Bitcoin had recently reached all-time high, jumping past $60k! It was shaky there during the previous correction, but if you pushed through it, you’d be able to see this new price point. Now we are headed to the moon!
But what’s the plan? Should we just HODL until we die? Or should we sell it once it hits a record-breaking price? Let’s first breakdown the coin and what we can expect.
Bitcoin Bull Cycle
Bitcoin is currently in its huge growth phase, currently in price exploration mode. We are about to see exponential growth to unprecedented prices. Bull runs typically last about 4 years, blasting off after Bitcoin halving period, which happens every 4 years.
The last phase will go parabolic created new FOMO with new investors. Everyone and anyone will be talking about Bitcoin and the price will reach ridiculous highs.
Bitcoin Price Prediction
So, what kind of price are we talking? I’ve previously predicted a top at around $300k. Many others have predicted the same. Normally a range of $250k – $350k can be found. But when will Bitcoin hit this price target?
Many people and myself included, predict the top to hit around September – early October. Ben Armstrong of BitBoy Crypto predicts an exact date of September 28th. He followed the patterns and timelines of past bull runs to get this target.
Bitcoin is predicted to reached $250k – $350k by the end of September. Then what? It’ll crash overnight? Not exactly.
Bitcoin Bear Run
We’re projected to have an amazing bull run, but when does the bear market hit? It will gradually go longer over the course of the bear market. History points to a reduction of around 80% in price. So if Bitcoin hits $300k, we can expect to see prices fall down to as low as $60k.
That’s a far fall from reaching those crazy price targets. Basically, the coin price will return the prices we are seeing today. But this time around I don’t think we’ll see such a sharp decline. Things are different.
We have much more public acceptance of Bitcoin, with big time companies now invested in the space. Elon Musk, Michael Saylor and now more and more companies are jumping on board to utilize crypto in their business models.
It’s become much more mainstream than ever before. Does this mean we won’t see a bear market? Absolutely not. I’m just foreseeing a much smaller decline than history dictates. At most we’ll see a 60% decline during this bear run.
But what do I know?
Taking Profits or HODL
So, we have a price target and a timeline, do we just stay in the game until the next bull run or should we start taking some profits? Here’s my plan.
I want to accumulate more coins. So I am planning to start taking profits starting in late Summer, most likely August. It will be small percentages and I will continue to do so while the coin spikes and begins its decline. It is impossible to time the top and I would strongly encourage everyone not to do it. I plan to keep most of my Bitcoin but take some profits a little before the spike and a little after.
Once the coin hits price targets I’m aiming for, I’ll jump right back in. I’m not trying to time the bottom either. That’s a game I know I’ll lose.
I recommend everyone have targets in mind. If you hit a certain number in your portfolio, start taking profits. When you have enough money to buy in to purchase target percentage of coins, jump right back in. I don’t recommend selling 100% of it either.
This is where you can really make that life-changing money. Taking your profits and accumulating even more coins. Once we head back into the bull market, we’re set for life.
If you’re happy with your current positions, feel free to HODL. The bear run won’t last forever and when the bull run returns, we’ll see prices even higher than before.
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