As always when the crypto market goes through a bullish rally, there is a significant temptation to sell our Bitcoins and collect the profits right now, before the market crashes once again. However, this can backfire if the crash doesn’t come and the price of BTC continues to rise. For this reason, analyst Scott Melker recommends that you do not sell all of your Bitcoins on the Tweet of today:
Is it a good idea to sell your Bitcoins?
In recent weeks, we have witnessed what appears to be the start of a new bullish rally in Bitcoin. Which would be driven not only by a significant increase in the demand for BTC from institutional investors. But also by the third Halving in the Blockchain of the cryptocurrency, which reduced the rate of expansion of its money supply.
However, and although many analysts have predicted that this rally will lead Bitcoin to reach new record figures. The truth is that not everyone in the crypto market trusts these analyzes. Which is why they would consider selling their Bitcoin right now, in order to guarantee their profits before the cryptocurrency crashes once again.
A position that for Scott Melker, one of the most important analysts in the crypto market, would be a big mistake. Well, for Melker, Bitcoin is about to radically increase its price, and anyone who sells at this moment will lose the huge profits that could be received in the future.
«How will you feel if you lose all your Bitcoin trading and see it skyrocket in the next few years? Don’t be the jerk who gives your money to the market when you have this unique opportunity to acquire wealth. If you have to trade, do it small. Accumulate the rest«.
So Scott Melker’s advice in this situation is that we limit our Bitcoin sales as much as we can. Let’s use only a small part to trade. And let’s hoard as much as we can while waiting for its price to skyrocket, as he is sure it will.