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I feel compelled to address recurring comments I’ve gotten a lot in the past week or two—generally along the lines of “should I sell / I sold” or some variation of that theme.
Your portfolio has probably grown a lot over the past few months. Certainly, if you need to sell your crypto, do it. Life will always give you opportunities to build wealth, whether that’s in crypto or something else, and the crypto market will certainly offer better opportunities in the future than it does today.
Plus there’s no substitute for the peace of mind that comes from having cash in hand.
Also, in the short term, bitcoin’s price pattern matches step-for-step a specific bearish trading pattern at the same time institutional buying has either tapered off or failed to keep pace with retail compared to several months ago. Meanwhile, traditional investors are selling out of bitcoin funds at an unprecedented pace and Ethereum now shows some warning signs. Catch my April 29, 2021 update, which talks about this in more depth.
Why don’t I recommend selling?
Because this market has gone up for six months despite losing strength with every new high. Enthusiasm is off the charts from retail investors (people like you and me).
Now, we’re finally starting to see strength come back into the market. For example, aSOPR has almost reset on the 7-day moving average, peak indicators have calmed down, and HODL patterns show positive movements.
I’ll talk about that more in an update for premium subscribers soon, along with some realistic expectations for bitcoin’s price in the near term.
Opportunity has nothing to do with price, it’s more about appreciating the shifts in momentum and getting ahead of the trends. I hate having to catch up to the market. Maybe you do, too.
While everybody seems to have dismissed some big downside risks that could play out in the near future, this market has plenty of room to run.
At this moment, bitcoin’s price is barely above the buying zone of my plan.
At the same time, we’re nowhere near a market cycle peak. As such, I have no reason to sell.
Bitcoin has a way of going up just when you think it has to go down and going down just when you think it has to go up. Altcoins follow wherever bitcoin goes—when my plan calls to buy bitcoin, I bump up my allocations to altcoins, too.
If anything, I’m looking forward to buying. Outside of a few new altcoin gems I’ve discovered in the past few months, I haven’t had a chance to put more money into the market since November 2020. It would be nice if I’m fortunate enough to get another chance to do that sometime soon.
Will I get that chance?
We shall see.
Here’s what you missed in April and what you can expect in May.
What you missed in April
Market Updates
Sunday Rundowns
What to expect in May
Perspective on the markets and the news.
Weekly rundowns of interesting stories, events, and observations.
Bitcoin and altcoin market updates (premium subscribers only).
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Relax and enjoy the ride!
Sell Your Crypto Now? April Recap, May Preview for Crypto is Easy