The reality is that there are many different factors in the cryptocurrency market and investment decisions are never straightforward. Patience and avoiding short-term setbacks are important to achieving your long-term investment goals.
Although the market has experienced stagnation over the past few months, that does not necessarily mean that Bitcoin does not have a chance to rise in price in the future. Typical changes or events can change the direction of the market and bring new opportunities. The most important thing is that you have a clear investment plan and strategy and are following it.
Topic: How to manage bitcoin correctly? - page 2. (Read 944 times)
When BTC reached $69000. I didn't choose to sell it. but the current price of Bitcoin dropped to less than $30000. Is it the most reasonable choice to sell BTC now and turn your attention to other investments? I hope to get some good suggestions. Although I have held BTC for many years. I am not good at management.
If you didn't even sell when Bitcoin got ATH then of course today you have to be stronger not to sell it. (Although since this is your investment, it's up to you to decide). But if it was me. Then I will not sell it today. But I will accumulate more and will wait for new ATH to be created to sell some or all of it and make a profit. And started to accumulate again when the market became bearish again. I think you know more about this. Because I personally didn't even have bitcoin at that time (when bitcoin reached ATH). So my experience is of course still small and maybe it's not appropriate to give any advice. 
psychological strength is needed to test the truth until the halving event occurs, until finally you find what you are targeting. indeed if we sell it in the current situation it doesn't feel wise considering the price has fallen by more than half, especially today we see the bitcoin price has fallen again at $ 26k, of course the ability to hold it until the bullish season arrives needs to be trained, it would be even better if we bought it again while the price is still in a bearish situation
I saw the price of Bitcoin dropping to $25K on the market today and those who bought it at that price would have been very happy because they could immediately see profits today. Right now it's still good enough to buy because the price of Bitcoin is still at $26K+, because I also still have a lot of faith in Bitcoin that it is still possible to increase even higher at the end of this year. And the bull season is the opportunity to come for people who are willing to buy at this time because the tremendous increase will not be impossible to happen again in Bitcoin.
you yourself said you had already held your BTC till when the price actually got to 69k and didn't sell during that time so it would be odd to sell now that the price is 30k don't you think?
Exactly what I also think, it's really a big cheating to oneself that the person had an opportunity to sell Bitcoin at $60k+ and yet never sold, but now wants to sell at about 57% loss from the initial $69k that he was supposed to sell. Perhaps this is even not the right time to sell, considering that next year Bitcoin will be halving and the bull market might really be closer than we even think. In my Opinion, I would say that the OP should just hold his coin and patiently wait till the bull market comes.
You are right, this is where it will test your emotions as the price drops. Though having another investment is a good strategy if you can afford one because you can still hold the bitcoin and forget it for a few years as you focus more on your other investment, this is somewhat of a strategy to keep your emotions up and not keep checking the price of bitcoin. You have no other choice right now but to hold more unless your emotions win and you sell all your bitcoin, which for sure you'll regret after the halving next year.
you yourself said you had already held your BTC till when the price actually got to 69k and didn't sell during that time so it would be odd to sell now that the price is 30k don't you think?
Exactly what I also think, it's really a big cheating to oneself that the person had an opportunity to sell Bitcoin at $60k+ and yet never sold, but now wants to sell at about 57% loss from the initial $69k that he was supposed to sell. Perhaps this is even not the right time to sell, considering that next year Bitcoin will be halving and the bull market might really be closer than we even think. In my Opinion, I would say that the OP should just hold his coin and patiently wait till the bull market comes.
I don't know why you asked this question@Op, but with simple reasoning to what you said, I think you probably can answer the question yourself although you may seem confused due to lack of proper knowledge if not you yourself said you had already held your BTC till when the price actually got to 69k and didn't sell during that time so it would be odd to sell now that the price is 30k don't you think?
Some people never sold at all time high thinking that the price would rise even more. This is a common mistake that people make when being euphoric about money. But I don't blame them for it, if their faith is lacking, they would be asking this question when the price drops again. Also the lack of observation and experience that Bitcoin price cycles between low and high is also a deterrent to selling at the high and questioning the low.Even then I think such people will learn from current experiences and make better decisions in future.
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you yourself said you had already held your BTC till when the price actually got to 69k and didn't sell during that time so it would be odd to sell now that the price is 30k don't you think?
Exactly what I also think, it's really a big cheating to oneself that the person had an opportunity to sell Bitcoin at $60k+ and yet never sold, but now wants to sell at about 57% loss from the initial $69k that he was supposed to sell. Perhaps this is even not the right time to sell, considering that next year Bitcoin will be halving and the bull market might really be closer than we even think. In my Opinion, I would say that the OP should just hold his coin and patiently wait till the bull market comes.
