Should I Hold or Sell Bitcoin (BTC)?

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You should sell Bitcoin if you really need the money or cannot afford to lose your investment. On the other hand, if you can afford to wait and can risk the loss of your investment, it is worthwhile to hold on to your investment for the long term.

When engaged in crypto trading, there are a lot of things to consider. Although Bitcoin is the most well-known and successful cryptocurrency in existence, it was also created using one of the newest types of tech within the financial sector. Therefore, learning the trading process can be a complex process.

Nevertheless, in order to make money with Bitcoin, you must go above and beyond to learn about Bitcoin and the crypto sector. This is because the crypto market is highly volatile. Therefore, while it’s entirely possible to make lots of money, it’s also possible to lose your whole investment. In other words, in order to be a successful Bitcoin trader, you should take the time to do your due diligence and ensure that you are confident in dealing with the product.

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What is Bitcoin (BTC)?

Essentially, Bitcoin is a form of decentralized digital currency. It was created to be a revolutionary method of peer-to-peer currency that is secure, transparent, and doesn’t require any middlemen.

You can use it for payments or transfer money over the internet. But Bitcoin as technology also encompasses the software and protocols that govern the Bitcoin network and blockchain.

Bitcoin is the first cryptocurrency that hit the global market and is the most valuable. Its current market cap is over $900 billion.

Besides being the most valuable, it’s also the most influential. Bitcoin created the space for the thousands of cryptocurrency projects in the market today. Furthermore, the blockchain technology that powers Bitcoin has disrupted the financial industry and almost every industry in the world. If you want to learn more about Bitcoin, read our Guide Bitcoin for Dummies

Bitcoin as a payment system

Bitcoin works in some ways like other digital payment systems, such as PayPal. However, you’re exchanging digital assets, not fiat currency.

Users have online or offline wallets that each have unique addresses and are used to store their cryptocurrency. Making a payment or transfer is as simple as entering the destination wallet’s address and clicking send.

For example, let’s say you wanted to send money to a friend or relative in another country. With Bitcoin, you could deposit money directly into the personal crypto wallet within minutes, not days. Instead of paying high fees to payment processors, you would only have to pay a minimal transaction fee that helps maintain the network.

Bitcoin as digital gold

Bitcoin is often referred to as ‘digital gold.’ Like gold, it has several inherent characteristics that make it a valuable asset. For example, both gold and Bitcoin are deflationary, decentralized, and offer a hedge against inflation.

For one thing, Bitcoin’s token supply is regulated. Unlike fiat currency, which can be printed without limit, Bitcoin has a supply cap of 21 million tokens. Over 90% of them are already in circulation.

Learn How to Get Free Bitcoins

Since it’s a scarce asset, many people compare it to gold as a hedge against inflation. Assets suitable to hedge against inflation generally exhibit these features: scarcity, accessibility, and durability.

Bitcoin has established an influential position in the market and demonstrated that it could accumulate growing demand over time. This chart shows the rising value of Bitcoin relative to the price of gold. Comparing BTC to gold is probably a better comparison than fiat currency due to fiat’s potentially volatile inflation rates.

Bitcoin Chart from 2013

Bitcoin Chart from 2013

How to Buy Bitcoin with PayPal?

Bitcoin Price Performance

Bitcoin Price 1y Return 193.96%
Bitcoin Price 1m Return 43.64%

Bitcoin Chart

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Top Reasons To Sell Bitcoin Now

If you own Bitcoin and are wondering about the benefits of selling it, some of the reasons are as follows:

1

Cheap Money Time is Over. The FED (Federal Reserve System) interest rates have recently been hiked. Although you would expect the FED to affect stock more, we must remember that the stock and cryptocurrency markets have always been related. So it makes sense that FED policies will affect the price of crypto. This hike is intended to try and control the out-of-control inflation we have been seeing in global markets. So, as investors navigate the uncertain economic waters, several markets are struggling. Crypto included.

2

Groupthink Dangers: Since Bitcoin was the first-ever crypto and also one which has made many people lots of money, many people bought into it by default. Nevertheless, this does not mean that it will stand the test of time. It is entirely possible for Bitcoin to tank once people lose interest in it or simply move on to other financial products.

3

Other Options: Although Bitcoin has had much success in the past, it is far from the only crypto on the market. Therefore, investing in newer products can be a way actually to make a gainful investment. This means that you may want to exchange your BTC for other crypto products.

4

Lack of Regulations: Lastly, the lack of regulations makes BTC a major wild card. Although there have been rumors of widespread regulations, it has yet to occur. No matter what kind of crypto you invest in, you will have to deal with a high level of volatility.

