Bitcoin

Bitcoin: Time To Exit

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I just sold all my bitcoins (btc) and ether (eth) except a few bits and bobs to play in the defi pool while I get my wits back. It’s been a wild ride.

Reading: Bitcoin time to exit

The weekend was crazy, in a good way, and as someone who raised most of his crypto under $10,000, it was highly profitable and extremely stressful. don’t think for a minute that I’m a cool cucumber who can watch huge sums of money go by without the slightest movement of an eyebrow. I wouldn’t be a great poker player.

I think this is it for this boom? my answer is: this is enough for me. I don’t want to try to get to the top.

I feel like there is a chance bitcoin hits $40,000-$60,000 during this move, but my crypto was breaking my rule of thumb of diversifying by miles.

I’d rather sit now and lament the missed opportunity than face the prospect of a collapse that wipes out a large chunk of paper profits. my absolute confidence in the next btc rally has vanished so now is the time to say goodbye.

yesterday I closed down all my wary defi leveraged ethers that I had planned to capture at $750. at $1,050, the win is even sweeter. I pocketed the balance and parked the tokens in Yield Farming on Aave and Composite, ready for another campaign. i will miss the 6% blockfi interest on ethereum but when the market goes crazy 6% per annum is just noise. I will go back there if I return to the build. sites like blockfi.com are the future of savings and financial services. while regulators and banks will do their best to stop them, the march of crypto finance is unstoppable

Bulls get fed, bears get fed, pigs get slaughtered, so I keep reminding myself. It makes sense to me that bitcoin goes up to double its previous high, which would mean a spike of $40,000. likewise i think it makes sense for ether to go past its previous high and light up maybe $1800 and as I write i have regrets from the sellers but that is to be expected.

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bitcoin and ether have been great lovers and it pains me to sail away from their golden shores. hanging on to the last vertical move kills the speculator over and over again. as they grow ever more greedy for that final kill, they risk catastrophic losses, as was aptly demonstrated yesterday (jan 4, 2021) with btc plummeting to below $28,000 before a strong recovery . my intestines say “no, stop the music”.

bitcoin will be worth $1 trillion, but it may not be cut in half.

I can draw these graphs and you have seen them:

this is where I think the top of bitcoin is

…and this is where I think the cap is likely to be.

but I also predicted this one that now says, sell as it happened:

my previous prediction has come true, so I think it’s time to sell

and the $28,000 chart I posted is sobering because it stopped there before it roared:

bitcoin stopped here before roaring on

See also: Fidelity Crypto Industry and Digital Payments ETF | Fidelity Institutional

but voodoo charts aside, the law of diversification is key. You should never occupy a single position that you cannot bear to be embittered. anything above 5% of your net worth is getting too big, and anything above 10% needs a very careful look. As you spiral up, you don’t need financial advice, you need psychotherapy.

after having been acquiring btc and eth for two years at a pretty good rate, the change from $8,000 to $32,000 forced me to leave the field to others. good luck and $40,000 for those more stalwart than me.

I will now switch my focus to defi where projects will grow like weeds and some will turn into redwoods. I will be able to extend my exposure from there and branch out within the crypto universe and take advantage of the next decade of amazing crypto developments without risking one instrument carrying all the exposure.

good luck hodlers, wish you 1 satoshi = 1c and if btc ever goes back to $10,000-$15,000 I’ll be joining you again, in the meantime I’ll be messing with the defi degens. if bitcoin goes back at some point in the future i will come back because bitcoin will see much higher highs but for me now the medium term risk reward is wrong.

Meanwhile, gold is on the move and more games are on the way in these crazy times. by the way, I hope that you have created a package with the help of my cryptographic columns; It’s not over, it’s just the beginning.

Join Forbes crypto experts steven ehrlich and michael del castillo on Tuesday, January 19 at 2 p.m. >

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clem chambers is the CEO of the private investor website advfn.com and the author of 101 Ways to Pick Stock Market Winners and Trade Cryptocurrencies: A Beginner’s Guide.

chambers won the journalist of the year award in the uk state street business market commentary category. institutional press awards in 2018.

See also: Next Bitcoin Halving 2024 Date & Countdown [BTC Clock]

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