Home Investing & Trading Is It the Right Time to Sell Bitcoin?

Is It the Right Time to Sell Bitcoin?

by Brandon Harville

Love it or hate it, one thing’s for certain. There’s never a dull moment when it comes to investing in Bitcoin.

Bitcoin’s journey has been an interesting one, filled with peaks and valleys, epic triumphs and catastrophic upsets. Seems like the other day everyone was speculating when—not if—Bitcoin would break the $20,000 mark. And it seems like just yesterday that Bitcoin experienced its roughest bear cycle to date, where it hovered around $3,400 for longer than most investors had hoped for.

If you’ve been following Bitcoin, you’ve been on a wild ride. One day, people were talking about buying Lamborghinis and beach houses. The next day, the same people were losing money hand over fist trying to short a bear market without really knowing what they’re doing.

And if you’re still following Bitcoin, you probably know that April and May have been very kind to long-term investors. Since March, Bitcoin’s value has more than doubled, breaking $8,900 before dropping back down to support around $8,600. Currently, Bitcoin is sitting a few dollars shy of $8,700. And there’s a good possibility that by the time you read this, it’ll have broken $8,700 and continue to climb.

And just like that, people were talking about driving Lambos to the moon again.

Of course, if you’re a smart investor, you already know not to get caught up in the hype of Lamborghinis and get-rich-quick schemes associated with cryptocurrency. After all, most of the people tweeting about Lambos were the biggest losers during 2018.

But even a broken clock’s right two times a day. And in this case, there’s a good chance that Bitcoin will continue to climb. If you’re currently holding Bitcoin, consider this: as a general rule, Bitcoin’s performance sets the pace of the market. When Bitcoin does well, the markets respond positively. When Bitcoin tanks, the markets respond negatively. At the moment, it looks like we’re in the middle of another bullish market cycle. Which means you might want to consider holding onto your bitcoins a little while longer to maximize your profits.

With that said, there are a few ways you can minimize risk and still reap the rewards of a Bitcoin breakout.

  • Sell the amount you initially invested and hold the rest.
  • Sell half your bitcoins, hold the rest.
  • Choose a comfortable price to sell your bitcoins the event of a bear run.

Aside from that, just remember the cardinal rule of investing—don’t get greedy. As long as you keep a good head on your shoulders and try not to let emotions influence your trading decisions, you could make a lot of money investing in Bitcoin over the next few weeks.

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