The past few hours have seen one of the biggest crypto records broken. Almost all crypto enthusiasts couldn’t get their eyes away from crypto price tracking platforms as the witness history was being made. Bitcoin broke the $19000 mark, the first time in three years. The movement on 24th November is said to be the most in BTC history. The market cap is now about 3% of Gold’s market cap. Just as established in a previous article about Bitcoin, this time, it’s different. Bitcoin has gained more friends, fans, and followers in governments, corporations, and individuals.
En route $20k Bitcoin marches on, it slows down after crossing the 19k mark to gather momentum. Many believers hope that it breaks its ATH soon. It has been found that most wallets holding BTC are now making profits. The question is how many people have a strategy for taking profits? It is quite easy to hope that as Bitcoin surges, it makes $100k EOY. The market is uncertain and things might and might not happen. It is expedient to have a strategy to take profit no matter how little.
CryptoMentor99 in a YouTube video on 15th August while on the topic “… Have an Exit Strategy” unveiled some truths. He stated that not having a plan to take profit may lead to an emotional rollercoaster or crisis due to indecision. “Nobody knows the top or the bottom… If they do, they’d be crypto billionaires or stock market billionaires” were his words. He iterated Mike Tyson’s words that everyone thinks they have a plan until they get punched. He admonished that each crypto holder should write down or discuss their strategy on how they intend to take profit with someone.
Seeing the market flip and do a double in hours is amazing and tempting. You’d likely want to hold your cryptos for longer when you see the greens. To avoid regrets, it is good to exercise discipline and know when and how to take a profit. It all boils down to making a decision and standing by it no matter what.
As Bitcoin approaches it’s All-Time High (ATH) again, even though the road to $50k or $100k looks clear, a strategy to take profits will save a lot of troubles. There is no general formula to exit strategies, the decisions are personal.
Aside from this, another question is: do you have a solid plan if by today your holdings break the records you want them to break? If you suddenly found yourself in millions of dollars, what are you going to do with it?
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