Sirwin
Sirwin

Do you expect profit booking after BTC halving?

By Bala | Bala | 13 Apr 2024


BTC halving is an historical event and many investors and crypto enthusiasts are anticipating this mega event. I'm expecting the price of BTC to see a big change on the halving day. I cannot say for sure if it would be a pump or dump but there will be a drastic change is what my mind keeps telling me. It is also good to have a watch on the other tokens too because there is a high chance that many investors might do a profit booking and switch gears to altcoins.

Huge selling pressure

Many experts predict that there can be a huge selling pressure either a day before the halving event or a day after halving event pushing the price down. But some people say that even before the halving happens the price of BTC might get pushed above 100k creating a new all-time high price. We cannot say anything for sure because mostly all these predictions are not 100% reliable and whenever someone is predicting something, only the opposite happens.

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The focus should always be on seeing this in the long term. I agree that a halving event is a huge event but investors should think about investing for the long term and not try to make profits in short term. If there is a huge selling pressure at the wrong time, we might end up in a loss trap. I wouldn't say that we should not do any experiments. I would like to do some quick trades at that time if possible using a small amount of money that I don't mind losing. If the price difference is too much, there is a high chance that even a small amount of money traded can give a great outcome. It is just a gamble I guess.

Most likely profit booking

Profit booking not only means that people might just sell their Bitcoin. There is a high chance that people who book their profits might as well invest in other coins they believe in. There are several other alternative coins available in the market that can see a great party during that time. I'm bullish about XRP and BCH because they both have the potential. I would like to buy some more XRP as long as the price is down right now. I already have enough BCH with me so I would like to book profits on them if the price of BCH is going to cross 1k dollars.

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We can expect anything. It can either be a bear trend that pulls the price further down or a bear trend that can take the price further up. It is very likely that if at all a bull trend happens, it should happen to some altcoins so that we also have the altcoin party along with the halving event. We have to be patient for some more days to understand what is going to happen. Only then we will know what will be the best strategy for us. I'm going to be having some liquidity with me just in case if Hive price goes up and if I have to sell some Hive for profit booking.

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Bala
Bala

Developer | Writer | Blogger | Gamer | Blockchain Enthusiast


Bala
Bala

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