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Even diamond-hand, long-term cryptocurrency investors need to know when to sell or risk losing millions in the next crypto crash. Knowing when to sell your cryptocurrency takes the stress and guesswork out of investing. Get up to $250 in free bitcoin when you open an account on BlockFi https://mystockmarketbasics.com/blockfi
Cryptocurrency prices are crazy! Investing in bitcoin or altcoins is like a roller coaster inside a bungee jump! Having a strategy for when to sell your cryptocurrency will take the stress out because you won’t have to watch prices. You’ll know exactly when you’re going to sell and won’t have to worry about where prices are until then.
Most cryptocurrency investors have no idea when to sell. They watch the price of bitcoin and altcoins rise and fall every day, worrying what to do. When the price does fall, they lose sleep wondering if they should have taken profits. Data from Bloomberg shows the most recent bitcoin crash wiped out one-in-five bitcoin millionaires…diamond-hands is NOT an investing strategy!
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In this video, I’ll show you why having a strategy for when to sell crypto is important even for long-term investors. I’ll then share three strategies to know exactly how to sell and then reveal my cryptocurrency portfolio and how I’m using the strategies.
Understand, I don’t believe anyone can predict crypto prices. We’ve seen some evidence of cycles like how the halving cycle seems to push prices higher but the market is so new that nothing is certain. That’s why the most important time to sell crypto isn’t based on the market but on your goals and needs.
The first strategy for when to sell crypto, and this is my favorite of the three, is based on your financial goals. This involves creating a mental picture around your goals and using that to know how much money you need. That’s going to tell you at what prices to sell cryptocurrency to lock-in that financial future.
I also like a strategy of taking profits on crypto on the way up. This means setting price targets so as bitcoin and other crypto rises, you can be taking advantage of that by locking in profits. You don’t have to take the money out. I like to put it in stablecoins to earn interest until prices come down and buy in again.
Still not investing in cryptocurrency? Don’t miss the rest of the videos in our cryptocurrency tutorial series for beginners!
How Much Crypto Do You Need to Become a Millionaire? https://youtu.be/fVHLOKTK4rI
Price forecasts for 7 other cryptocurrencies including Ethereum, Litecoin and Stablecoins https://youtu.be/8IYNyn-QB_M
Coinbase Stock vs Cryptocurrency…why I’m only Buying ONE! https://youtu.be/PQO7yOgSt5o
The Secret Tax Loophole for Crypto Investors! https://youtu.be/629f5wZQvQ8
Should You Invest in Cryptocurrency ETFs? | Hidden Risks https://youtu.be/CTMm4vunoXE
Two ways to value bitcoin and why it could go to $190,000 in a few years! https://youtu.be/hrTVtv-caiE
Bitcoin vs Ethereum: Which is the Better Investment? https://youtu.be/UWgWcsA8dSQ
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Joseph Hogue, CFA spent nearly a decade as an investment analyst for institutional firms and banks. He now helps people understand their financial lives through debt payoff strategies, investing and ways to save more money. He has appeared on Bloomberg and on sites like CNBC and Morningstar. He holds the Chartered Financial Analyst (CFA) designation and is a veteran of the Marine Corps.