Do you have a Bitcoin exit strategy? - page 6.

Oilacris

hero member

Activity: 2996

Merit: 609

Quote from: Bergkampsballs on February 20, 2021, 01:41:19 PM

Hi, just to be clear I'm bullish as hell for the next few months but I think it's generally accepted that this bull run will probably come to an end at some point this year.

I'm wondering if people here are planning on getting out of crypto or significantly reducing your stake at some point this year and if so what your plan is and where you are looking at reinvesting your funds?

If you are being a hodler for how many years already then you would probably having the consideration on selling off your stash considering that $57k price is already a considerable
price for you to load off but if you do really go for more years then its up to your own risk management.

Of course, we should set our own exit plans and not just waiting up for the peak unless if you have been holding for a decade or since from the start then thats understandable
but if you do go for short term then i guess this is a right spot to sell.

Buyback later on when theres correction and repeat the same process.It might sound easy but its not.

virtualdn

legendary

Activity: 1358

Merit: 1093

Quote from: veznata on February 20, 2021, 03:35:53 PM

HOLDING "forever" is not the right option. remember there will be sharp price decline once this bull cycle ends. everyone must stick to some plan. it looks like price will reach 6-digits this year. but things will change when it goes up and up and everyone is greedy. I plan to act like this. once it approaches 100K I will immediately sell 85-90% of my coins and will exchange the rest for tether. will pay my taxes and wait for the next dip to buy at least 60-70% of the amount of BTC i own today. I hope to buy at 20-30K after 2-3 years and ride the next wave which is expected to reach (as someone say) 500-1000K (even if it doesn't reach it I will not sorry). ALWAYS REMEMBER that all involved in bitcoin achieved ROI that no one in history has seen with such a low effort (just HOLDING). this is just my intention. everyone is different.

It depends. I'm hodling since 2013 and will hodl even more because for me BTC is a long term investment. But everyone should think for themselves and not force anyone into buying or selling. If you ask me selling so many coins at $100K is not a very wise move. Just because it may go back to $50K it doesn't mean it will stay there forever, think long term, don't get scared of the fluctuations. As for going back to $20K I doubt it will ever happen again, but again everyone knows best.

Bergkampsballs

member

Activity: 145

Merit: 25

Quote from: Asuspawer09 on February 20, 2021, 03:01:16 PM

Maybe it's just a different story when we talk about bitcoin, I think for now exit strategy is not the thing for now since we could expect a lot of companies to also invest in bitcoin, or expect for the market price to pump.

When you buy bitcoin it will be for long-term investment, for now, it's all HODL since we are still in the process of growing bitcoin.

And I think exit strategy is just useful in altcoins since that is where you could expect a big drop down in the market price after a few months or years.

Thanks for the advice. Maybe moving some of the altcoins into Bitcoin is a better strategy than completely exiting crypto to be fair.

Quote from: tinopener on February 20, 2021, 03:10:22 PM

I've got Argo Blockchain too in my ISA... but I'm a bit leery of them as they made 1800% profit this year already. I'm up about 150% already this last month or so though. I also tried doing a little bit of trading with them depending on the Bitcoin price, but the bid/spread price range is too great (I can't remember what sort of factors would cause that). It doesn't seem to follow the Bitcoin price directly either. There are probably lots of professional traders playing that one.

I'd say if you can, complement it with some real bitcoin through Coinbase. Don't forget you get a £12k CGT allowance on profits you make e.g. if you bought bitcoin at 10k and sold the lot at 21k, you still wouldn't pay tax.

Also, there are 2 new Canadian ETFs which hold physical bitcoin out this week. You obviously pay a bit of a charge on them though. You might soon be able to buy them in your ISA.

