Quite the Correction! :/ I'm glad I just hodl BTC!
I only spent one day last week refreshing my blockfolio as BTC climbed up to $40K, and I've only checked the price a few times today as the price has slid back down to $30K.
The best explanation I've found for the price drop is miners selling off, rather than holding their BTC due to a stronger dollar, and then maybe a few other people panicking and taking profit after.
But who knows, that might just be journos picking causes out of thin air.
A 25% or so reduction in a few days is certainly quite the correction! but I've scarcely paid any attention to the recently increasing value of my Crypto portfolio, given that it felt slightly unreal anyway, so I'm not too freaked out by the latest correction/ crash, whatever interpretation you want to put on the price.
I'm glad I just hodl for the long term and am grateful for the fact that I don't need to live off BTC or sell any of it anytime soon!
I've got my out-point, it didn't reach it at the last peak, so I didn't sell any of my precious BTC this time round, maybe next time!
For now it'll be interesting where the price goes next. If it levels out somewhere in the high $20s I'd take that as a good sign of it's increasing legitimacy, I mean that would still represent a solid increase in value over the last couple of years.
Congrats to anyone who sold at $40K or there abouts, but I wouldn't like to predict a point to come back in at!
I must say that it's nice to see the Hive and LEO prices holding up against BTC and not declining by quite as much.
HODL firm and carry on, and stop looking at the prices, who knows where it's going next - floating around $31-$33K ATW, by the time this publishes - who knows, it could be down to $25K, or back up to $40!
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Well its been quite the ride definately and who knows what the future holds but the fact that you're holdling for long term is the best. There's no way btc isn't guranteed 100k in at least 5 years time.
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100K would be tasty, but 5 years is a long time, who knows what innovations we'll see in that time!
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It had to happen eventually and I think we haven't seen the last of it. I don't think we'll see a price under 20k ever again, but it very well might get back into the mid 20k rather soon - interesting times.
I love the fact we can just sit by and watch it all unfold without having to worry about anything ;-)
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I'd be fine with mid 20s - that was one prediction I saw a while back for most of 2020.
Yes, just sit back and enjoy the entertainment!
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I sold about 10 percent, trying to figure out where to come back in lol. Figured I wasn't really spending the money I put in, just the profit, right? So the aim is to end up with more. Experimenting is bloody nervewracking.
it's that nerve wracking bit why I don't trade, it's horrible!
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I was fortunate enough to be on my computer and have my exchange open at the time just as the 'dip' started, Sold everything and managed to buy back in very close to the bottom of the dip. Ended up with the same dollar value of bitcoin plus $200 I spend on some eth and hive.
Nice one!
Thanks for the PSA, I've started my DCA again, not getting taxed on just buying BTC 😁
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Well said. I was thinking today how many of these crypto gurus on twitter really nail their trades because if you follow them they seem to be knowing any move BTC is about to make. I'd say they don't. The reason why BTC fell it's simply that it was overbought and such corrections occurred in 2017 as well, multiple occasions, every time the price rebounding and finally peaking at $20,000. Maybe this was just a pause on the road to $400,000. If you don't need to sell your BTC, don't do that and don't try to make more out of it on the way up. Mots fail on that.
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It's so hard to call when were' in uncharted territory!
HODL! I agree!
Wow that’s quite a dip!
I’ve never owned BTC myself... I’m not sure whether that’s a good or bad thing. The stress of ‘cashing out’ at the right time and caring too much about it seems a stressful occupation!
Like you say, I guess the best bet is to just own it, hold tight and not worry about where it’s going.
I think so, I've got a certain out point in mind that'll allow me to pay a massive chunk of my mortgage off. With any luck that'll come around early April this year or next year - sell off some on the 5th, some on the 6th, then leave the rest!
That must help a lot. I'm working my way towards Hodl-ing bitcoin long term ( accumulating slowly, again, by Euro cost averaging ) and changing some of my other coins to Bitcoin. I have diversified too much in the last three years or so and it hasn't paid off. Aside from that it becomes too complicated, too many coins and wallets to keep track off.
Looking forward to slowly turning my DCity payouts into BTC and Hive and, turning some LEO into Ethereum.
Gotta love crypto!
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Slow accumulation is my kind of strategy - I'd watch those LEO conversions to ETH - you need to convert several hundred LEO in one go to make the gas fees worthwhile!
I'm aware of that. Thanks for the reminder though :<)
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