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RE: You don't actually lose until you sell...
True, though in this scenario I am referring specifically to bitcoin. If bitcoin doesn't eventually make new highs I would say it is because it failed. It's somewhat of a binary bet, either it goes to nothing or it goes up tremendously from here. Selling in between the two is certainly possible, but mostly just noise in the the overall picture.
I feel like you can say the same about many assets, from most speculative stocks to most cryptocurrencies.
I certainly don't feel Bitcoin will fail, and do agree with the basic premise that you don't lose unless you sell. Unless, of course, the underlying asset does fail. Again, I don't see that in the near future for Bitcoin. Even if it does fail, it won't be now. Still though, no matter the asset, it is certainly possible and I have witnessed it first hand more than once for a variety of reasons.