A plan is required to protect profits from Bitcoin trade

  • There is no surety until when the buying frenzy of Bitcoin will remain
  • Investors of BTC should always plan and concern about taking profits from the crypto token
  • Investors should take a portion of profits proactively, instead of holding the entire profit for long-term

In recent months Bitcoin (BTC) performed very wildly and achieved new highs. In December, when the token crossed the price level of $20,000, everyone started to grab the token. No one in the space was sure that the flagship crypto token has the potential to cross the level of $40,000 at such a tremendous pace. However, currently, the token is wearing off and trading at levels near $30,000. Observing the current scenario, it is observed that the spot is very challenging for the leading crypto token.

The buying frenzy of Bitcoin will end soon

In recent months, every eye in the cryptosphere witnessed how the price of Bitcoin surged tremendously. Comparing the price of BTC with what price it was trading near the end of Q3 2020, it is observed that the flagship crypto coin has gained approximately 400 folds since then. However, if observing the current scenario, anyone is optimistic that the price will gain more than 400% from here, then they should stop being greedy. Like all good things, the recent bull run of Bitcoin will also come to an end. 

Taking profits should be the primary concern of investors

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Observing the current scenario, it is found that Bitcoin investors are needed to be more concerned about the profits. May the last surge towards the price of the level of $42,000 was only a short-term top for this rally, or investors might get a bit higher. However, it’s essential for now that we should stop pressing our bets and think about taking profits. As money can only be made if we sell our winners, these things can fall at the same pace as they surge even higher. 

Why planning to gain is an essential factor?

If we make sure to plan to take profits, we can catch such epic profits instead of letting them escape. And whenever anyone invests anywhere, the ultimate goal is to gain profits only. Every investor will want to take profits proactively and may take, or maybe can keep following such higher trailing stops, or do a bit of both. Still, better would be to take some portion of the profits proactively and then follow the rest higher with a trailing stop. But planning is needed as if someone holds too long rides can get back the way down.

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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