Time to Sell off Cryptocurrencies Now (March 2024) ?

Thaal Sinestro on 20/03/2024 - 16:44
Last edited 20/03/2024 - 16:46

About 10 days ago Bitcoin peaked at $110,00, then dropped down and stabilized at ~$103,000. Just today it has tumbled again to $93,500. Two consecutive drops has me worried. Is it the start of a long term price fall (like what began a few months before Russian invaded Ukraine)? Or are there forces that are likely to push it up again. I am seriously considering selling all I have in order to lock in a profit.

I don't understand all the factors at work. I am working mainly from price graphs. I wish i could peek into the future. Or maybe I need at ask a 'Psychic/Diviner/Cartomancer' for advice ;)

Financial Cryptocurrency Cryto

Comments

  • EightImmortals on 20/03/2024 - 16:48
    +31

    If you want your profit then take it now, if you are willing to risk what might or might not happen in the future then leave it be. People have different risk profiles and investment goals, figure out what your goal is and make your decisions on that.

  • stuffandthat on 20/03/2024 - 16:51
    +1

    Nah keep it.

  • altomic on 20/03/2024 - 16:56
    +65

    sell it 10 days ago.

    • cydia9k on 22/03/2024 - 20:33

      That's what i did, got a settled price of 93k. 400% return on what i put in, couldn't be happier.

  • SBOB on 20/03/2024 - 16:56
    +33

    Two consecutive drops has me worried.

    isnt that just a regular Tuesday in crypto?

    • altomic on 22/03/2024 - 08:29
      +4

      AM or PM?

  • Tee Rex Arms on 20/03/2024 - 16:58
    +4

    I still have NFI how crypto works

    • Jake D on 20/03/2024 - 17:43
      +12

      No one does

      • No ONE on 22/03/2024 - 05:31
        +25

        Thank you your confidence in me.

    • Jimothy Wongingtons on 20/03/2024 - 18:35
      +14

      It’s simple

      Price go up: post happy meme :)
      Price go down: post sad meme :(

      Student: how do you make money?
      Teacher: make money??!

      • john_conner on 21/03/2024 - 21:07

        Surely this should be:
        Student: how do you make money?
        Teacher: get a good job!

        • Papa Huggies on 22/03/2024 - 09:52
          +2

          HS Teacher: don't ask me, I chose teaching

      • FireRunner on 23/03/2024 - 10:21
        +1

        That's the neat part, you don't.

    • supersabroso on 23/03/2024 - 22:57
      +2

      The way it works is that more and more people put their money in so the people who bought in earlier take their money by selling it off. Once the newbies get scared and lock in their losses by selling, the original now rich people buy it off them for pennies on the dollar. The cycle repeats until more newbies come in and buy the price up only for the earlier owners to take all their money again. This generally happens every 4 years like clock work.

      • samfisher5986 on 25/03/2024 - 09:35

        This assumes the original owners are not selling which is not correct.

        Almost everyone except those who are doing 10-20 year investments are getting forced to sell at the wrong time.

        • supersabroso on 28/03/2024 - 00:34

          Oh no, the original owners are definitely selling. They sell at the peak to all the newbies that have no idea what's going on and buy it off them at the peak. That's how they make a killing. You can't make money if you never sell.

    • YBAF Pilot on 24/03/2024 - 16:08

      Not being a smartarse here, but it is rather simple. Crypto coins are digitally "mined". How that works is a convoluted topic in its own right. But on a superficial level, gold is mined from the earth, whereas bitcoin is mind through an interconnected network of sort. Now that is how they are created, how are they intended to be use is by people placing an arbitrary value on them. Crypto is completly decentralized, meaning that it is not backed by any form of banking or federal institution. That means the value of a cypto coin is 100% speculation. We as "investors" through buying and selling is what drives the crypto market. This makes for an extremely volitile platform, hence the major down and up swings in some of the more establised currencies. People like to joke to that to invest in shares or buy futures is akin to going to the casino, however there is some proven analysis that one can do to make smarter investment stratgies when it comes to these aforementioned trades. In the case of cryptocurrency, it is most certainly closer and can be most assurdly be compared to gambling.

    • AustriaBargain on 20/03/2024 - 18:22
      +8

      Yes, definitely take investment and wealth management advice from YouTubers.

      • Cave Fire on 20/03/2024 - 18:26
        -2

        This is theory, not supposed to follow them. And their advice is 95% of people will lose as they don't take profits or time it wrong.

