Time to Sell off Cryptocurrencies Now (March 2024) ?

RefusdClassification on 20/03/2024 - 16:44
Last edited 20/03/2024 - 16:46

About 10 days ago Bitcoin peaked at $110,00, then dropped down and stabilized at ~$103,000. Just today it has tumbled again to $93,500. Two consecutive drops has me worried. Is it the start of a long term price fall (like what began a few months before Russian invaded Ukraine)? Or are there forces that are likely to push it up again. I am seriously considering selling all I have in order to lock in a profit.

I don't understand all the factors at work. I am working mainly from price graphs. I wish i could peek into the future. Or maybe I need at ask a 'Psychic/Diviner/Cartomancer' for advice ;)

Financial Cryptocurrency Cryto

Comments

  • Name on 22/03/2024 - 09:40

    How long have you been in crypto for? This dip seems like any other week for me.

  • serpserpserp on 22/03/2024 - 09:52

    You ask this question like there is actually fundamentals that drive Crypto.

    News flash: there isn't.

    Bitcoin price is driven by hedge funds, PE, dark funds and illegal money trafficking. People who are trying to make money or a name for themselves by reporting on the ups and downs just try and make tenuous links to things in the financial markets or geo-political moments. The bottom line is the none of that matters. If a hedge fund wants to pump dogecoin tomorrow they'll just by 10 billion of it because it is just another Tuesday.

    • gviddy on 22/03/2024 - 10:18
      +3

      And don't forget Elon Musk. A single tweet can cause the market to move.

  • gviddy on 22/03/2024 - 10:17

    Depends how greedy you are. A little bit greedy then sell it now. Highly greedy then wait another 5 years.

  • Roe Jogan on 22/03/2024 - 12:33

    it will drop to 20k again, this isnt the first time it went up, it has done this 2 times before, last one was covid elon musk time, previous to that was 2018

    • May4th on 22/03/2024 - 14:56

      hard to see it dropping to 20k given the amount of inflow of institutional money with the bitcoin ETFs. the nadir of 18k usd was a culmination of a few black swan events including collapse of celsius luna implosion and FTX

      • Roe Jogan on 25/03/2024 - 08:18
        -1

        well yeh we still dont know who is buying but who has the majority, lets not swipe bit coins questionable origins under the rug, we still dont know who made it, who has the majority of the coin, which ever entity does can sink the entire market just like the usa gold reserves

        • May4th on 25/03/2024 - 09:17

          that's actually the biggest argument for bitcoin, that it's decentralized and no central government or individual controls the entire supply, perhaps read the white paper if you are interested

          • Roe Jogan on 25/03/2024 - 12:16

            @May4th: we dont know that, it could very well be a central government or a group of individuals

            • May4th on 25/03/2024 - 16:16

              @Roe Jogan: hence the need to read into how blockchain / bitcoin actually works. if you look into block chain technology you'd know it's impossible for an individual or group of people to dictate its supply, apart from the obvious market effects of buying/selling

              • Roe Jogan on 25/03/2024 - 18:21
                -1

                @May4th: i suggest you look up the events that lead to the creation of bitcoin. there was a really good documentary i watched about it. it even went past bitcoin and what other rug pull scams existed before it, bitcoin has only been legitimatized due to people backing it, otherwise who created it? who made the software to mine it? how much is there in circulation, what does it really do? how is it mined? what algorism is running and what is that algorithm is doing, what is it calculating, why is it calculating? no one can answer these questions, people who have stake in it will try and pretend like the understand it. truth is no one knows still who created it and im sure there is a kill switch or there is a shit load stored somewhere, if one can sink the entire market he/she/they effectively control the market.

                • May4th on 26/03/2024 - 04:42

                  @Roe Jogan:

                  who made the software to mine it? how much is there in circulation, what does it really do? how is it mined? what algorism is running and what is that algorithm is doing, what is it calculating, why is it calculating? no one can answer these questions,

                  Clearly you haven't looked into it then..these are all questions you can easily find answers to if you just google

                  • Roe Jogan on 26/03/2024 - 08:33
                    -1

                    @May4th: I have, those answers are not convincing and sound like a scam. if it quacks like a duck

                • Astrom on 06/04/2024 - 06:19

                  @Roe Jogan:

                  otherwise who created it? who made the software to mine it? how much is there in circulation, what does it really do? how is it mined? what algorism is running and what is that algorithm is doing, what is it calculating, why is it calculating? no one can answer these questions, people who have stake in it will try and pretend like the understand it. truth is no one knows still who created it and im sure there is a kill switch or there is a shit load stored somewhere, if one can sink the entire market he/she/they effectively control the market.

                  lol + lmao
                  ancient alien theorists believe it is possible that the code was given to us from extraterrestrials

                  • Roe Jogan on 06/04/2024 - 10:50

                    @Astrom: realists Believe its a government op and they hold majority of it

  • SpicyStew on 22/03/2024 - 13:04

    zoom out the chart and learn about corrections

  • neonlight on 22/03/2024 - 15:58
    -1

    Just waiting for Ai to use Quantum computing and crack the bitcoin blockchain, then it will become worthless

  • Toph Beifong on 22/03/2024 - 17:22

    My small investment of Eth has just broken even, I bought at the peak of 2021.

