Have you ever wondered when is the best time to sell bitcoin? If you haven’t yet, well, you should now.
The value of bitcoin has touched the skies in the past few years and honestly, that’s no surprise. Your bitcoins are worth more than you know. In order to sell bitcoin, you must first buy bitcoin. You need to understand the best time to buy bitcoin to accumulate more bitcoin holdings to sell at a higher price later.
The cryptocurrency market crashed significantly during the times of coronavirus. The crash eventually got everyone thinking “is it time to sell my bitcoin?” and probably you were one of them too.
There’s no such good time to sell cryptocurrency. It is all about whether or not you are ready to go off your investments. The cryptocurrency market is one of the most unpredictable ones. Today the market may be touching the ground and the very next moment it’s skyrocketing. You never know.
Top 10 signs it’s time to sell bitcoin
If you are wondering when is a good time to sell bitcoin, well maybe it is time to sell bitcoin. Selling bitcoin is no big task unless you don’t understand it.
Everyone has their own reasons to sell bitcoin. Some of the common reasons why one might consider selling bitcoin include
You don’t understand bitcoin
There’s no shame in not understanding bitcoin. You must have heard bitcoin to be one of the best forms of investments from your mates. Hence, you moved to invest in it. But you don’t understand what it is.
Not everyone can understand what bitcoin technology is. If you have tried everything and yet cannot understand the benefits of investing in bitcoin even for a short time, then it is time to sell bitcoin. Bitcoin investments may be complex. If you feel like you will not ever understand it, then there’s no point holding it.
You found a better investment than bitcoin
Did you find something new where returns may be high? If you found something better than bitcoin investment, move with it.
When it comes to finances, we should always look for better opportunities. Once you have one knocking your door, make sure to grab it. Many upcoming startups are looking for investments. Make sure to keep a check on the internet, you never know when luck plays its game.
All you need to do is do enough research to find the best. You can learn about the marketers, the products and opportunities waiting for you. “When is a good time to sell bitcoin” is something that might be irking you. So, as soon as you get better investment opportunities, you can let bitcoin go. However, you should be careful about the investments because there are fake projects waiting to con as well.
Already achieved your financial goals
One of the main reasons why people invest in bitcoins is to get more than they invest. When you invest in bitcoins, you should set a target, a time high when the value is at its best. As soon as you achieve the time high or financial, sell it. The best time of day to sell bitcoin is when it reaches it is at maximum value or time high level.
Too much anxiety on your bitcoin investment
Cryptocurrency market fluctuations is one of the main reasons why people are scared of bitcoin investment. The unpredictability can lead to severe anxiety issues because you never know what’s in the store next.
You will always be analysing the possibilities of what’s coming next and whether your trade was perfect. Your constant wondering of whether you got the perfect price for your trade might lead to panicking and eventually selling off everything. If you can’t handle anxiety, never get into bitcoin trading. If you panic and trade, then it might be the best time to sell bitcoin. No amount of money is worth the anxiety bitcoin trading brings in.
You put all eggs into one basket in bitcoin
Bitcoin is one of the riskiest investments. You never know what happens next, whether you will be in a pot of gold or begging on the streets. The bitcoin market is constantly fluctuating.
Your investments can either sky rocket or come to zero at once. Hence investing in bitcoin even for a short term can be risky. Instead of putting all your investments into crypto, you should create a diverse profile. Deciding to diversify your investment profile is a sign that it is time to sell bitcoin. As far as bitcoin investment is concerned, you should invest only what you can afford to lose. You surely don’t want to lose every penny that you have.
No benefits from bitcoin to you
Bitcoin trading is not for all.
There might come a time where you may feel tired of bitcoin trading. Even when you learnt and traded perfectly, luck may not play its part and the time high may not come for you. Or let’s just say, you lost at the exact moment you were supposed to win due to unfortunate events.
The huge volatility of the bitcoin market can make even the most experienced ones tensed. If you didn’t achieve your goal from bitcoin trading even after trying and if you only lost the money, you should know that it is time to sell bitcoin. Go out and search for better opportunities.
If your belief is there is not much upside left in bitcoin
Bitcoin is great but sometimes you might just feel that it’s been too much. If you have been there and done everything you could it’s great. But, if you believe that despite all the efforts that you put in, it is not yielding any result, then just switch it.
There’s more than what you see. There are thousands of investment opportunities waiting for you. It is you who needs to pick it up. If you believe that there isn’t much left in bitcoin, you should know that it is time to sell bitcoin.
Switching from bitcoin to other modes of investment will bring you more benefits. However, make sure to put in smart investment.
You need to diversify into other cryptocurrencies
Over the years several cryptocurrencies have come up. Although bitcoin is considered to be the most popular, other cryptocurrencies like Ethereum, litecoin, tron are gaining popularity too.
As a smart investor, you should diversify the trading options and trace in other cryptocurrencies too. Sticking to bitcoin and pouring all your money into it is not a smart choice. Diversifying your investment options will bring you better results. Moreover, most of these cryptocurrencies have a stable growth. So, you no longer need to be worried about the fluctuations.
You don’t follow any developments in the crypto space
Sometimes you may feel like giving up. If you are no longer keeping a check with the crypto sphere investments, then it is the best time to sell bitcoin.
You may be wondering is it good time to sell bitcoin, well it surely is. What is the point of keeping your investments in a space you aren’t aware of? It will only bring you losses.
Bonus – Waiting for God to tell you exactly the best time to sell bitcoin instead of developing investing knowledge
Investment knowledge is great, but sometimes trusting your instincts can bring you more benefits than losses.
Honestly, there is no best time to sell bitcoin. If you are waiting for a sign of God, you’re already on the wrong track. The digital trading space is all about knowledge and skills. If you do not have enough investing knowledge or right skills, then it is high time to sell bitcoin.
If you want to stick to it, develop your knowledge.
Confusion is fine but keeping yourself occupied with it isn’t. Just beware about the volatility of Bitcoin, to make sure you are selling at high and not at Bitcoin lows.
If you’re looking to buy bitcoin anonymously, there are a few options to explore. Once you increase your portfolio, you may want to sell your bitcoin at the right time to lock in profits.
Well, if you want to know the best time to sell bitcoin then you should analyse whether it is what you want. The above-mentioned cases are some scenarios of why people sell bitcoins. If you relate with the maximum of them, then go ahead and make a move. This might bring you good luck.
I am a data analyst by profession who loves to crunch numbers at daytime and come home wondering how my passive income numbers for the day look like. I believe in being rich rather than looking rich. Follow me for Cryptocurrency, FIRE, Personal Finance, Credit Cards and Digital Nomad updates