With Bitcoin (BTC) soaring past $60,000 and flirting with $63,630 before settling around $62,000, investors ponder the opportune moment to sell the cryptocurrency.
According to insights from pseudonymous crypto analyst CryptoJelleNL, holders are advised to maintain their Bitcoin positions, anticipating new all-time highs ranging from $75,000 to $150,000. The analyst suggests a cautious approach, advising against selling before Bitcoin surpasses $92,000.
Bitcoin price action analysis and advice. Source:CryptoJelleNL
Crypto market expert Ali Martinez highlights the absence of significant resistance levels ahead for Bitcoin. Notably, a robust support zone exists between $54,300 and $56,200, underlining investor confidence in the asset.
Data from DeFi analytics platform IntoTheBlock reveals that 99% of Bitcoin holders are currently profitable, with the majority holding the asset for over a year. This widespread profitability underscores Bitcoin's resilience and long-term investment potential.
Bitcoin holders’ composition. Source:IntoTheBlock
CryptoJelleNL anticipates Bitcoin's ascent to the upper echelons of its trading channel, with a potential price target exceeding $100,000 by the end of the year. The analyst's projections align with Bitcoin's ongoing bullish trajectory.
As of now, Bitcoin trades at $62,659, marking substantial gains over the past 24 hours and the preceding week. With a monthly price surge of 44.52%, Bitcoin demonstrates strong upward momentum.
Bitcoin 30-day price chart. Source:Finbold
While Bitcoin's upward trajectory seems inexorable, investors are advised to conduct thorough research before making selling decisions. Sound judgment and informed decisions are crucial in navigating the volatile cryptocurrency market.
In conclusion, while Bitcoin continues its ascent to new price records, investors should remain vigilant and consider selling positions judiciously to capitalize on profit opportunities.
In the last cycle, when the bull market was approaching madness, I mentioned in the article that I would take two measures: one is to sell at a high level, and the other is to keep at least (roughly) 20% to 30% of the position without cashing it out and keep it forever.
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