      • Ade99 on 21/03/2024 - 08:28
        +4

        I always follow Tik Tok influencers who must have done well as the seem to be standing next to Rollers or Ferraris all the time…..proof positive that their recommendations work!

    • Viospeed on 21/03/2024 - 08:12
      +5

      His goal is to make money off his viewers with affiliate links, ads, signup bonus etc. Youtubers couldnt care less about about what u make or lose as long as they're getting paid.

      • Cave Fire on 21/03/2024 - 10:07

        "Never assume".

  • KangaDrew on 20/03/2024 - 17:25
    +2

    We're literally on the cusp of a bull market.

    So, yeah… Definitely sell. 📉

    • SBOB on 20/03/2024 - 17:36
      +1

      We're literally on the cusp of a bull market.

      What if the bull market was just the run up to from 17k USD at the start of 2023 to now ;)

      • ProlapsedHeinous on 20/03/2024 - 19:03
        +1

        Etf approvals have added billions into btc. this is going to increase as various funds allocate a small percentage of btc to other groups of etf's to juice up their clients returns. One of the biggest pension funds in the world (gpif) is now doing a study to see if they can add BTC to their portfolio. 1 percent allocation puts another 15 billion into BTC.. i think their fund is like 1.5trillion aum. this is going to start picking up pace, and the supply is getting smaller and smaller. It's hard to judge based on past graphs because these sorts of things reach a point of frenzy where every man and their dog are joining in, and we haven't hit that level yet. we're still in the sleepy phase, but who knows when the mania phase hits… Exciting times ahead.

    • altomic on 20/03/2024 - 21:23

      We're literally on the cusp of a bear market.

      So, yeah… Definitely buy. 📈

    • frewer on 22/03/2024 - 11:02

      I did this a few day ago. https://www.tradingview.com/x/WnpobWta/. Let's see where the weekly closed, gotta hold 66k-67k for continue up or else. Not financial advice*

      • KangaDrew on 22/03/2024 - 17:00

        That chart colour scheme made my eyes bleed lol

        Also, you don't need to say "not financial advice". At no point was any advice actually given.

        • frewer on 22/03/2024 - 19:02

          The color minimizes emotion & easy on my eyes. It's a woke world, one can never be careful enough. If it hold 66k, then go to 71k-72k grab liquidity, then dump further. My monitor is dimmer than a candle's light at night. Not financial advice*

  • mapax on 20/03/2024 - 17:31
    +3

    *adjusts tinfoil hat

    Don’t worry, “they” will find another war to start if it drops too much…

  • Sye on 20/03/2024 - 17:33
    +1

    Buy the dip

    • Jimothy Wongingtons on 20/03/2024 - 19:25
      +3

      Which one 😭

      • Sye on 20/03/2024 - 19:31
        +1

        All of them. If it keeps dipping, keep buying.

      • No ONE on 22/03/2024 - 05:35

        The last one.

    • spackbace on 20/03/2024 - 20:47
      +10

      French onion?

      • Jimothy Wongingtons on 21/03/2024 - 09:57
        +2

        ayo i strongly recommend the yumi's brand sweet potato + cashew dip, sooooo gooooooooddddddd

  • Typical16-bitEnjoyer on 20/03/2024 - 18:19

    Sell

  • AustriaBargain on 20/03/2024 - 18:20
    +1

    I'd sell it and buy something real, like shares. Or buy into a small business, like a pizza place and get free pizzas. But bitcoin is not real, once it loses investor favour it becomes worthless. You'll be the owner of a secret combination of ones and zeros. It could go to 300k before it crashes, or it could have peaked now. The value you have right now this second, that you can sell right now, is real. If that value were dollars in your bank account instead would you empty your bank to buy coins?

    • TEER3X on 20/03/2024 - 18:37
      +3

      Instead of buying a pizza place, op should use their Bitcoins to buy pizza.

  • ToyotaCrownHybrid on 20/03/2024 - 18:32

    I got out 2 days ago, waiting for halving dip and it to settle then restock before next years pump

    • Poor Ass on 22/03/2024 - 00:24

      i thought after halving usually goes up

      • ToyotaCrownHybrid on 22/03/2024 - 09:20

        Check the charts, used to be a few months but getting closer to a few years. Halving is usually the lower low for the cycle. Typically.

        • Poor Ass on 22/03/2024 - 10:29

          moon lambo

    • tonka on 23/03/2024 - 13:41

      Doesn't CGT mess up that equation? Get out, pay 35% tax on gains, then get back in with 35% less capital?

