How to manage bitcoin correctly? - page 3.

Blitzboy

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Quote from: carlfebz2 on August 01, 2023, 07:25:50 PM

Quote from: Smartvirus on August 01, 2023, 07:14:55 PM

Quote from: jaimie0501 on July 28, 2023, 02:10:02 PM

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.

What do your good reasonings tell you?

Remember, one principle that guides bitcoin investments or trading at most of that;
You buy when the market is low or rising and sell when it's high.

Considering where the market is now and that be $29.k from an ATH at $69k, if your to go by that principle, you would find the idea of selling now to be out of place. Bitcoin is down now from the current ATH, yigvemissed the chance to sell and what you supikd be doing now is buying with DCA strategy rather than selling. Selling would mean your losing even though you would be selling to invest in a different commodity. No investment is promising and as such, you could still get to lose.

The best for you would be to stick with what you know, what's at hand and before come next bullrun, you might get that chnace to sell if that be your plan towards your hodlings.

Always stick into that principle then you should really be just fine but if you do the other way around then you would really be finding yourself on doing the wrong move which is to buy high and sell low.

In terms of trading then it would really be just that sensible that you should really be sticking on something that would really be beneficial and not something that would really be giving out some disadvantage.
If you have made yourself get caught on the dump then it would really be just that normal that you should really be holding up your position and never ever make yourself make out some cut loss.
We know about Bitcoins potential, it might be able to drop which it is really normal for a market to do such thing which time will come that there would really be a recovery.
It might be a couple years of waiting but doesnt mean that it wont really be able to reach out those entry point of yours. This is why DCA would be the best or wise thing to be done.

Although there are really people who would really be skeptical on doing action because they have already experienced about being that losing their investment initially on which it would
really be that surprising that you wont really be making out some further step for you add up your investment.

No matter what the price of Bitcoin is, you continue to buy it. With time, you can reduce your investment's sensitivity to market fluctuations. You made a good point by mentioning that.

You're right; it takes bravery to hold on during a market decline. However, it is important to remember that Bitcoin has proven its durability on multiple occasions. It can always pick itself up after a fall and clean itself off. There is no reward without pain.

The market is a jungle and not for the faint of heart. Even if others cast doubt on you after a setback, remember that the genuine champions are the ones who recover stronger than before. Those who give in to their fears are the ones that end up on the losing end. Remember that its not about trying to time the market, but rather spending time IN the market, and act accordingly.

rikybrosh

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it seems that you are really newbie. it is okay to have such confusion, but I think it will be better if you keep calm and learning. don't you made analysis before you buy bitcoin?. at least you should look at full bitcoin price chart and learn more about what influence bitcoin price. there is an event called halving which can make bitcoin price rise really high, it will happen soon. maybe it will be good for you to keep holding bitcoin until that time come.

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Quote from: jaimie0501 on July 28, 2023, 02:10:02 PM

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.

investment related to your satisfaction. if you are satisfied with the increase in the investment you made then there is no mistake if you sell it. but what I see from you is doubt, you doubt that you can see Bitcoin reaching its high again.
if I were you, better hold off until bull season comes again. you can sell your Bitcoin at that time. selling when the market is down, is not what anyone would suggest. it might be different if your asset is not Bitcoin. going out and choosing another asset might be the alternative. but you hold Bitcoin, so just wait patiently.

Sarah Azhari

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Quote from: jaimie0501 on July 28, 2023, 02:10:02 PM

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.

Damn, you are a great fighter when held BTC for many years. I have learned much from you because you have good being control of your emotion. a beginner like you usually has a fear when the price dropped significantly under 50%, but you are not tempted, you still held BTC until today. Dude, Inderactly you are already a good manager, you don't need to ask someone here how to be a manager, because you teach us how to be patient and hot to manage the emotion which is hard to do as a normal person.

carlfebz2

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Quote from: Smartvirus on August 01, 2023, 07:14:55 PM

Quote from: jaimie0501 on July 28, 2023, 02:10:02 PM

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.

What do your good reasonings tell you?

Remember, one principle that guides bitcoin investments or trading at most of that;
You buy when the market is low or rising and sell when it's high.

Considering where the market is now and that be $29.k from an ATH at $69k, if your to go by that principle, you would find the idea of selling now to be out of place. Bitcoin is down now from the current ATH, yigvemissed the chance to sell and what you supikd be doing now is buying with DCA strategy rather than selling. Selling would mean your losing even though you would be selling to invest in a different commodity. No investment is promising and as such, you could still get to lose.

The best for you would be to stick with what you know, what's at hand and before come next bullrun, you might get that chnace to sell if that be your plan towards your hodlings.

Always stick into that principle then you should really be just fine but if you do the other way around then you would really be finding yourself on doing the wrong move which is to buy high and sell low.