Thanks. I'll take a look at KR1 Wink

Fair play. I only got on them recently but have tripled my investment since. I'm guessing that's why it didn't really go up on Friday along with Bitcoin but hoping that was just a little consolidation. Apparently there's a good chance that there could be an announcement that they will be going on the Nasdaq coming some time in the next couple of weeks so I'm gonna stick around. Thanks to Argo I'm well over the £12.3k threshold now, just hope it stays that way Grin

I follow KR1 on stocktwits as KROEF. You do get a lot of people who are overly bullish posting there but you can find some good resources from some of the posters.

https://stocktwits.com/symbol/KROEF

https://www.reddit.com/r/pennystocks/comments/lmnxez/kroef_defis_first_etf_multibagger_stock/?utm_medium=android_app&utm_source=share

veznata

jr. member

Activity: 80

Merit: 4

HOLDING "forever" is not the right option. remember there will be sharp price decline once this bull cycle ends. everyone must stick to some plan. it looks like price will reach 6-digits this year. but things will change when it goes up and up and everyone is greedy. I plan to act like this. once it approaches 100K I will immediately sell 85-90% of my coins and will exchange the rest for tether. will pay my taxes and wait for the next dip to buy at least 60-70% of the amount of BTC i own today. I hope to buy at 20-30K after 2-3 years and ride the next wave which is expected to reach (as someone say) 500-1000K (even if it doesn't reach it I will not sorry). ALWAYS REMEMBER that all involved in bitcoin achieved ROI that no one in history has seen with such a low effort (just HOLDING). this is just my intention. everyone is different.

tinopener

member

Activity: 224

Merit: 36

Quote from: Bergkampsballs on February 20, 2021, 02:51:57 PM

Quote from: tinopener on February 20, 2021, 02:41:36 PM

The big thing for me is tax.

In the UK we have to pay Capital Gains Tax on disposing of assets such as crypto. Our tax year starts in April.

I was going to take my first little bit of profit this month, but I think I'll wait till next April because I can't be bothered calculating the tax this year.

However, I know there are tools like Koinly for doing this. I don't think my accountant would be very happy to do it, well not cheaply

I've just set up an ISA and lumped into Argo Blockchain and KR1. Argo should go up along with Bitcoin (hopefully faster) and KR1 pick my alts for me and stake them.

I've got Argo Blockchain too in my ISA... but I'm a bit leery of them as they made 1800% profit this year already. I'm up about 150% already this last month or so though. I also tried doing a little bit of trading with them depending on the Bitcoin price, but the bid/spread price range is too great (I can't remember what sort of factors would cause that). It doesn't seem to follow the Bitcoin price directly either. There are probably lots of professional traders playing that one.

Keep the most in real Bitcoin though. Don't forget you get a £12k CGT allowance (or around that) on profits you make e.g. if you bought bitcoin at 10k and sold the lot at 21k, you still wouldn't pay tax.

Also, there are 2 new Canadian ETFs which hold physical bitcoin out this week. You obviously pay a bit of a charge on them though. You might soon be able to buy them in your ISA.

Thanks. I'll take a look at KR1 Wink

Asuspawer09

sr. member

Activity: 1638

Merit: 425

Quote from: Bergkampsballs on February 20, 2021, 01:41:19 PM

Hi, just to be clear I'm bullish as hell for the next few months but I think it's generally accepted that this bull run will probably come to an end at some point this year.

I'm wondering if people here are planning on getting out of crypto or significantly reducing your stake at some point this year and if so what your plan is and where you are looking at reinvesting your funds?

Maybe it's just a different story when we talk about bitcoin, I think for now exit strategy is not the thing for now since we could expect a lot of companies to also invest in bitcoin, or expect for the market price to pump.

When you buy bitcoin it will be for long-term investment, for now, it's all HODL since we are still in the process of growing bitcoin.

And I think exit strategy is just useful in altcoins since that is where you could expect a big drop down in the market price after a few months or years.

FIFA worldcup

full member

Activity: 1134

Merit: 105

Quote from: Bergkampsballs on February 20, 2021, 01:41:19 PM

Hi, just to be clear I'm bullish as hell for the next few months but I think it's generally accepted that this bull run will probably come to an end at some point this year.

I'm wondering if people here are planning on getting out of crypto or significantly reducing your stake at some point this year and if so what your plan is and where you are looking at reinvesting your funds?