      • ToyotaCrownHybrid on 23/03/2024 - 14:26
        +1

        I invested 212K that became 763K~
        Got in Sol at Approx $72 and out at $259 which gave me 2944 tokens
        Leaves an ‘income’ of 551K
        Tax liability of approx 250K leaving 301K as profit
        My target price to buy back in is $110 which means 4663 Tokens and having put aside 250K for tax. An increase of 1719 Tokens.
        So while there might be ‘45~% less capital’ due to tax there’s actually 142% more capital overall because my sell price was higher than my buy price which means I have profit.

        • tonka on 23/03/2024 - 14:45

          Cheers

  • ProlapsedHeinous on 20/03/2024 - 18:54
    -2

    If you understand Bitcoin, you shouldn't be selling until you have enough to retire on. anything less than that and you are selling too early. I don't think this recent drop will last, and we will be shooting up more. The block reward halves in another 30 days, that will put even more pressure on the price. How much have you put in?

    If you have yolo'd in, then perhaps you should cash some out. Ive been through all 4 halvings and don't think its going to get any cheaper over time. especially now with blackrock and the like gobbling up BTC.

    Without knowing any particulars its hard to say. If you want to just buy and forget about it, you really only need like 0.1 to 0.3btc if you have a long time horizon. Perhaps just sell off some to lock in profits and keep the rest in. good luck!

  • Malik Nasser on 20/03/2024 - 18:55
    +1

    Why did you buy bitcoin to start off with?
    Has your investment thesis changed?
    Follow your strategy and do not make knee-jerk reactions by trading with your emotions.
    Stick to the game plan.

    Also check out previous price movements from earlier bull/bear periods (2014, 2017, 2021). What can you glean from this?

  • Fredfloresjr on 20/03/2024 - 18:59
    +12

    Always remember

    Sell low, buy high

  • netjock on 20/03/2024 - 19:11
    +1

    About 10 days ago Bitcoin peaked at $110,00

    Where is techlead with the $470m haul? Hope didn't harm themselves considering about $47m less now.

  • Dollar General on 20/03/2024 - 19:14
    +6

    But it’s the future of money despite 99.9% of global merchants not accepting it as payment & you want to keep this digital currency offline on cold storage so it doesn’t get stolen. So much is going for it

    • Switchblade88 on 21/03/2024 - 11:11
      +1

      merchants not accepting it

      storage so it doesn’t get stolen

      Sounds like you're describing cash nowadays…

  • DingoBilly on 20/03/2024 - 19:32
    +2

    Noone knows.

    I personally prefer taking profit - crypto bros will try to sell you on keeping it forever but that's stupid as noone knows if it'll end up at $0 or $1 million. But with a profit you have a profit and it's the far better investment decision IMO.

    Otherwise keep it if you are happy gambling or think crypto has some fundamental thing behind it which means it has long term value (which spoilers, it doesn't).

  • OpenHand on 20/03/2024 - 22:04
    +1

    Local blowoff top, it might drop more for a while but the madness is just starting if you want to ride the rollercoaster.

  • orangecarpet-22 on 21/03/2024 - 00:20
    -6

    I think a fair market cap target would be that of gold. I expect gold to grow over the rest of the decade too. By then that should place the unit price of Bitcoin in US dollars at somewhere between 0.7-1.0 million. I think this is a reasonable expectation by 2030. A 10x from current prices.

    The more prudent investment strategy would be to maybe allocate 1% of your investable portfolio. It goes to 0 then you lost 1%, or you returned 7% instead of 8% on a 99% SP500 portfolio. If the above is true then you’re looking at a 10x on the 1%.

    However I believe all other asset classes are overvalued because of passive investing and they have a monetary premium embedded in them because the dollar is terrible at storing wealth across time. People buy stocks and property completely blind to any valuation metric. If there’s a store of wealth that emerges and continues to gain in value I would imagine these traditional assets come back down to realistic valuations as you can store your wealth in a money with a fair, immutable and open monetary policy - it isn’t just printed at the stroke of a key.

    • netjock on 21/03/2024 - 09:25

      By then that should place the unit price of Bitcoin in US dollars at somewhere between 0.7-1.0 million

      You know when society breaks down and the currency goes boom. If you can't afford electricity and hardware to run the bitcoin network. How does that work?

      $1m in gold you got it sitting there. $1m of bitcoin you depend on infrastructure. We see how the grid holds up with a bit of wind.

      • tonka on 23/03/2024 - 13:47

        Unless you actually have the 1 mil gold sitting under your pillow, you're gonna need infrastructure to get to it as well.

