Did I just do the unthinkable?!
Did I just sell some BTC?!
Normally I don't trade BTC much at all, I just HODL it, but the Halving has got me thinking...
I have some BTC that I will likely never sell (you know just in case it actually does become the world's reserve currency some day), and I have some BTC that I will not sell unless we breakout to new highs, and then I also have a little trading BTC that I sometimes play around with when I see an opportunity.
Well, after doing some critical thinking and looking at how everything is trading that bitcoin is currently tied to ( cough cough US stocks), the prudent thing seemed to be to take some off the table on this current bounce.
These yellow arrows don't happen very often on my BTC charts, but they showed up today...
(Source: https://bittrex.com/Market/Index?MarketName=USD-BTC)
Like I said though, this isn't the BTC I will likely never sell, and it isn't even the BTC I am holding for new highs or bust. It was some of my trading BTC...
So, don't just follow me in and dump all your holdings.
That being said, I do think there is a somewhat decent chance that bitcoin dips after this next halving...
Which is less than 3 weeks away at this point.
The last halving saw bitcoin dip rather significantly in the first couple months following the halving.
I would not be surprised to see that happen again here.
Especially with bitcoin tracking stocks lately and stocks are now some 35% up in the last month or so.
Plus, we just had BCH and BSV dip rather significantly after their halvings last week as well, though I will be the first to admit they are really nothing like actual bitcoin in almost every way.
Given those things though, a dip in bitcoin seems rather likely to me over the coming months, though keep in mind we might have a significant run up into the halving first.
And if that happens I will be kicking myself for ringing the register on some of my trading stockpile here at $7,500.
Oh well, what can you do?!
Stay informed my friends.
-Doc