With the super low lows that Bitcoin has been experiencing as of late, it seems like it'd be a great idea to buy now. Or at least it was a couple of days ago when the prices were under $6800. Of course, there's also all this hype about Bitcoin reaching $100,000 next year & 1 million not long from now as well. Now those are just predictions, of course, but it's also possible, without regard to probability.
If you hold other coins or tokens, especially those that follow suit with Bitcoin in general market trends (Bitcoin spikes, 'X' coin/token spikes, BTC dips, 'X' dips) then is it worth it to sell those altcoins/tokens off to buy Bitcoin? You would tend to think that if Bitcoin spikes to $100,000 next year, these altcoins/tokens that move tightly together with Bitcoin will also see a huge spike. Of course, it's impossible to tell if that will happen or not, just like it's impossible to tell if Bitcoin really will hit $100,000.
The reason I'm talking about this is that, like most other people, I would like to make money from investing in crypto. When there's a lot of hype around something & things are looking like a great time to buy because of low prices, my brain says "Let's do it! Now! Sell off all of these tokens & buy the low BTC!" The thing is though, I've already lost money trying to sell high & buy low & usually it's because the prices of the pair I'm trading have moved the same direction in the market & I'm just not paying enough attention. Thankfully I've only lost very minimal amounts. However, I've been wondering if it would simply be better to hold on to the tokens I currently have instead of buying into BTC. If BTC spikes to a hundred grand next year, I think it would be logical to assume that these tokens like BAT & XRP will also spike to a high enough amount that it would be worth selling them & waiting for the prices to drop way down again. This seems like a much safer investment to me than to just try buying into Bitcoin itself because of all the hype.
These are just my thoughts on the current market. Don't take any of this as advice but in fact, let me know your thoughts. Do you think I'm wrong? Will Bitcoin actually reach a hundred grand or is it nothing more than hype? Do you think other tokens will spike as well? Anything else you have to add to the discussion.
