Topic: Were you close to throwing in the towel on bitcoin? - page 4. (Read 763 times)

That is understandable. As a hodler, this is one of the things we need to fight against. I do think it is normal especially for hodlers that are not exactly wealthy and any money you have is needed to pay for bills and would help your family. It is not the same for rich people who still have an excessive amount of money even with other investments.

I personally have not thought of selling my coins due to the price. There were some times where I planned on selling my bitcoin in case something really bad happens in my life but thankfully I have not reached that moment so I did not have to sell my bitcoin. I feel very confident in bitcoin and I am so glad that my trust in bitcoin is being justified now. We are up for a crazy ride these next few months.

Why do people prepare their finances for certain conditions and they prepare a percentage of their needs in life so they don't have to sell bitcoin before the ATH target is reached. When all the money you have is in bitcoin then when the price drops it will have an impact on losses and whether you like it or not you have to sell some to meet your living needs. That's why it's important to have a strategy and not force all your money to be in bitcoin as an investment step that is taken.

If you apply a long term strategy then there is no need to sell half because you can wait for the next ATH to get maximum profit. Even if you sell and will re-accumulate purchases then you will likely take an accumulation approach at a much higher price and it is better to wait for a period of maximum increase.

I thought you "became much better at DCAing and hodling with experience"? You seemed to have given up in the end. What if October ended with Bitcoin at $55,000? Would you have sold?

You're lucky, Octobers are mostly bullish for Bitcoin. Had you given the breakout an ultimatum of up to September, you would have missed a good chunk of profit. 

But if you're thinking of selling now, you should think twice. November is also more or less generous to Bitcoin. $80,000 might be nearer that we think.

It's an advantage for the early adopters that have held for so long. And it is a wise decision to diversify the bitcoin profits into other assets, digital or tangible ones. You have to reap and harvest your profits with how long you've been holding and that's a reward for how patient you've been all over these years.

If crypto means including the altcoins, it sure is. But Bitcoin is actually a good one to hold if someone is a maxi or 100% all for it and as you've said, it's a beneficial as a store of value and that's only proving itself year by year and every cycle that comes. I know that you've got more experience than the rest of us here and I think you're now onto the point of trying to diversify and have your assets elsewhere but you'll never leave crypto. 

I’ve been there too! Those long stretches of sideways movement can really test the patience. It’s tough to keep the faith when the FUD kicks in, and the market feels unpredictable. I started with Bitcoin around 2016, and it took a while to get comfortable with the volatility. Learning to stick with DCA and hodl strategies helped me through those choppy times too.

I had considered scaling back if things didn’t improve. But now, it feels like sticking it out was worth it. The longer the consolidation, the bigger the potential reward. Looking forward to seeing how this next phase plays out, especially with Bitcoin options on the horizon!

The most common reason for some to have thought in this regard is when they lack the knowledge in bitcoin and have made a serious mistake they thought about avoiding beforehand if they have been aware of it, sometimes ignorance cost us and we may not recover from the costly price paid, but is it not more interesting and suitable for us to make sure that we are well informed before those things happened.

Yup, that's it for those that have been patient with the market. But please don't time the market because this is what many does.

They think that it's going to go according to what they think but it's harder to time it on the specific period that you have placed.

It's better to give price ranges on when you're going to sell and buy and not giving time as if you'll do this and that.

Lmao, this is not the first time bitcoin is making people to throw off the roof with they bags wide open to dump the shit loads of bitcoin into the market cashing on the temporary price breakout 😜such events are quite popular and noticeable in the bitcoin market.

But ultimately the question is, what becomes the gain when you let go of your bitcoin holding for such a low price of 70k or even 80k bitcoin price when you can hold your asset and earn and control your freedom, remember you only lose when you sell, so holding is the most important.

No any ace or experienced investor will advice anyone to go all-in 100% into crypto without having some of his assets divided into other physical investments or at least, share his assets with the few strong altcoins aside from just leaving all his assets on bitcoin alone. It sometimes depends on the level of knowledge and commitment one may have gathered over the time, before you can decide to either hold a majority of your assets into bitcoin and other cryptocurrencies.

My stronger advice will remain that you invest a part of your money into physical assets while also exploring the cryptocurrencies. Some promising physical investments may include real estate and gemstones. These two examples of investments tend to have a strong wielding purchase power amidst any economic instabilities the world might be facing.

If you've been here on crypto space or trading or holding up Bitcoin since 2018 then pretty sure that you do already have that experience on that bull run cycle happens or simply the with market cycle about ups and downs on each trend period. It is really that hard to believe that in year 2024 on which you are really that almost selling out your Bitcoin just because you haven't seen any increase on this year? On the moment that you have been able to realize on how market volatility works or behaves then you do already make yourself that getting numb on whatever market volatility that you will be able to face on, but since we are just human beings on which having emotions then it is really that normal that there are really times or moments that you will really be having that kind of emotions on which you will really be having thoughts whether it is really that ime to sell out your position and focusing into other venture specially if you've been holding for very long time. Basing up on what you have said or mentioned that  you do keep on DCA'ing on which this simply means that you have trusted up your Bitcoin investment on which i have said earlier that it is really just that too impossible that you wont really be able to have those realizations along the way in regarding about Bitcoin volatility. You will not be making up those steps or actions if you arent that taking up such risky option to take. There are really indeed those times that you do lose hope but if you are someone whose not good on handling your emotion then you are susceptible on having these mistakes.