      • ProlapsedHeinous on 24/03/2024 - 02:15

        Buy a few tins of food and some water. that will be worth way more than gold if your scenario plays out. Nobody is going to be selling any food for gold until things start to get a bit more orderly. Still doesn't mean you shouldn't have some bitcoin. It doesn't go away forever if the power is lost. Its stored on a thousand hard drives all over the world in duplicate. As long as you keep your seed words safe then you're good.

        • tonka on 24/03/2024 - 11:47

          Toilet paper is the new gold in a crisis. For some reason when people panic about supply chain, they ditch food and water and worry about things easily substituted.

      • orangecarpet-22 on 25/04/2024 - 12:55

        The dollar will be worth nothing either. Neither will traditional assets storing most of the world's wealth including the stock market, real estate and even gold. What's your point?

        • netjock on 26/04/2024 - 13:21

          What's your point?

          What a genius you are.

    • YBAF Pilot on 24/03/2024 - 16:16
      -1

      @orangecarpet-22 Everything you just said is as useful as an ejection seat on a helicopter. I award you no points, do not pass go do not collect $200 and may God have mercy on your soul. That all said and done, your comment was worth a laugh at least.

      • orangecarpet-22 on 25/04/2024 - 12:54

        People get really bothered by an alternative view that's thoughtfully and respectfully communicated. If it continues to be true (yes that is how it's played out for 15 years), it's a horribly, horribly uncomfortable truth. Best position yourself with that 1% just in case.

  • Overclocked91 on 21/03/2024 - 07:48

    So, how are you feeling today about this? Recovered most of the drop from the previous week.

  • Leiothrix on 21/03/2024 - 08:04
    -1

    Who knows?

    Crypto is just gambling, unlike shares or bonds there is nothing of value behind it.

    • ProlapsedHeinous on 24/03/2024 - 02:31

      a lot of expensive asics mine bitcoin and keep the network secure. the value is it holds numbers that you can sell. Its like a community fund that people can put in and take out of, and their money won't be hyperinflated away. It can be sent anywhere for relatively cheap, cannot be reversed, and if you hold your keys self custody, the government can't confiscate it. They can make your life hell as a consequence, but you would have the ultimate power to say yes or no. Crypto is here to stay, and it's only going to grow bigger and bigger over time. To anyone reading this, don't trust anyone, do the research for yourself. If you still think its a scam or going nowhere then at least you've done the due diligence on it. Clear your schedule and take a deep dive!

      • Leiothrix on 24/03/2024 - 07:31
        -1

        There is no value, it is just worth what people feel like paying at the moment. It is just a giant ponzi scheme.

        That is why the price fluctuates all over the place.

        The government can take your keys, hell the government can just ban crypto entirely. The transaction costs are also ridiculous compared to say VISA.

        The only thing that crypto can do better than the current financial system is purchase illegal things like drugs/weapons/CSAM. And there is no anonymity in that either, the transaction is in the ledger in perpetuity.

        If the speculators get sick of it then it will disappear, normal people have no use for it.

  • pjetson on 21/03/2024 - 08:14
    +2

    I don't understand all the factors at work

    There's your first problem - thinking that there are factors at work. :-)

  • Mulga Bill on 21/03/2024 - 08:23
    +3

    crypto is too stressful to me…

    sell at $10k goes up to $20k = anxiety
    hold at $10k drops to $5k = anxiety
    sell at $100k goes up to $200k = anxiety
    hold at $100k drops to $50k = anxiety

    My brain says you can never sell in case it goes up to $1M!!! and even then what if it goes to $10M…

    Thought about getting in when it was $7k but would probably have sold at $20k…would probably feel worse if I did that than I do now not having any…what a paradox

    • netjock on 21/03/2024 - 09:26
      -1

      Why you selling. Live off the dividends. Or get a margin loan for living expenses.

      All good until you are in negative equity or your custodian goes belly up and they still want 100% of the loan to be repaid.

      • StalkingIbis on 21/03/2024 - 12:32
        +2

        bitcoin pays dividends??

        • netjock on 21/03/2024 - 13:32
          +3

          Yeah. In hot air.

          Someone on X was asking for slide decks to present on bitcoin. I told them to go and ask Bitcoin Investor Relations department.

    • mitchalbrown on 21/03/2024 - 10:40
      +2

      Crypto is a regret optimisation machine… when it pumps you regret not buying more and when it dumps, you regret not taking profit. Very few nail the absolute tops and bottoms and I don’t even think those few live without regrets.

