How to manage bitcoin correctly? - page 4.

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Quote from: wxa7115 on July 29, 2023, 09:41:09 PM

Quote from: jaimie0501 on July 28, 2023, 01:10:02 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 have recognized that there is an area of opportunity when it comes to your money management skills then act upon it, read books about it and learn the necessary tactics which you can employ to make better use of the money and the assets you have available to you right now.

Now this could take some time, however according to your post you have held bitcoin for years, so you could keep holding bitcoin for a few months until you learn the necessary skills, and then you can take an informed decision about whether to keep holding your bitcoin is a good decision for you or not.

Aren't you refreshing with your approach of "read, learn, apply?" Yes, it is a worthy goal to try to multiply one's money many times over. However, let us not overlook Bitcoin's greatest asset: its volatility. Many Bitcoin enthusiasts would say that even if you don't understand all the ins and outs of the financial world, it's usually a good idea to hold on to your Bitcoins. It's possible that your Bitcoin will be performing its magic while you're studying to become the next financial mastermind

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Bitcoin is not meant to be a get rich quick scheme. If you were looking to make a profit from trading it then buying it at $69,000 was a very bad idea. A correction from that level was entirely expected at that point. You should think thoroughly the decision of selling BTC at such a huge loss. If you're just chasing after the next big thing that is trendy then it would be best to stay with Bitcoin because it is fundamentally solid as a long term investment.

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Quote from: jaimie0501 on July 28, 2023, 01:10:02 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 have recognized that there is an area of opportunity when it comes to your money management skills then act upon it, read books about it and learn the necessary tactics which you can employ to make better use of the money and the assets you have available to you right now.

Now this could take some time, however according to your post you have held bitcoin for years, so you could keep holding bitcoin for a few months until you learn the necessary skills, and then you can take an informed decision about whether to keep holding your bitcoin is a good decision for you or not.

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Quote from: jaimie0501 on July 28, 2023, 01:10:02 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.

Bitcoin already proves what are the possible things it can do ideal to learn with the trading analysis this could help you a lot what decision is ideal to do with your bitcoin. This could be an heads up about the market price movement so you can sell or buy opportunity and not betting late again base on your statement. Also there's a lot of use of the bitcoin right now beside on investment and payment method, if you want to increase your asset explore more coins pairs with bitcoin.

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Quote from: jaimie0501 on July 28, 2023, 01:10:02 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.

As we know that Bitcoin was known for its price volatility, but it's also shown substantial growth over the years.
If you believe in the long-term potential of Bitcoin, holding onto it might be a reasonable option but this depends on how you'll trust or have faith in Bitcoin, and usually, that's what most Bitcoin enthusiasts do.

If you decide to continue holding your Bitcoin, consider setting up stop-loss orders or other risk management strategies, these can protect your investment from severe losses in case the price continues to drop. Much better never to sell under the price where you purchase.

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Quote from: jaimie0501 on July 28, 2023, 01:10:02 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.

Do you have a specific plan or goal when investing in bitcoin? I mean, at what price did you buy it, and at what price do you plan to sell it? You need to have a specific target instead of expecting to sell at an all-time high. Many say you missed out by not selling bitcoin when it was $69k, but I bet no one here sells for that price. Because everyone wanted to sell at a higher price but in the end it didn't happen. As long as you sell to your goals and are happy with the profits you have, there's nothing wrong with selling now.

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Quote from: serjent05 on July 29, 2023, 05:09:48 PM

-snip-
I agree, as long as @OP thinks that he hit his target price then he can sell his BTC holdings after all it is really a great feeling hitting the target price sell and take profit from the investment.

It is the best when it has reached the main target of the strategy carried out.
Take some profits or take the main capital and let the rest work in order to get more profit.

We are also not required to hold for life, there will be a predetermined timeframe or price target according to the strategy made at the beginning.

Just need to create a new strategy with a higher target price.
The 2024 ATH target will certainly be higher than it is currently.

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Quote from: jaimie0501 on July 28, 2023, 01:10:02 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 wouldn't mind, I will advise you to at least learn a few things about the market so that you can understand what the market is doing so you can make your choice on when to sell or buy more. This is one of the mistakes many people are making in the crypto market. Because they have decided not to learn about the market, they are unable to know the right time to sell or hold.

