The recent surge in the price of bitcoin has left traders with an enormous opportunity to maximize profit. However, many are confused if this is the right time to sell as the price of bitcoin keeps soaring. Well, how long you should hold on to bitcoin and other cryptocurrency depends on your level of profit but as the price of bitcoin keeps on soaring so does the profits, nevertheless when the prices plunges so does the profits making the issue of when to sell bitcoin quite complex.
If you find your self in this situation not knowing when to sell, indecisive with the fear of selling and loosing out on more profit if the price of bitcoin keeps soaring after you must have sold, then i would like you to consider these two scenarios;
Firstly, would you hold on to bitcoin when on profit of 100k and later plunges to 5k or probably fall to negative?
Secondly, Sell with a profit of 100k and price of bitcoin keeps soaring high
With these two scenarios, which of the outcome would you rather avoid, how would you feel if you find yourself in the former, regrets right? and i bet you would feel some level of satisfaction if you were to find your self in the later even if the price keeps soaring after you must have sold.
Is there a right strategy for when to sell bitcoin and other cryptocurrencies?
Nevertheless, there could be another option to avoid both scenarios; avoiding the regrets of not selling before the price of bitcoin plunges and also eliminate the need to worry even if the price keeps soaring after you have sold. I know you are probably curious right now and want to know how -YES, you can always decide to go mid way – Sell halve of the bitcoin so that way even if the price crumbles you still have some amount of profit eliminating life’s money problems and if the price keeps soaring then its a win-win for you.
Although all investments come with a certain amount of risk but i would like to note that selling bitcoin just before it’s price goes down and making tangible profit is the sole reason why we trade bitcoin and when we fail to do so, the purpose of trading has been defeated. However, when it comes to profitability, every one can’t be on the same level and hence it is pertinent you use your discretion when selling bitcoin. And if you are new in the world of cryptocurrency and looking for ways to trade bitcoin in Nigeria profitably, then i suggest you check out our previous post how to trade bitcoin in Nigeria.