I think there is something to reconsider if we are talking about just bitcoin. I mean its understandable that we are going to end up with a profit if we just buy and hold bitcoin without anything else, that alone is good for everyone. However, we also need to remember that life is not always easy and sometimes you may end up with trouble. Up until this month I had a lot of debt and failed to invest properly, but thankfully this month I am finishing up my debt for now and I can reinvest. Obviously its never easy to do something like that, maybe I will get debt again who knows? But as long as we trust this, we can end up with something much better in the future by working hard and just keep on buying bitcoin and holding it.
I don't know why you asked this question@Op, but with simple reasoning to what you said, I think you probably can answer the question yourself although you may seem confused due to lack of proper knowledge if not you yourself said you had already held your BTC till when the price actually got to 69k and didn't sell during that time so it would be odd to sell now that the price is 30k don't you think?
I think this is not a good time for selling your bitcoin and if you are holding btc from years then waiting for some more months are not a big deal. I don't know why you are selling your btc at such a low price but it is not a suitable timing for selling but instead buying at this price will be worthy.
You missed the opportunity of selling bitcoin at 69k$ so now you should wait until it again rise and touch the value of 69k$ or more because investment means to get more income so if you are in loss so never choose wrong path. Other thing is there is no other better coin than bitcoin so don't waste your money by investing in other coins be patience and wait for Bull season.
You missed the opportunity of selling bitcoin at 69k$ so now you should wait until it again rise and touch the value of 69k$ or more because investment means to get more income so if you are in loss so never choose wrong path. Other thing is there is no other better coin than bitcoin so don't waste your money by investing in other coins be patience and wait for Bull season.
When BTC reached $69000. I didn't choose to sell it. but the current price of Bitcoin dropped to less than $30000. Is it the most reasonable choice to sell BTC now and turn your attention to other investments? I hope to get some good suggestions. Although I have held BTC for many years. I am not good at management.
Have a designated plan- divide your BTCs int two (2) parts where you can focus both on short or long-term investments.
Personally, I would recommend that you allocate your BTCs depending on your goal. For example, if you allocated a part for short-term gains, then sell 50% of your BTCs once you have accumulated profit. For the remaining 50%, you should allocate it for long-term investments where you would sell them at a price where you are comfortable with.
With the fork coming this 2024, I personally recommend that you HODL majority of your BTCs until such time given that every fork increases the price of BTC in the market.
Is it the most reasonable choice to sell BTC now and turn your attention to other investments?
You don't need to be good at management to have patience. I'm sure you're aware Bitcoin has a brighter future so as a result you should hold on more ... Also the market now might just be building up for a bull run coming up soon so have patience and hold on to your fraction of bitcoins. Joining investment is good if you have any genuine one but don't rob Peter to pay Paul keep your Bitcoin join good investment from the little you have to spare so you don't lose all and when you're gaining too you gain all! 
When BTC reached $69000. I didn't choose to sell it. but the current price of Bitcoin dropped to less than $30000. Is it the most reasonable choice to sell BTC now and turn your attention to other investments? I hope to get some good suggestions. Although I have held BTC for many years. I am not good at management.
When the price of Bitcoin reached its peak, it was worth $69,000. But the price of Bitcoin has fallen again and again while turning from a bull market to a bear market. And when the Bitcoin market rose from that high, those who invested expected it to rise further and they expected to make a profit. But since you haven't sold that bitcoin investment over the years, it's definitely a good move for you. At the moment the price of bitcoin is $30000 dollars but we can expect that in the next year the price of bitcoin will definitely go to a better position. And since you're not interested in selling bitcoins, you hold onto them until the bull market hits you.If op want to hold Bitcoin for one more year, that will be a good idea since it is very obvious that we shall be entering into the bull market soon so selling now will not make sense and suddenly the market went bull after selling his holdings.
If you have said that the market will keep moving whether up or down, then that means the opportunity to sell OP is still there. But I disagree when I say that traders will do better than investors at finding tops and bottoms. There are many factors that affect the price of bitcoin, technical analysis alone cannot determine which is the lowest price, which is the highest price. Bitcoin is unpredictable, and if traders are better, then why is the loss rate in the trading market higher than the loss rate of holders?
Any financial market will have only 2 bulls and bears, as long as we follow these basic principles and have specific buy and sell goals, we will never be afraid of losses.
When BTC reached $69000. I didn't choose to sell it. but the current price of Bitcoin dropped to less than $30000. Is it the most reasonable choice to sell BTC now and turn your attention to other investments? I hope to get some good suggestions. Although I have held BTC for many years. I am not good at management.