Top Reasons to Hold Bitcoin

The price has corrected significantly

Bitcoin is currently trading at a discount of nearly 66% from its all-time high. While this fall might seem like a crash for majority of assets classes, it is just another routine correction when it comes to cryptocurrencies. A general rule of thumb investors adhere to is the buying-the-dip methodology where an asset is accumulated during its correction. So given the distance from the peak for Bitcoin’s price currently, experts believe that its price has higher chances to find a support somewhere around the current levels, representing a buying opportunity.

Institutional Adoption

When Bitcoin was first launched, all market participants were highly skeptical about its adoption. But slowly and gradually, people are now accepting the innovation and utilizing it for their own operational requirements. In fact, many investment firms and funds now have a portfolio dedicated primarily to cryptocurrencies, majority of which have Bitcoin as the most heavily weighted constituent. This adds a lot of attention and reliability to the crypto’s name as retail investors generally act upon the advisory of these firms.

Lightning network success

The Bitcoin network can process nearly 4.6 transactions per second. While this might be slower compared to the likes of Visa, it does get ahead when it comes to the transaction costs involved. As per blockchain.com, the average fees per transaction (in USD) for Bitcoin currently is approximately $1.43, while the same for Visa can go as high as 3.55% of the transaction amount + a $0.10 flat fee. This has led to a considerable migration of users to the crypto platform for transaction facilitation.

Bitcoin has store value

The maximum supply of Bitcoin is fixed at 21 million coins. This means that beyond this point, Bitcoin will provide store value given its limited supply. To understand this better, take the example of gold, which obviously has a limited supply available. In order to store the value of fiat money, investors generally invest their money in gold, which in turn preserves value against factors like inflation. Experts believe that Bitcoin as an investment borrows some of its behavior from gold, having similar characteristics like limited supply and store value, and so many also call it “digital gold.”

The halving cycle makes bitcoin scarce

Let’s first understand what does the halving cycle mean. In order to mine Bitcoin, the miners solve complex computer equations. For solving such equations successfully, they are rewarded with blocks of Bitcoin, and each block contains a fixed amount of bitcoin (6.25 BTC per block currently.) For every 210,000th block mined, the number of bitcoins awarded per block gets halved. So by the next halving cycle (predicted to take place in 2024), miners would only get 3.25 BTC per block, reducing the supply of Bitcoin in the market. And as the basic laws of economics suggest, lower supply, with even stable demand (if not higher,) leads to a higher price.

The bitcoin bull cycle theory

As with any other asset, analysts believe that the price of Bitcoin too moves in cycles. It is said that every Bitcoin bull run is followed by a crypto winter, where the price of the currency falls anywhere between 60-80%, but not significantly breaching the previous cycle high. The same cycle has taken place currently with Bitcoin sustaining the sub-$17,000 levels and bouncing back from there. If this theory is deemed to be correct, then the next bull run might not be far.

Bitcoin is the benchmark for cryptocurrencies

While this might sound ironic, Bitcoin is actually stable relative to the other cryptocurrencies (excluding the currency-pegged stable-coins.) And as it is also the primary crypto, experts often see it as the benchmark for comparison for alternative coins. This adds a lot of trust and following behind its name.

Should I Buy Bitcoin (BTC) 2024? Top Pros and Cons

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When To Sell Bitcoin? Bitcoin Price Analysis

You should sell Bitcoin when you need the money. Bitcoin can be an excellent investment, but it will do nothing to help you pay your bills in the present. Also, you may want to sell if the price has doubled or tripled since you purchased it. Additionally, you should also take the time to research the TradingView technical analysis tool signals for the Bitcoin price for the next month. "Sell" or "Strong Sell" means that most of the signals are bearish. "Buy" or "Strong Buy" means that most of the signals are bullish.

Technical analysis of BTC/USD

To find a better entry point, also find out what TradingView technical analysis tool signals for the Bitcoin price for the next month. "Sell" or "Strong Sell" means that most of the signals are bearish. "Buy" or "Strong Buy" means that most of the signals are bullish.

Bitcoin Price Prediction 2024, 2025, 2030

Many experts believe that Bitcoin will definitely reach US$30,000 by the end of 2024. On the other hand, experts assert that by 2025, the minimum BTC price may drop to $69,895.65974. Lastly, many experts have predicted that Bitcoin will be traded for at least $458,613.78404 by 2030.

Bitcoin Price Prediction 2024

The table below shows the forecasts as of the end of each month in 2024, according to TU analysts price prediction.