    • May4th on 21/03/2024 - 11:17

      it's actually easy if you don't want to have anxiety. throw however much you are willing to set aside into BTC, chuck it in a cold wallet, and not look at the price for 10 years. in 10 years you'll throw a party with the proceeds

      • Mulga Bill on 21/03/2024 - 12:33
        +2

        or lose the password…

        • May4th on 21/03/2024 - 21:01
          +4

          tattoo your seed phrase to your thigh, make sure you do not get fat or get laid ;)

  • Drpepper666 on 21/03/2024 - 09:25
    +4

    Bitcoins on sale you should be buying more paper hands noob

    • netjock on 21/03/2024 - 09:32

      They sold the bitcoin to buy fiat which was on sale!

      • Drpepper666 on 21/03/2024 - 09:38
        -2

        Fiat is worthless

        • redfox1200 on 21/03/2024 - 09:42
          +2

          it's not worthless, i can use it to buy goods an services. but it is loosing its value due to inflation, so its good to exchange fiat into hard assets

        • umyeahokay on 21/03/2024 - 10:07
          +2

          Fiat is worthless? Damn, someone tell my bank!

        • netjock on 21/03/2024 - 13:32

          So it means Tether is worthless and by default bitcoin

        • No ONE on 22/03/2024 - 05:40
          +1

          I would love to get it off your hands if it is worthless to you.

  • Jimothy Wongingtons on 21/03/2024 - 10:27
    +1

    decent recovery today iunno

  • mitchalbrown on 21/03/2024 - 10:38

    Man… get out now if you can’t handle 20-30% pull backs. Crypto ain’t for you…

    • Drpepper666 on 21/03/2024 - 11:54

      Most people can't handle losing 30% of their money, lol. But us diamond hands will moon.

  • afah0447 on 21/03/2024 - 14:13

    Damn Bogdanov!

  • R-Man on 21/03/2024 - 20:36

    Hi mate, nobody can really predict anything, but I had been holding BTC for two years and decided to take profit. After the recent all time high, I guessed the price would decline.

    As it did I sold at $102,385 AUD or there abouts and I'm currently very smug watching the price decline further!

    I am no expert but I thought yes it's a good time to take profit, wait for the next correction to buy again. Wishing you luck!

    • redfox1200 on 22/03/2024 - 14:23
      -2

      have fun paying your tax and then having to rebuy higher lol.

      • R-Man on 22/03/2024 - 17:45

        Really weird comment. Who would force me to rebuy higher?

        • ProlapsedHeinous on 24/03/2024 - 02:36
          +1

          I don't have a crystal ball, but I feel like you might come back again and have another go. And I think theres a good chance you either won't sell anything next time, or you will at least leave some in to ride it out.

          Congrats on your profits. Nothing wrong with taking profits.

  • lltravel on 21/03/2024 - 21:22
    +1

    bitcoin ceo had a sale but decided to raise the price again
    on a serious note, don't dabble into btc if you cant handle 10 - 30% fluctuation, this isnt for you

  • sidozbargain on 21/03/2024 - 23:13
    +1

    Sell it if you really need the money!
    Otherwise just hold

  • kaleidoscope on 22/03/2024 - 00:45

    it is a game you play with people'd greed and the name of the game is HODL for life…

    Anyway, I heard some halving is coming up in april. Also crypto isn't for the faint hearted as price fluctuations can literally destroy you and your expectations… I remember some of my friends were predicting some crazy things to happen on higher risk currencies, only to end up loosing almost all of it when the inevitable crash occured later.

  • Ononono on 22/03/2024 - 00:55

    If you bought in the bear market and already up 3x then doesn't hurt to take some profits now. However, bitcoin halving is next month which historically has always geared to much higher highs. It's barely broken previous ATH. We haven't seen alts rise significantly either (which always happens after Bitcoin moves up and then falters), meaning this bull market is probably far from over.

    • Drpepper666 on 22/03/2024 - 09:49

      Halving is priced in already lol

      • Ononono on 22/03/2024 - 15:25
        +1

        To some extent yes because it's a month away, but upward price movement follows for a while after the actual halving event, up to 6-12 months after would not be surprising. Miners aren't stupid, they don't sell when it's a bull cycle and ATH hasn't been breached significantly. Anyway, most of the recent pump came from ETF inflows, you can easily see who was buying in the past months. Common sense tells me Blackrock would not purchase $16 billion in Bitcoin in the past 2 months for its customers just to have them all lose money a month later.

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