I mean Bitcoins even dropped down to 16k USD from its ATH and most of us didn't sell last year. It was a great opportunity to buy new coins, unfortunately we only know afterwards where the bottom and the top is. Don't feel bad about missing out on selling at the top, it's nearly impossible to get the perfect timing right and good opportunities will always be around the corner. Instead of comparing todays BTC price to the ATH, we should look at the average price over the last few months. In that relation Bitcoin is doing fine around the 30k level and we still have the halving coming up next year leading to another boost in prices. Since you have been holding BTC for many years you should be doing very well with the current prices. Just look back a few years and your average purchase price is probably around the 10k USD level, so you must have already tripled your money today. Don't keep comparing to the highest possible price, this will only make you unhappy and is not realistic anyways. Stay strong and keep hodling, there will be new ATHs coming in the future.
When BTC reached $69000. I didn't choose to sell it. but the current price of Bitcoin dropped to less than $30000. Is it the most reasonable choice to sell BTC now and turn your attention to other investments? I hope to get some good suggestions. Although I have held BTC for many years. I am not good at management.
When the price of Bitcoin reached its peak, it was worth $69,000. But the price of Bitcoin has fallen again and again while turning from a bull market to a bear market. And when the Bitcoin market rose from that high, those who invested expected it to rise further and they expected to make a profit. But since you haven't sold that bitcoin investment over the years, it's definitely a good move for you. At the moment the price of bitcoin is $30000 dollars but we can expect that in the next year the price of bitcoin will definitely go to a better position. And since you're not interested in selling bitcoins, you hold onto them until the bull market hits you.If op want to hold Bitcoin for one more year, that will be a good idea since it is very obvious that we shall be entering into the bull market soon so selling now will not make sense and suddenly the market went bull after selling his holdings.
When BTC reached $69000. I didn't choose to sell it. but the current price of Bitcoin dropped to less than $30000. Is it the most reasonable choice to sell BTC now and turn your attention to other investments? I hope to get some good suggestions. Although I have held BTC for many years. I am not good at management.
Perhaps, you are good at holding but not good at making decisions about when to sell them. You have been influenced by someone people talking about hold but this is not mean that we have to hold forever because profit can just be earned if we sell our Bitcoin at a higher price. What I can say/suggest to you is to just continue holding and never make a miss to sell them when the market turns bullish. Many people had missed their chance to sell them on its ATH because of thinking that there is more, if you have that kind of mindset, better to stop and change it otherwise, this will be the reason fo your failure. When BTC reached $69000. I didn't choose to sell it. but the current price of Bitcoin dropped to less than $30000. Is it the most reasonable choice to sell BTC now and turn your attention to other investments? I hope to get some good suggestions. Although I have held BTC for many years. I am not good at management.
You didn't sell when the price reached $69k yet you're thinking the price below $30k is reasonable to already let go. What made you think that way? Are you tired of holding?If you hold your Bitcoin for many years (as you've said) then you're already aware that the price currently is just temporary. So if you're selling at the current price, you became a weak investor despite of being a hodler for years. Anyway, it's up to you though since we have our own way of thinking.
A lot of people make the mistake of not selling at the peak thinking they will get more profit once the price goes up even more which doesn't happen at that exact time, and then they will either wait for a full cycle to get a better price or panic and sell at a much lower price just like our OP here.
No point in selling your bitcoins now if you were able to hold it for as long as that and take the loss with you. Biding more time as we move across the next halving is the best option for people who want to take their chances with bitcoin but if you don't want to and that's fine, I suggest you look into day trading your crypto as keeping them on a long hold will not do anything especially without much price movement nowadays. I can't really tell you if there are any good bitcoin alternatives as there aren't as of the moment, with every coin in the market in a precarious state as they are. So my expert advise is just hold your bitcoin now, you were able to hold it for more than a year, what would 6 more months do right?
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he's already waited for years, so it wouldn't hurt for him to wait a lil bit more. unless, he needs the money urgently. but if he will venture into alts, better think of his decision. because btc is already worthwhile as it is the leading crypto and most alts are just following its lead.
i don't understand about not having good management, does it mean, he can't secure the wallet he is using to store btc?
Yes, waiting more won't hurt her but her patience seems to be fading away and she can't wait anymore that's why I am making her understand that switching her investment into altcoin will be a worse decision.i don't understand about not having good management, does it mean, he can't secure the wallet he is using to store btc?
About the management, I think she was talking about investment management not security of the cryptocurrency.
Quote from: jaimie0501
When BTC reached $69000. I didn't choose to sell it. but the current price of Bitcoin dropped to less than $30000. Is it the most reasonable choice to sell BTC now and turn your attention to other investments? I hope to get some good suggestions. Although I have held BTC for many years. I am not good at management.
You would have sell and save the money to wait for the price to decrease down like the way it decreased to $18,000 last year before you can buy to wait for the price to increase above $80,000 because I know that is your target before you can sell. I will advice you not to sell in this current price because it will not help you to get what you want from your investment because Bitcoin investment is the best investment you can invest and have every reason to invest again base on the good results you will achieve from it. Keep holding your Bitcoin because the green light is preparing to remain stable for short term investors and long term investors expectations to come through soon.
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