The fact is that, as long as the price keep going higher a d there are opened sell orders, it shows that someone somewhere is throwing off some bags holding of their bitcoin, and while some are long term bitcoin holder willing to let go of their lower bought bitcoin, other are short term bitcoin speculators who just buy and sell bitcoin along with the market volatilities.

Bitcoin is way up right now, and in the coming days, we may like see more pump in price and possibility that we could record a new all time high BTC price before the beginning of next month, the current price alone is making some investors to go over the board with speculations and possible profits taking.

I've realized that the most important thing is to stay calm and not make rash choices.  It can be very tempting to panic sell when things are going down or to frantically buy when there's major hype and FOMO.  But generally those knee-jerk reactions end up losing you money.  The smartest move is to keep your cool, follow your plan, and try not to get caught up in all the day-to-day volatility.  I'm still being pretty cautious personally. We've seen many "breakouts" but then things headed south again.

To answer your question, I still occasionally spend a few satoshis to buy things online, but I've never once thought of throwing in the towel.

I have experienced 3 cycles now, so in my case, any of the choppiness just allowed me to DCA more sats. Conviction rock solid.

I did throw in the towel in late 2017, after BTC peaked at around 20K, selling for around 16, and then rebuying all a few years later at 3-5K level. But that was the last time I ever sold. HODL rock solid since then...

Throwing in the towel is a product of how many bitcoin cycles you have been a part of.

Propensity to throw in the towel:

0 cycles: High propensity, desperate to "catch up" and no understanding of hodling
1 cycle: Medium propensity, you remember getting a 3x return, somewhat fearful that history won't repeat itself
2 cycle: Low propensity, you have seen an order of magnitude expansion of your wealth, good things can happen
3+ cycle: No propensity, you have seen it all, bitcoin don't care how you feel, life is good

It is too early to reach to a conclusion. It is very much possible for Bitcoin to go down by 20% in next one day. And it is also possible to go up by the same percentage at the same time frame. So Bitcoin is still a very volatile asset and you should not be jumping around in joy just because Bitcoin had breached 71k level.

So chil l and enjoy the upward momentum. You can also choose to book some profits to recover the invested money. Just don't become too cheerful seeing the current momentum. Anything can happen!

Dont short a dull market, dont sell it dont doubt that all these prices have been quite positive even if boring.  I agree it likely forms a better base for future movements above the 70k area.

If anything I would prefer BTC to take longer, this whole year was fine.  Some still estimating or hoping for 100k this year imo would be destructive overly volatile movement and not constructive long term.


So no, from experience in prior cycles or even alternate assets this period it was never a time to sell but accumulate and have patience.   Some people can trade a range but most people shouldn't attempt this as it can lead to the mistake of selling an area positive to hold in the long term.
   Some would always hold never sell but realistically people will sell peaks but this whole year buying into weakness was the correct attitude.

Always a believer in Bitcoin, but over the years I decided to hedge my holdings with investments in other digital assets.

I don't think it is wise to go all-in 100% into crypto, but it is a beneficial medium for exchange and store of value.

I have never thought about throwing the towel with the help of Bitcointalk. The best place to get valid information about Bitcoin is this forum. Social media and other news platforms are filled with junk that can lead to FUD. Before now, I used to get information from some so-called crypto analysts. I stopped listening to many of them because their predictions turned out to be baseless guesses.  This forum has been my source of motivation, which has made me stick to my plans no matter the magnitude of misinformation flying on the internet.

No one is above having that feeling of wanting to give up, and you will feel like throwing in the towel more when you have no real source of encouragement, either from other friends, the charts, or a forum like this.

It is difficult to operate as an island; that is why, where you have not been able to encourage and keep yourself motivated, you will need others to do it for you.

This is an importance of being deeply rooted in the forum, because motivation and encouragement can be gotten here.

The long stretches of sideways choppiness seems like it may finally be coming to an end for now and we are seeing a real breakout. The large up and down swings, neverending choppiness and constant FUD can get to you and many were shaken out. I have to admit I was shaken out a few times when I first started buying bitcoin in 2018, but became much better at DCAing and hodling with experience. About half of my portfolio is now in bitcoin, the other half in stock market.

But I did get to the point where I thought if it doesn't make a breakout by end of October or sooner I would start selling, at least some of it. Well I am glad I didn't because I think we may be out of the woods and finally start to see the rewards. Longer periods of consolidation usually translates into greater upside. No pain, no gain! Can't wait for bitcoin options to start trading next year.