In terms of trading then it would really be just that sensible that you should really be sticking on something that would really be beneficial and not something that would really be giving out some disadvantage.
If you have made yourself get caught on the dump then it would really be just that normal that you should really be holding up your position and never ever make yourself make out some cut loss.
We know about Bitcoins potential, it might be able to drop which it is really normal for a market to do such thing which time will come that there would really be a recovery.
It might be a couple years of waiting but doesnt mean that it wont really be able to reach out those entry point of yours. This is why DCA would be the best or wise thing to be done.

Although there are really people who would really be skeptical on doing action because they have already experienced about being that losing their investment initially on which it would
really be that surprising that you wont really be making out some further step for you add up your investment.

Smartvirus

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Quote from: jaimie0501 on July 28, 2023, 02:10:02 PM

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.

What do your good reasonings tell you?

Remember, one principle that guides bitcoin investments or trading at most of that;
You buy when the market is low or rising and sell when it's high.

Considering where the market is now and that be $29.k from an ATH at $69k, if your to go by that principle, you would find the idea of selling now to be out of place. Bitcoin is down now from the current ATH, yigvemissed the chance to sell and what you supikd be doing now is buying with DCA strategy rather than selling. Selling would mean your losing even though you would be selling to invest in a different commodity. No investment is promising and as such, you could still get to lose.

The best for you would be to stick with what you know, what's at hand and before come next bullrun, you might get that chnace to sell if that be your plan towards your hodlings.

komisariatku

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Quote from: jaimie0501 on July 28, 2023, 02:10:02 PM

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 haven't sold bitcoins when the price is $69000, why do you want to sell bitcoins when you have a price of $30000? I think it is not a good decision, the best decision is you sell when the bitcoin price is $69000, but it's too late so why do you want to sell bitcoin when the price is $30000? if you need money, you are free to sell your bitcoins or sell some of them. but if not, maybe it's better to hold your bitcoins.

But all decisions are yours. So, do what you think is good and adapt it to your needs.

ChiBitCTy

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Quote from: jaimie0501 on July 28, 2023, 02:10:02 PM

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.

My first suggestion is to NOT take any advice from anyone here, or to take all "advice" with a grain of salt. There's likely not any financial advisors in this thread beside myself. Now I'm not saying there aren't others in this thread who could help give great financial advice, but how are you going to know it's legitimate advice if they aren't a licensed advisor?

My suggestion is to meet with a financial advisor and have a well mapped out plan for retirement. Bitcoin is inherently NOT an investment. It's a decentralized money transacting system. Sure it's become an investment, but that's not it's main use case. Maybe selling doesn't make sense based on your full financial portfolio. Maybe it does. You need to meet with a financial professional or do a shit ton of educational research to find out.

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Quote from: jaimie0501 on July 28, 2023, 02:10:02 PM

Is it the most reasonable choice to sell BTC now and turn your attention to other investments?

What actually your goal is? Is choosing now still a profit for you? Because if not, you better wait and let the market do the call on what you must do.

Quote from: lienfaye on July 31, 2023, 11:07:31 PM

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.

Can't blame him for having a weak hand but if he's in need and that's the best and final option that he can do, then there's no other way to discourage him in doing so.

GeorgeJohn

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Quote from: Bitcoin_people on July 31, 2023, 10:31:58 PM

Quote from: jaimie0501 on July 28, 2023, 02:10:02 PM

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.

The expectation of some investors lured them into loss, some people who purchased bitcoin when the price is low or its on bearish will expected the market to continue flourishing, so I believe that the price that is on bearish investors who happened to invest their money will like to make profit times two higher than the normal price the bought, so the problem of some investors is greediness, like as op narrated, its obvious that makes op did not sell out of it's coin them should be that it was expecting bitcoin to go higher than the figure of bitcoin price op rendered or presented, I believe that op is aware that if it happens to sell out it bitcoin now it may be lost, shall it depends on the value of bitcoin during the time it invested in bitcoin.

Silberman

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Quote from: lienfaye on July 31, 2023, 11:07:31 PM

Quote from: jaimie0501 on July 28, 2023, 02:10:02 PM

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.

We must remember that a great deal people that are holding their coins right now never had the intention of becoming holders at all and did so simply because the circumstances forced them to do it, and in that case it is not rare to find people that are already sick and tired of holding their bitcoin and they want out already, a mistake without a doubt as we are getting closer to the bull market each day that passes, but at the end we cannot decide for them and if they want out then they will eventually sell their coins.

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Quote from: jaimie0501 on July 28, 2023, 02:10:02 PM

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.

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Quote from: jaimie0501 on July 28, 2023, 02:10:02 PM

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.

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Quote from: jaimie0501 on July 28, 2023, 02:10:02 PM

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.

It is surely a good thing if you can sell at the peak price but the reality is there is only a small percentage of people who can sell at that peak, it's really difficult to predict that. I mean the price the best thing to do probably is take profit every time there was a huge pump in the market right, you could do is sell a small percentage every time the price continues to pump with this method you could be sure that could take profit and at the same time you could hold for until the peak I mean its still great to sell it all once if you could sell it at the peak.