During the time when Bitcoin was $60k, it was a good chance for those that are not too greedy to sell part of there holdings especially those that had been holding for a longer time but you know when we don't know when the market is overbought, we are always tempted to hold for more time before taking some few profits. When you understand the market, you will know when the market is going to be bullish or bearish.

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Quote from: flyingcarpet on July 29, 2023, 01:15:45 PM

Quote from: jaimie0501 on July 28, 2023, 01:10:02 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.

Everyone knows their budget and what they want to do with it. So I can tell you this. If you can meet your expectations from an investment, you should sell it at that price. If you can get what you want when you sell it, you have reached your goal. In this way, it may be easier to understand when to exit the market.

The thing is @OP is surely hesitant to sell his BTC holdings reason why he is asking for some suggestions in his created thread. One thing I would say always say, if you don't have the urgent need for money and you aim to get huge amount of profit from BTC then better keep holding until there is no hesitation to sell @OP.

Quote from: flyingcarpet on July 29, 2023, 01:15:45 PM

Remember, our purpose in investing is to achieve our goals. If we have achieved our goal, we can terminate our investments. And one more reminder, we can always invest at any price. There is no such thing as too late for anything. Don't listen to the rumors like you're late.

I agree, as long as @OP thinks that he hit his target price then he can sell his BTC holdings after all it is really a great feeling hitting the target price sell and take profit from the investment.

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Quote from: jaimie0501 on July 28, 2023, 01:10:02 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.

Okay. And that means you have tried, and I will still advise you to keep holding, and let see how much the price of bitcoin will be in the next bull market. If the price is good for you then you can sell and if the price is not good then you can still hodle it and that the investment of bitcoin. Using the bitcoin in your wallet to invest in another thing is not advisable. Unless the investment you want to engage in can give your $30-$50 every day as interest then you can go for it but if not stay in bitcoin. Your time and investment will not be in vain.

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Quote from: jaimie0501 on July 28, 2023, 01:10:02 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.

Everyone knows their budget and what they want to do with it. So I can tell you this. If you can meet your expectations from an investment, you should sell it at that price. If you can get what you want when you sell it, you have reached your goal. In this way, it may be easier to understand when to exit the market.

Remember, our purpose in investing is to achieve our goals. If we have achieved our goal, we can terminate our investments. And one more reminder, we can always invest at any price. There is no such thing as too late for anything. Don't listen to the rumors like you're late.

so98nn

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How can you say that it is good choice to sell the Bitcoin at 30K when you saw that same bitcoin reached around 69K in the past? Isn’t that is worst decision you can make even after getting an experience by all yourself. That’s not the best way to go with it bruh. It is not just you but all of us who went through the same scenario but we have already learnt our lesson and still holding on Bitcoin rather than selling it. I don’t think a true holder would just sell it off even after knowing the highest potential that their investment could achieve. I think you really missed to understand that and took the decision in hurry.

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Quote from: KiaKia on July 29, 2023, 12:30:27 PM

Quote from: jaimie0501 on July 28, 2023, 01:10:02 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've gone through the hardest part already, if you don't know about Bitcoin halving I think you should, it's almost here and after the halving which will take place in 2024 around April to June the price of Bitcoin will start getting better.

If I am in your shoe I will keep holding my Bitcoin, another question for you, do you use money you are ready to lose? If the answer is yes then it's even better, buying Bitcoin now is the best so I will find more money to buy more Bitcoin instead of holding Bitcoin that I bought at the top through the years, you deserve more than this.

It's only a thought, if you don't have extra money for Bitcoin investment just keep holding, Bitcoin will make a new all time high somewhere in 2024-2025, find other things to do with your time, 2025 isn't that far away.

in my opinion bitcoin is still stable now and there is no sign of going down again. that's right, in the future bitcoin will become a global digital currency, slowly in the future technology will be more advanced and transactions will be more advanced too... don't worry and doubt while normal marketing we can take a little profit.

