As always when the crypto market goes through a bullish rally, there’s a strong temptation to sell our Bitcoins and collect the profits right now, before the market collapses once again. However, this can be counterproductive if the collapse doesn’t come and the price of BTC continues to rise. For this reason, analyst Scott Melker recommends that you don’t sell all your Bitcoins in today’s Tweet:
Impact of the recent FED announcement on Bitcoin
Is it a good idea to sell your Bitcoins?
In the last few weeks, we’ve witnessed what seems to be the beginning of a new bullish rally in Bitcoin. This will be driven not only by a significant increase in demand for BTC from institutional investors. But also by the third Halving in the Blockchain of the crypto-currency, which reduced the pace of expansion of its money supply.
However, and although many analysts have predicted that this rally will lead Bitcoin to reach new record figures. The truth is that not everyone in the crypto market trusts these analyses. That’s why they’d consider selling their Bitcoin right now, so that they can guarantee their profits before the crypto currency falls once again.
A position that for Scott Melker, one of the most important analysts of the crypto market, would be a big mistake. For Melker, Bitcoin is about to increase its price radically, and anyone who sells at this moment will miss out on the enormous profits they could receive in the future.
„How will you feel if you lose all your trading with Crypto Trader and see it skyrocket in the next few years? Don’t be the fool who gives his money to the market when he has this unique opportunity to acquire wealth. If you have to trade, trade small. Accumulate the rest.
So, Scott Melker’s advice in this situation is to limit our Bitcoin sales as much as possible. Let’s use only a small part of it to trade. And accumulate as much as we can while waiting for the price to skyrocket, as he’s sure it will.