Do not buy BTC when it is near its ATH
As of now the situation of the market is unpredictable and we cannot say what will happen to the market. This can be the final ATH price for BTC or it can go even further. It is very hard to predict because right now nothing is amusing in the crypto world. Earlier during bull runs, there were NFTs, games, DeFi, etc and so many other things. But right now many such interesting things have been in saturation already.
One thing that we can probably celebrate is the fact that many big gaming companies have now started exploring blockchain technology and are interested in building their games on blockchain. Operating a gaming node is also the hottest thing right now. Many projects try to introduce nodes but it is not happening. Maybe in the future, it can happen who knows?
ATH lessons
Two years back when the BTC price was very good, I wanted to trade in the market. Back then the price of Hive was around 80 cents. It was also fluctuating continuously or I should say that the price was moving up and down. I was very curious and wanted to do some swing trades and book some profits. What I did was to buy some Hive at 85 cents waiting for it to reach 95 cents which usually was happening back then. But I was so unlucky that the price never came back to 85 or 90 and I had to hold them forever.
This time I'm very much ready for the next bull market. I'm thinking of selling some of my holdings when the price is very good and be happy about the sale. There can be cases where after I sell my tokens the price might pump further. I shouldn't care about the price and just be happy with the profits I got. I have to be very clear to not buy any BTC or alt coins when the price is near its ATH value. It is hard to predict if it will continue to go up further or fall from there. If it falls from there, we have to either set a stop loss and book our profits otherwise we have to keep holding them until the price reaches that value in the next bull market. I have been doing that for some of the coins in my portfolio.
Caution your friends entering crypto now
When BTC hits its all-time high, there will always be some new investors. If it happens to be your friends, it is important to talk to them and stop them from entering crypto and especially BTC right now. There is a high chance that BTC can go down right now or just go up a little further and again go down. There have been many people who bought BTC at the very peak ATH and had to wait till the next bull run to at least sell off their holdings when the ATH is crossed again in the next bull run. This strategy does not give any great profits. People may not have the patience to wait from one bull run to another.
The best thing to do is to check for a few altcoins that are still at a very low price and are waiting for the bull run to happen and invest in them. Many coins start pumping after the party is over for BTC. Only then do people usually sell their BTC holdings and enter the altcoins. Currently, it looks like the party is not yet over and it is not a good time to invest in BTC but some altcoins are still looking good. Let your friends come inside but they can participate in some of the stablecoin investments like HBD in savings and wait for the market to fall next time and then invest again.
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you can simply buy it with a token that is at an even higher ath
Maybe that's a good strategy.
I knew there was going uncertainties when btc hits 69 and 70K. A lot may want to sell off from here
Yeah many people have already started doing that I guess.
Another piece of advice is to not explicitly tell people what or when to buy or sell, even if good intentions. People should naturally be very cautious here, but if they happen to have a dollar cost averaging plan that leads them to make calculated buys that happen to line up near an ATH, then there's nothing wrong with them sticking to that.
Thank you. Maybe the title can look like an advice but I have covered all those inside the article.
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Huh? If I followed your advice, I would have never bought when it hit the all time high of $316. If you think this is the end of the road, that's fine, deboard and hop on another train, but this train has no brakes!
I agree with you 100%. If the intention is to hold long term and don't care about the price, ATH is not a big deal. But for someone entering the crypto market just now, it may not be good to buy at ATH and then see it going down. They might have to wait for another year or two to see it coming back then their bought price.
I would rather say that this is a moving train with breaks but never with a never ending path ahead. Even if it slows down it will keep going forward. Sometimes the breaks work and sometimes it doesn't.
Currently now the only token I have with me is hive but I am trying as much as possible to increase it
I have the same thing. I'm also having just Hive and other coins inside the Hive ecosystem.
I think long-term, it is always a good time to invest in BTC. Even if you buy right now at 68k and it goes down: we know it will eventually go back up, so we are no losing anything. Short-term, yes, you need to be more careful. But for BTC, I think anytime is good.
Some people have a goal to hold X amount of BTC and these people usually don't care about when they are purchasing it but they hold it forever.
DCA seems to be always a best option, but when it is near it's ath then it is hard to guess. But we have to take risk sometimes 😉🙈🙏
Yeah DCA is definitely great. We don't have to worry about the price of we are buying it regularly.
Perfectly said. I actually believe that there is a need for us to think strategically and sell when it need to do that it will not end in regret
Just like when the market takes a correction then it will be time to put money in again. At that time the market is very high so people should be wise and not buy.
It is very hard to do that but yeah people will have to wait and make use of both the situations.
Yeah you are right.