up a stop loss and hodl so that you can keep increasing stop loss value as long as Bitcoin's price keeps increasing and in worst situation if it fall then you don't lose much as you would sell at SL with sufficient profit.

Kelvinid

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Quote from: BrotherMencius on February 29, 2024, 12:07:46 AM

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.

Instead of selling 0.01BTC per week, why not sell them all when it reaches your target price?
In fact, you actually know the volatility of the market and its unpredictable price. What if the price will no longer move higher over $100k and it drops again, are you gonna hold or sell?

If you BTC OP at $60k last bull season, even selling them at $100k or $90k is already a huge profit. I don't think it ever satisfies you. Remember, greediness was not bad but if there is too much greediness, that is not right anymore.
- it should be planned well and make decisions that we never have to regret. If your strategy is working effectively, then stay with it.

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Quote from: BrotherMencius on February 29, 2024, 12:07:46 AM

~
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?

Well, we have the same strategy. DCA but in selling instead of buying.
I already set some selling targets that whatever happens, I'll sell my Bitcoins. I put 3 selling targets where if it reaches the first one, I'll sell 30% of all of my Bitcoins, another 30% when it reaches the 2nd one, and another 30% when it reaches the 3rd one. I will stick to this strategy, but I will be open to some adjustments especially if I feel that the market is at the top already.

Bottomline here is, as long as you got profits then it's all good. No matter how many profits we got as long as we didn't lose then there's no problem with it. Stick to your target strategy, but at the same time, always be ready for adjustments if needed because there might be a chance that what you expect might not happen. There's a chance that your target selling price might never be reached and if that happens, I hope you're ready for it.

Quote from: adaseb on February 29, 2024, 12:32:44 AM

My advice. Pick a price and just stick with it. If it hits $125K CAD and you are satisfied then just take profit there and be happy.

I would like to do it, but I feel that I stick to one selling price only and sold all of it at once, I might get satisfied with the profits that I get especially when I see the market going up still. Cheesy

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Quote from: Despairo on February 29, 2024, 03:19:06 AM

The average housing price in Canada is $659,395 [1], selling Bitcoin using DCA strategy when you don't have enough coins to buy house, is not a wise decision for me.

I suggest you're need to wait until the price surge really high, let's say you think $150K CAD is big, you can sell some portion and hold the rest. People are expecting the highest Bitcoin price in this year halving event will happen in the next year, so you can sell some at the top.

[1] https://wowa.ca/reports/canada-housing-market

Exactly what I will like to input. Selling in such a small amount could reduce the weight of the profits you will make from your investment. Such method of selling would only be good if you are selling and using it to buy another asset. But selling and keeping the money in CAD fiat is not too a nice idea.

The bitcoin price this time is a significant indication that 150k dollars is possible during the bull run. Why not wait till it hits 100k and you sell like 40% of your portfolio. If it hits 150k, you sell 50% of the remaining portfolio and then leave 10% for the next cycle of DCA.

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Quote from: BrotherMencius on February 29, 2024, 12:07:46 AM

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 :-)

It's good that you are thinking about profit booking because many people don't even think about it and hence sell at wrong prices, often in losses.
The amount that you have considered for taking profits is relatively low when compared to your capital. It's only 0.67% of your capital.
So if you want take out some nice profits then you will have to book profits at least for 5% of the capital and wait for a price surge or something.
This 5% can be divided into equal parts if you don't want to take the risk of encashing large amount in a single transaction.

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Quote from: BrotherMencius on March 01, 2024, 10:07:32 AM

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.

$175K CAD is $130K USD, it's really possible Bitcoin will reach that amount and it might be go higher than that, but considering the amount coins you want to sell is like that, I don't think you will sell 0.3 BTC because in order to sell 0.1 BTC, the Bitcoin price need to hit $200K USD.

But well, the rule is there are no rules, so you can do anything that you want.

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The sophisticated tiered selling technique as BTC rises raises the issue of market unpredictability. How will you handle market swings? Flexibility in your approach may matter. Consider the psychological part of selling; watching BTC rise after selling may challenge your resolve. Have you considered transaction fees and taxes on withdrawals? These may reduce revenues more than intended. Your method capitalises on rising trends, but re-entry when the market dips is crucial.

Your strategy is sound, however market volatility should be considered. Diversifying your investing portfolio may also protect you from crypto market swings. Strategy, risk management, and emotional resilience are all part of achieving your goals.

Topic: BTC profit taking strategies? - page 4. (Read 1360 times)