If you have no problem holding your Bitocin for years then you just do the right thing because for sure the market price this coming Bullrun is going to be even greater than before and probably you could right the all-time high of 100k$ in the next Bullrun. If you have other sources of income you could just wait for more years until Bitcoin is greatly adapted in a lot of countries.

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Quote from: suzanne5223 on July 31, 2023, 06:25:20 PM

Quote from: jaimie0501 on July 28, 2023, 02:10:02 PM

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?

You selling now will be the worse decision not to talk about switching your attention to altcoin which always rely on Bitcoin market trend to make a new ATH price.
I will advise you to hold tight your BTC and accumulate more BTC using the DCA method which you either split on percentage on BTC and altcoin.

Quote from: jaimie0501 on July 28, 2023, 02:10:02 PM

Although I have held BTC for many years. I am not good at management.

If you are not good at management do the long-term investment in BTC and find a way to lock your wallet for some years to prevent selling temptation.

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?

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Quote from: jaimie0501 on July 28, 2023, 02:10:02 PM

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?

You selling now will be the worse decision not to talk about switching your attention to altcoin which always rely on Bitcoin market trend to make a new ATH price.
I will advise you to hold tight your BTC and accumulate more BTC using the DCA method which you either split on percentage on BTC and altcoin.

Quote from: jaimie0501 on July 28, 2023, 02:10:02 PM

Although I have held BTC for many years. I am not good at management.

If you are not good at management do the long-term investment in BTC and find a way to lock your wallet for some years to prevent selling temptation.

wiss19

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I can tell that you are not good at managing Bitcoins if you didn't sell them at the peak and are thinking to sell them now when the price is way too high and the halving is just around the corner. Maybe you don't know what halving is, it is the event when mining rewards are cut in half, which means that Bitcoin miners will get half of what they used to get before after the halving event, and as history shows, the market generally enters the bull market around that time.

So if you have been holding your Bitcoins for years and didn't sell at $69k, now is definitely not the time for you to sell them. Just keep them with you and wait for some more time, if we enter the bull run, you might see the price going above $69k this time around and then you can sell if you want.

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Quote from: michellee on July 30, 2023, 05:34:39 AM

It should have but it looks like people at the time still wanted the price of Bitcoin to go higher. But in reality, this is not the case because, after that, the price of Bitcoin slowly decreased again until the price decreased very quickly. We have seen Bitcoin price below $17k, which seems to be the lowest price to date and hopefully no further drop.

If they could sell their Bitcoins at that high price, they would now have more Bitcoins than before, especially if they could buy at $17k. But if someone late sells Bitcoin at yesterday's high and they're still holding onto their Bitcoin today, that's also okay because he can keep holding on to it until the price increases to another high.

And keep holding the Bitcoin while waiting for the situation to change. And if you can and still have money, you better use it now to buy Bitcoin again because the price is still below. Do not think too much about the news that is not clear because it just wants to make people panic.

Statistically, the price of Bitcoin tends to rise more often than it falls; otherwise, over the course of 14 years, its price would have already reached zero.

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Quote from: Litzki1990 on July 30, 2023, 04:09:09 AM

When Bitcoin reached $69,000, Bitcoin had reached its all-time high, meaning that Bitcoin had never reached $69,000 before. If you had a lot of investment in Bitcoin then you should have sold a part of your total investment because Bitcoin had already touched its peak value when you bought Bitcoin and you might have had a nice profit since the peak price of Bitcoin at the time of purchase. So if you had sold the bitcoins at that time, maybe you could have come back and reinvested at this time. Since you did not understand about the market, do not lose patience yet because the time is not over yet, better time will come back when you sell your investments.

It should have but it looks like people at the time still wanted the price of Bitcoin to go higher. But in reality, this is not the case because, after that, the price of Bitcoin slowly decreased again until the price decreased very quickly. We have seen Bitcoin price below $17k, which seems to be the lowest price to date and hopefully no further drop.

If they could sell their Bitcoins at that high price, they would now have more Bitcoins than before, especially if they could buy at $17k. But if someone late sells Bitcoin at yesterday's high and they're still holding onto their Bitcoin today, that's also okay because he can keep holding on to it until the price increases to another high.

And keep holding the Bitcoin while waiting for the situation to change. And if you can and still have money, you better use it now to buy Bitcoin again because the price is still below. Do not think too much about the news that is not clear because it just wants to make people panic.

Litzki1990

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When Bitcoin reached $69,000, Bitcoin had reached its all-time high, meaning that Bitcoin had never reached $69,000 before. If you had a lot of investment in Bitcoin then you should have sold a part of your total investment because Bitcoin had already touched its peak value when you bought Bitcoin and you might have had a nice profit since the peak price of Bitcoin at the time of purchase. So if you had sold the bitcoins at that time, maybe you could have come back and reinvested at this time. Since you did not understand about the market, do not lose patience yet because the time is not over yet, better time will come back when you sell your investments.

Topic: How to manage bitcoin correctly? - page 3. (Read 856 times)