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Started By
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Bitcoin people, is now a good time to cash out?
Posted on 11/16/20 at 11:40 am
Posted on 11/16/20 at 11:40 am
I have a very small amount of $$$ in Bitcoin that I received in July when it was priced at ~$10,500 per coin. It is now up to $16,500 per coin (for reference, I don’t even have a whole coins worth of $$$ in it).
So basically the small amount I own in it is now worth almost 60% more than it was when I got it. A lot of the “experts” are projecting it to go up and up even more, maybe even get to $20,000 per coin by the end of the year, and $40,000 by the end of 2021, but we all know it could crash tomorrow too....
Would you cash it out or since it’s not a huge amount of $$$ just let it ride and see what happens?
So basically the small amount I own in it is now worth almost 60% more than it was when I got it. A lot of the “experts” are projecting it to go up and up even more, maybe even get to $20,000 per coin by the end of the year, and $40,000 by the end of 2021, but we all know it could crash tomorrow too....
Would you cash it out or since it’s not a huge amount of $$$ just let it ride and see what happens?
This post was edited on 11/16/20 at 11:41 am
16
Posted on 11/16/20 at 11:43 am to Tiger1242
Let it Ride Tiger
Posted on 11/16/20 at 11:47 am to Tiger1242
No one can answer that.
It is a matter of if you have to stones to pick a path and deal with it if it doesn't work out at as you planned
It is a matter of if you have to stones to pick a path and deal with it if it doesn't work out at as you planned
Posted on 11/16/20 at 12:34 pm to JayDeerTay84
Id like to hear an argument for both sides as well. I don't understand crypto much so when I go down the Google rabbit holes I just get lost
Posted on 11/16/20 at 12:36 pm to Yeti_Chaser
quote:
Id like to hear an argument for both sides as well. I don't understand crypto much so when I go down the Google rabbit holes I just get lost
That’s the thing, I mean after owning it for less than six months I can cash it in for 160% of what I paid? Seems like an awesome deal. On the other hand, if it’s about to go up higher and higher, I could feel like an idiot six months from now if it’s doubled in value again. Or I could bottom out in a week and I could be kicking myself on the other side. I know this is the struggle with all investing, it’s just seems so much less certain with bitcoin
This post was edited on 11/16/20 at 12:37 pm
Posted on 11/16/20 at 12:36 pm to Tiger1242
Cash out and wait for it to drop and buy back in
Hopefully it doesnt go to 100k without you
Hopefully it doesnt go to 100k without you
Posted on 11/16/20 at 3:17 pm to Tiger1242
I think of my bitcoin as the admission fee to ride the ride. If I didn't own any it wouldn't be any fun checking the price every once in a while.
Posted on 11/16/20 at 5:34 pm to Tiger1242
Pull out your original investment and let the juice ride risk free.
Posted on 11/16/20 at 5:52 pm to Tiger1242
Let it ride. I got out when I was down because it was flat for a long time and I missed getting back in. 
Mind you my initial investment was only $500 and I think I have $170 left. So not a huge loss, but still not happy about it.
Mind you my initial investment was only $500 and I think I have $170 left. So not a huge loss, but still not happy about it.
Posted on 11/16/20 at 9:01 pm to Tiger1242
Institutional buying has just started and in the past few months, the floodgates are starting to open. Do not sell, you will regret it a year from now.
Posted on 11/16/20 at 9:55 pm to TigerTatorTots
I have BTC, ETH and XRP. Going to ride it out and see what happens.
Posted on 11/16/20 at 10:20 pm to taeemwar
XRP is the future of crypto.
Posted on 11/16/20 at 10:23 pm to PowHound
quote:
XRP is the future of crypto.
Posted on 11/16/20 at 10:42 pm to gobuxgo5
The tech is superior to bitcoin. Also most crypto will use xrp ledger to cross borders sooner than later. Get in while you can.
Posted on 11/16/20 at 10:56 pm to PowHound
quote:
The tech is superior to bitcoin. Also most crypto will use xrp ledger to cross borders sooner than later. Get in while you can.
Explain the centralized tech that makes it better. Get in while you can? Are they going to stop selling it soon? Its currently at $0.29 cents a coin. In 2018, it was up over $3.40/coin do you mean it'll never get that high again since I can't wait to buy?
This post was edited on 11/16/20 at 11:01 pm
Posted on 11/16/20 at 11:17 pm to gobuxgo5
quote:
Explain the centralized tech that makes it better.
I'm not explaining all that, but its well documented.
I was referring to being able to buy at this price point. It will move out of this range for good soon. If you're not interested dont worry about it.
Noobs don't understand how flawed bitcoin is but eventually it'll catch up. Right now they are the most recognized name in crypto, and considered a currency not a security. That also will change within a year (other coins will become currencies) and then the best tech will win. My money is on xrp.
This post was edited on 11/16/20 at 11:32 pm
Posted on 11/16/20 at 11:56 pm to PowHound
quote:
xrp
Posted on 11/17/20 at 8:09 am to Tiger1242
Honestly, you can do the opposite of dollar cost averaging and do some timed withdrawals until/if it starts going down. Like cash out 1/10 today. Next month if it is still going up ($25,000 would be amazing) take out another 1/10. And so on and so forth. If it drops, you can hold on until/if it goes back up. But you’re basically playing with house money.
Posted on 11/17/20 at 9:14 am to Tiger1242
The only certainty is that there will be wild price swings for the foreseeable future. The macro trajectory for BTC and much of crypto is still clearly in the upward direction as adoption slowly creeps forward and improvements increase use case and likelihood of future adoption.
Short term, I wouldn’t suggest buying due to high RSI and price relative to 20 week average.
Medium term I would be neutral as we are near all time highs but on low overall volume relative to the previous all time high.
Long term I would be bullish due to overall trajectory in price as well as fundamentals. Crypto is still a fledgling industry that is experiencing price discovery.
Personally I have been accumulating a basket of crypto for the long term when certain parameters are met that generally demonstrate lower risk (sub 40 weekly RSI, near 20 week moving average, etc).
Short term, I wouldn’t suggest buying due to high RSI and price relative to 20 week average.
Medium term I would be neutral as we are near all time highs but on low overall volume relative to the previous all time high.
Long term I would be bullish due to overall trajectory in price as well as fundamentals. Crypto is still a fledgling industry that is experiencing price discovery.
Personally I have been accumulating a basket of crypto for the long term when certain parameters are met that generally demonstrate lower risk (sub 40 weekly RSI, near 20 week moving average, etc).
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