Crypto Trader Tells Why He Dumped Bitcoin At $59,000

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HODL or ‘Hold on for Dear Life’ has been for some time now a mantra for crypto investors/traders and in the De-Fi space. It simply means buying an asset and holding onto it without selling even when the price fluctuates. HODLers  have also termed themselves as having Diamond Hands.

However, asked, about 80% of those who held onto Bitcoin the entire way to $61,554.80 on Apr 14, 2021, do not tell the same story today. For some, it is a story of shattered hope while others feel that they deserved something better.

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BTCUSD Chart By TradingView

Timothy Sykes, a penny stocks trader with over twenty years experience of trading stocks and analyzing markets keeps reminding his followers to study hard and normalize taking profits along the way and to shun emotional trading, and trading cryptocurrencies is not any different.

Whereas buying and holding onto a crypto asset can prove profitable over time, it is naïve not to sell and secure your profits when your analysis and instincts tell you so.

Danny Knight a crypto investor took to social media to explain his modest reasons for selling his holdings in Bitcoin once it hit $59,000. Although he accepts that it is one of the hardest decisions that he has ever had to make, he shares his reasons.

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First, he states that he found locking in financial stability for his family was liberating. He also states that his general health improved as he was no longer addicted to the price movements and now sleeps better. Lastly, he says that despite having sold, he feels uneasy about not owning Bitcoin and plans to commence stacking again once his relocation is complete.

He advises investors to frequently reassess what is important to them and calibrate their plan to their life expectancy.

“A too long term strategy becomes worthless if you achieve your plan and then just die”-Danny Knight

Understanding how to analyze the markets both technically and fundamentally is always a good idea. This can help one spot the red flags, like the break of support structures in the charts and plan accordingly, either by adjusting their positions or altogether taking their profits because after all, this is partly why one trades.