Once the bull market is over, i will try to convert my majority of the funds to fiat and stable coins. This does not mean that i will quit crypto. This only means that i don't want to hold the coins in bear market and see my portfolio in loss. Instead i will try to invest in real estate or any other business which can give me regular income and also save money to buy back in the bear market.

Bergkampsballs

member

Activity: 145

Merit: 25

Quote from: tinopener on February 20, 2021, 02:41:36 PM

The big thing for me is tax.

In the UK we have to pay Capital Gains Tax on disposing of assets such as crypto. Our tax year starts in April.

I was going to take my first little bit of profit this month, but I think I'll wait till next April because I can't be bothered calculating the tax this year.

However, I know there are tools like Koinly for doing this. I don't think my accountant would be very happy to do it, well not cheaply

I've just set up an ISA and lumped into Argo Blockchain and KR1. Argo should go up along with Bitcoin (hopefully faster) and KR1 pick my alts for me and stake them.

tinopener

member

Activity: 224

Merit: 36

The big thing for me is tax.

In the UK we have to pay Capital Gains Tax on disposing of assets such as crypto. Our tax year starts in April.

I was going to take my first little bit of profit this month, but I think I'll wait till next April because I can't be bothered calculating the tax this year.

However, I know there are tools like Koinly for doing this. I don't think my accountant would be very happy to do it, well not cheaply

Bergkampsballs

member

Activity: 145

Merit: 25

Quote from: mk4 on February 20, 2021, 01:45:22 PM

Not really. My simple strategy is as follows:

1. Only sell bitcoin when totally necessary.
2. Continue to not spend money on unnecessary stuff.
3. Continue to focus on creating more cash flow to have more money to invest in assets.
4. Continue dollar-cost averaging weekly regardless of BTC price.
5. Price crash? Continue holding as per usual.
6. Only trade shitcoins with less than 5% of my total holdings.

Unless you're really experienced in the field of trading, chances are, doing the "sell now and buy back lower" strategy is just going to wreck you in the end.

I'd love to. Crypto has turned my life around but if most people are expecting the price to fall at the end of the year surely the fact that so many people are expecting it to is likely to result in a self fulfilling prophesy?

hatshepsut93

legendary

Activity: 3024

Merit: 2148

I'm continuously selling small amounts every day. The price at the bottom of the bear market is very likely going to be below $30,000, maybe even below $20,000, so I'm going to end up with more BTC in the end. I learned my lesson from the 2017 bull run in which I didn't sell any Bitcoin - be fearful when others are greedy. The bubble bursts when no one is expecting, people will first think that it's just a correction, so don't rely on public opinion too much.

Little Mouse

legendary

Activity: 2156

Merit: 2100

Marketing Campaign Manager |Telegram ID- @LT_Mouse

Sadly I had sold all of my holding very early, it was around 30k usd. However, I have reinvested all the USDT into altcoins and luckily I was able to get profit against both USD and BTC too. I was able to make 1.5x return so far against BTC pair.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Not really. My simple strategy is as follows:

1. Only sell bitcoin when totally necessary.
2. Continue to not spend money on unnecessary stuff.
3. Continue to focus on creating more cash flow to have more money to invest in assets.
4. Continue dollar-cost averaging weekly regardless of BTC price.
5. Price crash? Continue holding as per usual.
6. Only trade shitcoins with less than 5% of my total holdings.

Unless you're really experienced in the field of trading, chances are, doing the "sell now and buy back lower" strategy is just going to wreck you in the end.

Bergkampsballs

member

Activity: 145

Merit: 25

Hi, just to be clear I'm bullish as hell for the next few months but I think it's generally accepted that this bull run will probably come to an end at some point this year.

I'm wondering if people here are planning on getting out of crypto or significantly reducing your stake at some point this year and if so what your plan is and where you are looking at reinvesting your funds?

Topic: Do you have a Bitcoin exit strategy? - page 6. (Read 886 times)