Bobos & Wojaks

Get rich or die tryin

What To Do if Bitcoin Hits 30k or Less?

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bitcoin-image

 

Option 1: Just Keep Buying

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Actually, there is a lot more you can do other than sitting on your hands and bag holding for having bought at relatively higher prices. The most obvious though not all I came to tell you here today is to simply ignore it and keep adding to your holdings. Let’s say every month you add a portion of your earnings to your crypto holdings. The truth of the matter is, it doesn’t matter the current prices, whether it’s crashing or pumping, or any short term price action. These types of plays are long term, and the ROI in the long term with Bitcoin and decently vetted altcoins will always be not only positive but huge. 10 years from now on Bitcoin or a decent alt? The odds are ever in your favour. Just keep adding.

 

Option 2: Short Your Own Holdings

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Your second option is to short your own holdings. Take a good look at the current graph. Does it look familiar? Can you spot areas of resistance? An area that looks like a floor or a ceiling? Is it below the current price? Then another option here is to sell your current asset holdings to repurchase at a lower price. If you bought Bitcoin at 60k, and the price is 50k, you would sell for a 15.15% approx. loss. However, if you then bought Bitcoin again at 40k and the price rises to 50k, you would be at a 25% profit. What’s more interesting, is that your current balance is 8.55% OVER that of your original principal amount. This is shorting your own holdings, no borrowing, no leverage, no risk of liquidation and making gains even in a bear market.

 

Option 3: Diversify

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The third option I’m going to mention is diversifying your portfolio or your positions. We know that Bitcoin price movements, especially in bear markets, can be very dominant over the price movements of many coins in the altcoin space. However, what we also know is that it isn’t always dominant, overall altcoins. What does this mean? Take a look at the ALGO chart for the past 2 days. Bitcoin made at a price over under 60k. ALGO nearly doubled in value at the peak of the movement. So, take some off of your primary holdings whether that be Bitcoin, Ethereum or another coin, and start investing in some of your favourite alts. Chances are, a few of them will expose you to some quick gains amid the crash or bear market. Nowhere else can you claim 100%+ profits, if not on altcoins.

In times of high volatility such as this, try not to use too much leverage. Leverage positions are easy fodder in markets like this, and will likely be liquidated.