Month Minimum Price Average Price Maximum Price
April 2024 $56412.58 $62680.65 $68948.72
May 2024 $57089.54 $63432.82 $69776.1
June 2024 $57774.61 $64194.01 $70613.41
July 2024 $58467.91 $64964.34 $71460.77
August 2024 $59169.52 $65743.91 $72318.3
September 2024 $59879.56 $66532.84 $73186.12
October 2024 $60598.11 $67331.23 $74064.35
November 2024 $61325.28 $68139.2 $74953.12
December 2024 $62061.18 $68956.87 $75852.56

Bitcoin price Prediction - 2025, 2030, 2033

Year Price in the middle of the year Price at the end of the year
2024 $64194.01 $68956.87
2025 $74073.11 $79568.96
2026 $85472.58 $91814.21
2027 $98626.35 $105943.93
2028 $113804.43 $122248.13
2029 $131318.32 $141061.47
2030 $151527.51 $162770.07
2031 $174846.77 $187819.51
2032 $201754.75 $216723.93
2033 $232803.75 $250076.6
2034 $268631 $288562.03
2035 $309971.86 $332970.18
Bitcoin Price Prediction 2024, 2025, 2030 - Will BTC Go Up?

How to Sell Bitcoin

To sell Bitcoin, you need to complete the following steps:

1

Click on Buy/Sell on the platform’s home screen and select ‘sell.’

2

Set the Sale Options.

3

Complete the Sale.

Should I Sell Bitcoin (BTC) now? Conclusion

In conclusion, deciding whether to buy or sell Bitcoin is a personal choice. For instance, if you really need the money or cannot afford to lose your investment, it may be time to sell. On the other hand, if you can afford to wait and can risk the loss of your investment, it is worthwhile to hold on to your investment for the long term.

Price prediction methodology

The following tools and instruments were used for making the prediction:

Basic instruments of technical analysis. The forecast relies on basic technical indicators. The analysis was performed mostly on medium and long-term time frames for more accurate results.


Statistical tools that allow experts to evaluate the probability of an event that may influence the prices of cryptocurrencies.


Individual features of a cryptocurrency startup and its competitiveness: number of tokens in free circulation, restriction of emission, potential usefulness of the startup for the society, roadmap and development plans of the startup, potential vulnerability of the startup’s blockchain, examples of hacks, failures in the entire history of cryptocurrency existence, capitalization dynamics compared to key competitors, share of major coin holders and other subjective factors.

Note:

This price prediction is based on current information and historical data. Strong fundamental factors capable of radically changing the overall situation in the cryptocurrency markets, impacting the prices of certain cryptocurrencies and subsequently changing the price trend, may appear in the future. The price predictions are updated regularly based on the latest data.

This article is created for informational purposes only and does not constitute investment advice. Be aware of the high volatility of cryptocurrencies and consider these risks when making investment decisions.

FAQ

Who created Bitcoin?

Bitcoin was created in 1998 by Wei Dai on the cypherpunks mailing list. He first introduced the concept of cryptocurrency by asserting that it was a new form of money that uses cryptography to control its creation and transactions as opposed to using a central authority.

Do people really use Bitcoin?

Yes. More and more people and businesses are starting to use Bitcoin. In fact, as of May 2018, the overall value of bitcoins in the US exceeded 100 billion dollars, millions of dollars worth of bitcoins are exchanged daily.

How do you get Bitcoins?

You can get paid in Bitcoin for goods and services, you can earn them through competitive mining, you can exchange them with people you know, or you can purchase them at a Bitcoin exchange.

Is Bitcoin totally virtual, or is it a tangible asset?

Bitcoin is totally virtual.

Team that worked on the article

Ivan Andriyenko
Author at Traders Union

Ivan Andriyenko is a financial expert and analyst. He specializes in trading in the Forex, stock and cryptocurrency markets. His preferred trading style is conservative strategies with low or medium risk, medium and long-term investments. He has 7 years of experience in the financial markets. Ivan is involved in preparation of articles for novice traders, and also of the reviews and evaluation of brokers, analyzing their reliability, trading conditions and peculiarities.

Ivan continuously tests new strategies for various assets, choosing the most effective options. In addition, he believes that helping novice traders is an important aspect of work. He shares information that beginners require – educational materials, strategies.

Ivan’s motto: continuous studying and experimentation lead to success.

Olga Shendetskaya
Author and editor at Traders Union

Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.

Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.

Olga’s motto: Do well and you’ll be well!

Mirjan Hipolito
Cryptocurrency and stock expert

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.