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Quote from: jaimie0501 on July 28, 2023, 01:10:02 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've gone through the hardest part already, if you don't know about Bitcoin halving I think you should, it's almost here and after the halving which will take place in 2024 around April to June the price of Bitcoin will start getting better.

If I am in your shoe I will keep holding my Bitcoin, another question for you, do you use money you are ready to lose? If the answer is yes then it's even better, buying Bitcoin now is the best so I will find more money to buy more Bitcoin instead of holding Bitcoin that I bought at the top through the years, you deserve more than this.

It's only a thought, if you don't have extra money for Bitcoin investment just keep holding, Bitcoin will make a new all time high somewhere in 2024-2025, find other things to do with your time, 2025 isn't that far away.

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You have already waited this long, why not wait a bit more? Are you influenced by any FUDs? If so, then don't be nervous. This happens from time to time. If you need motivation to HODL, then look at the Bitcoin chart. Zoom out a bit, and you will see from where Bitcoin has come to this position. If you see dump and then rise, do some research on events that happened at that time. You will get a better understanding. When the bear market is over, the bulls will be back. And every time this has happed, Bitcoin had always pushed past the previous All Time High price. So $69k and then the dump. Do the math and where that leads to? A potential new ATH.
But it is your investment. You have every right to move on to something new. But the best action to take right now is to do nothing and HODL. Or you can DCA with new investment assets. It's all up to you.

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Quote from: jaimie0501 on July 28, 2023, 01:10:02 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.

I doubt you have held for "many" years. Reaching the all-time-high of 69k as your first means you have been doing bitcoin for only a couple of years. Still, when the price of an asset drops is the time to hold that coin and not sell if you are looking to profit from it - thats simple math. If you have lost faith in bitcoin then of course you should do what you feel is correct, because even in profit your mind will say different.

But if you are unable to cycle the money through the bear/bull cycles then refrain from any speculative trading.

If you want to reconsider your decision and want to strengthen your faith in crypto, learn more about how it works, how the blockchain works and how secure it is. Dont listen to what the local government is doing, you can clandestinely accumulate as much as you want and then when your government allows bitcoin you will have a big stack to sell on your market.

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Quote from: jaimie0501 on July 28, 2023, 01:10:02 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.

I do not mean to sound like a motivational speaker but there is one of them that said, you are already in pain why not get a reward from it. Bitcoin halving is next year. What happens is that historically the price of Bitcoin increases. This is the expectations for the next halving. Whatever your Bitcoin you have in your wallet is worth now, it would increase in value after the halving. The summary of the message I am trying to pass across to you is that you should have some patience. If after the halving you still feel like selling it off, godspeed.

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You had faith in Bitcoin so you didn't sell even after going to the $69k range, but suddenly this question arose in you and why do you want to sell Bitcoin and move to another business. Bitcoin is not yet in the worst situation that could cause you to ask this question. At the end of last year, Bitcoin was in a very bad situation, falling to around $15k due to the Luna, FTX incident. At that time, this question could have arisen in your mind after seeing the very uncertain and bad situation of the market, but you have faced that situation as well. And you are still holding your bitcoins, since you haven't sold the bitcoins, don't think about selling them now.

So I think there is no need to manage bitcoins, just look at the bitcoin chart in the big picture and hold bitcoins for a long time, hopefully after two or three years you can start a new business with the profits you can make from bitcoins. So think positive and keep your position strong.

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

Mate, you are doing good. Just do not look at the Bitcoin price every day and instead focus on collecting and HODLing more bits. That's how this should be done.
I know you might find that selling now and buying lower will be a good option, that will simply make you a nocoiner like many who sold at $18k and were never able to buy it back at that price.

Just keep doing what you are already doing, good luck. Cheesy

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Why sell now while others continue to buy bitcoin at $30K to wait for the next bullish, are you not strong enough to survive at least 1 more year of bitcoin halving? Try to be a little patient and must be practiced.

Actually selling or not is your decision, but I just keep your bitcoin don't switch to other investments because bitcoin also has the potential to return to the original ATH especially the new ATH that has clearly been widely predicted.

If you have been holding Bitcoin for years, it means that it has been overlooked, just waiting for the right moment to sell your BTC.

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