Would there be a blow-off top that leave me stranded?
I have some uncertainty about hodling and not taking profits. That lead me to search for 'blow-off top crypto' videos on YouTube for inspiration.
What turned out to be interesting is that there are some interesting comments below the videos that deserve reactions! And in doing, so my thoughts became sightly clearer, at least in seeing them verbalized.
Let's look at them.
Do not compare this to 2017. The world was very different at that time. This is a new world forming. Question is.. Did you sell too early and what if the world only accepts Crypto and fiat takes a major dive at the end of Dec? Be careful and do not listen to anyone and just watch the world banks and govs on their actions towards Crypto. The goal is to get you out of coins with Utility and leave you holding a FIAT bag. Best of Luck Crypto Future Trillionaires. ~ Phil'z Mind
This one does make some sense. "If this time is different" is one recurring thought in my mind. As the cryptocurrency and blockchain industry draws in talents and people to work on it, it is hard to convince myself that "this time is the same as previous".
It's a formula to use in order to take SOME profits, if at all. Personally, I will take a small profit to put immediately into home renovations/investment property. I will have most of my bags packed for the next several years until mass adoption and utility is in full swing.
~ Gmailiciousful
Taking some profits off the table when there are profits had been a recurring concept in many videos. The question is how much? And where to put the profits into? This needs more thinking through.
When that life-changing opportunity comes for us retailers. They always take the exchanges offline so that you can’t cash out those huge gains. I can bet you that will happen once XRP wins the case. Mark my words. ~ Bryan Davis
This is so true. Exchanges do get ultra busy when there is a blow-off top. So that means taking profits off regularly might be a better way of getting the chips off, rather than waiting to take it all off at one go.
This was quite interesting to watch! In my opinion, I think it's quite possible that to some degree the prices of cryptocurrencies was "brought" down recently to give institutional buyers a chance to buy at lower prices, these institutions aren't buying Bitcoin because they think the dollar price will stay at these levels. Yes, it's likely that around the end of this year there might be some kind of big (BTC) move higher, but whether prices in dollars will then drop 85% is not clear. By the end of the year, a lot of fiat printing will have occurred and prices of goods may be beginning to rise faster. Thoughts? ~ Steve Taylor
Yeah, you're right. Maybe the BTC price will go to some high number in December but then only drop 30% or 50% or even less but, we are gradually leaving the bear market roselily ~ gardner
This is actually quite close to what I am thinking about. That we are just at the start of final bull cycle. Any drop would unlikely go further south of this. The case for putting in more money now, but not later.
So when things blow off, it will be BTC then Mid Cap then low cap. Then during the final part of the cycle Bitcoins goes on last run and it takes all crypto with it. Correct?? ~ MusclebyMike13
There are also talks of this sequential order of how funds are switched across different assets. In my case, I have a larger proportion in bitcoin, and considerably large in low caps. I skipped the mid-caps, so to speak. I am thinking bitcoin will give me solid value preservation power, while low caps, good low caps like HIVE have proven use cases and are long-term holds with plenty of upsides. To me, mid-caps are for value preservations too, but they probably don't have the supercharged upside of the low caps. So, I am banking on bitcoin to gain in some significant value, more for setting the mood for the low cap alts to moon!
a lot of excitement and some BTC movement but still nothing happening, or is everything just going to 10x in a few weeks....when moon? I mean, you're talking about $20k ETH and ETH isn't even at $4,000....I can't imagine a bull run where ETH can 5x, even 3x would be hard to believe at this point, everyone says things don't go straight up, but ETH would need to be going up big nearly every day for a month to make those kinds of gains. ~ BWS205
This comment suggests that one should be realistic about a 10x move in the big caps. I agree.
Nobody knows the top ! Want 70% of whatever the top is ? Wait till the ATH comes, then wait while prices drop and sell just before the retrace to the .702 level. ~ Guust
So there are some active things we can do...
So many people in this space (mainly those that are new), don't understand that since Crypto is still so new, that the biggest factor of price action over the longterm is going off the previous cycles. I 1000% agree that ETH is following BTC's former action and will peak around or over $20,000 this cycle. ~ Digit Dodger
This comment reminded me to take reference from past cycle top.
Now that I have had the chance to think this through. I should be nudging closer to a plan I am comfortable with.