Today I Sold Bitcoin! But Why?
The recent price rise in Bitcoin has been phenomenal. I can't believe how fast it has risen in the past month or so. Specifically, this last week's price rise has been crazy. What's fueling it? Is it just speculation? Does the CME BTC Futures have anything to do with it? Hey, I don't know. I could speculate, but I'm not.
Why Did I Sell Today?
As an investor, I've learned some difficult lessons over the years. Many times I have had gains in an investment and didn't take profit. I've repeated this more times than I care to admit. However, in recent years, I've tried to correct this.
So here is my rationale for selling. The price run up has happened too quickly. The sprint from $10,000 USD to $17,000 USD was a blur. It is starting to feel like it is too good to be true.
With the media reporting on the rise of Bitcoin everyday, the mainstream public is becoming more aware of its prominence. For example, several of my non crypto friends have asked me about Bitcoin in the past two weeks.
In the last 24 hours Bitcoin has dropped over $3000 USD from $17,638 to $14,610 USD (Coinbase price quotes).
The Market Giveth, The Market Taketh Away
As an investor, I must make decisions on my investments. I understand that psychology is an important part of investing. My personality is such that I would have kick myself if Bitcoin dropped from $17,638 USD to less than $10,000 USD and I didn't sell.
If Bitcoin reverses and goes up to $50,000 USD, I'm okay with that. Today, I locked in some gains and took risk off the table. I'm not sure what will happen in the coming weeks, for now I'm happy to have sold Bitcoin today!
Thanks,
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I've been selling off little bits at a time since it hit $10k too. The price is out of control and overvalued right now (IMO), but reflects the overall optimism in the cryptosphere. That said, I think there's some manipulation going on but Bitfinex is losing control.
I agree. I'm glad I sold.
it is important your opinion, perhaps because of the unknown before futures people get out of BTC, maybe we'll go down to $ 7000 ???
https://steemit.com/cryptocurrency/@black-square/btc-usd-possible-deep-correction-in-connection-with-futures
I'm a bit surprised at the rebound after futures started trading.
Wont it be profitable to convert crypto into some currency with lower market capacity????????? bitcoins are making so mucg progress right now all for what coz it has only 21 million market cap max... if u invest into something into even lower market cap then today or tomorrow u can make way more money...plus bitcoin mining is becomng so expensive now that unfortunately people will lose interest i think investing into btc wont be the best option u hv right nw
Rotation into other alts have begun. Just look at LTC, for example.
yupp looks like it