“But I Already Have Lots of Bitcoin… Now What?”
If you already have an investment, it’s best if you just let it stay there. (And keep the private keys safe!!!) We’ve read some horror stories recently where people felt they could sell off all their coins at a “peak” and re-purchase a greater sum of coins at a lower rate. You can probably imagine what happened next. Yep … they sold off their coins, the price increased, and in order to buy back in they would not get as many in exchange for their bounty.
Selling Bitcoins for Profit
However, not every time is a good time to hold onto Bitcoin. Take into consideration the January Dip. For the past few years, every January, Bitcoin and all other cryptocurrencies plummeted in value. This is usually followed by a massive spike in price. It’s not guaranteed if this will keep happening every year (people would take notice and plan for it, which would prevent it from happening). But this is a good example when it might be worth to cash out on cryptocurrency for a temporary amount of time.
Don’t Panic Sell
If the price starts dropping, it’s usually not a good idea to sell everything off. The market moves fast. By the time you make your transaction the price per coin could go up higher than you sold for, and you’d make a resulting impulsive action to get back in the market and lose out on coins. (This has happened to me several times using altcoins.)
It’s best to keep a very patient, mature, level head on your shoulders when it comes to buying, selling, or holding. When in doubt, hold!