  • TightLikeThisx on 22/03/2024 - 17:22

    Zoom out!

    https://bullshit.se/bitcoin

    • SBOB on 22/03/2024 - 18:00
      +2

      Based on the belief that past events guarantee future events, btc market cap will eventually exceed the GDP of the known universe

  • Dack Smith on 22/03/2024 - 18:35

    Not time yet to sell

    Bitcoin is projected to rise to $102,000 per BTC according to experts

    If you shat your pants now and dump just because of some minor fluctuations, you are not a mature or smart investor and shouldn’t be playing the game.

    BTC will gradually replace world currency at large

    It is the way of the digital future

  • pulpfiction on 22/03/2024 - 20:01
    +2

    So many people here are gambling and have NFI.

    Do you need the money to buy something? If so, sell.

    Has your investment thesis changed about crypto, or has it hit your target valuation. If so, sell.

    If not, hold or buy.

    If you’re trying the outsmart the market, hit the roulette table. Loads more fun than crypto.

  • dcash on 23/03/2024 - 10:38

    Looks to be crashing. Better get out while you can.

  • Sxio on 23/03/2024 - 11:45
    -3

    Bitcoin is so inherently interesting because fundamentally it has no value at all. Eventually i think it will be worth almost nothing, but right now there's a lot of money to be made. I would be holding, buying more when i can and saving so when it drops i can buy more again.

    • pulpfiction on 23/03/2024 - 23:02

      How exactly does it have no value when it’s used to trade? If you’re talking intrinsic value, the yes slightly less than cash, but more than binary in your bank account.

      If you think the markets will abandon it, I’d love to hear your thesis on the replacement medium for how many use it today (particularly for porn, drugs etc).

      Genuine question BTW.

      • Sxio on 24/03/2024 - 00:49

        Sure man. I'll get onto answering it once I've finished my thesis on it.

        • pulpfiction on 24/03/2024 - 13:20

          Cool. Great contribution to the conversation. You should use your time to do posts like this more often 👍

          • Sxio on 24/03/2024 - 14:25
            -1

            @pulpfiction: I gave exactly my opinion. That's all I'm willing to give. You want my conjecture on what will be the next currency used for porn and drugs. That's completely irrelevant. Work it out yourself. Use that big brain you were born with to create an original thought. You might like the feeling?

            • pulpfiction on 24/03/2024 - 21:55

              @Sxio: Sure. I'll come up with some original thoughts about your opinion. Sounds like a sweet exercise to do.

              • Sxio on 24/03/2024 - 22:05
                -1

                @pulpfiction: Great contribution to the conversation bro! Well done for all of this.

                • pulpfiction on 24/03/2024 - 22:08

                  @Sxio: Dude I asked a question out of interest and you literally said you didn't want to offer more. Honestly, I don't know what you're after here man. I think we're done here.

    • dfg555 on 27/03/2024 - 02:08
      -1

      Bitcoin is so inherently interesting because fundamentally it has no value at all.

      USD

      Fixed it.

  • mrvaluepack on 23/03/2024 - 12:54

    Thats the problem with these gamblers. Don't know when to buy and sell.

  • Dack Smith on 23/03/2024 - 13:33

    Sydel Sierra was able to retire at age 30 and own an Aston Martin by bitcoin investment alone.

    I have held 1 BTC since 2016 and is hoping for big increases in value

    People may diss cryptocurrency, but the earnings are real.

    Unless… not sure why people like to just earn a minimum wage at full time under the capitalist regime?

    • mmd on 24/03/2024 - 03:12

      Do you earn anything from this?

  • sidesw1pe on 23/03/2024 - 13:39
    +1

    If in doubt zoom out.

  • capslock janitor on 24/03/2024 - 14:35

    Let's talk in USD

  • feelingroovy on 24/03/2024 - 14:44
    +1

    have a look at the bitcoin halving events in the past compared to the peaks. the next halving is in <30 days, i'm sure in the short term it'll dip a lot more than it has now… but man just give it a year (or not, that's just my thought).

    If you're worried about your emotions playing too much into it, come up with a profit goal and when you reach it, sell what you have.

    there's no point in making these posts - no one knows what will happen. if any of us could tell the future we'd be trillionares and definitely not checking in to ozbargain forums.

  • altomic on 05/04/2024 - 14:33

    Back to $103,459

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