Bitcoin Forum

I have learned something so important in the previous bull market that got to about $30k . When the price of bitcoin was $21k I bought some bitcoin and after getting this amount of bitcoin I had target if it gets to $30,000 I will take profit, luckily it got to the price I was targeting but I was reluctant to take profit like I planned thinking the market price will go beyond $30,000 to get more profits but unfortunately the price didn't continue to increase,  but I'm not worried about that because I know the price will definitely increase again and I will get my profit of target.

I'm saying this because of some people who may have a target,  it is important for them to hodl to their target and not be carried away by the increase of price of  the market. The market can never be predicted, hold to your target and never be too greedy to make more profit. There is another day for another profit. This is important for people who have been patiently waiting for their target .

I think you should edit and correct your figures; $30 is different from $30,000.
 One thing is to have a target; another is to hold onto your decision. If you eventually meet your dream target and, out of greed to make more profit, you miss the chance to sell at that price,

To me, it's advisable for you to hold your coin and never sell low, because selling at a lower price when you have already seen a higher price might make you look like a fool. At some point, it's good to sell below your target if you see that the market is dropping. In order to stop losing money, you can sell below your target.
But it's always good for you to hold onto your target very strongly; don't allow greed to control you.

It is one of the best strategies to have a target where as the best target is to hold for a longer time but short targets aren’t bad either. I don’t blame you for getting a little greedy when the price was on an increase it was Human. Sometimes I feel when we set target we can Atleast twerk it to gain more if at all the money you invested isn’t an amount that would be of a problem if it runs into loss. But if the money is for a specific purpose and one invested it into bitcoin with a target which is tricky it is better to withdraw immediately the target is met.

Regardless do not invest into bitcoin to get a profit at a certain period because the market doesn’t actually have a specific trend.

From all indications and predictions next year will be better in the Bitcoin space. I know it is not certain because the price is affected by so many uncontrollable economic and political factors but I believe 2024 will bring more profit, so you have not lost anything. You just have to restrategize and set your benchmarks again.

But like you advised greed can make us miss great opportunities to make profits. That is why it is better to always follow our investment plans. If your plan states that it is time to sell, you should obey because delay might either lead to loss or a lucky gain.

If it's bitcoin, maybe everyone has a very high selling price target, especially since the price of bitcoin has reached almost $ 60k. So people might have a sell price target of over $60k, maybe over $70k-$100k so they won't sell their bitcoins until they reach their target price.

But some will still hold their bitcoins even though maybe the price has reached $100k but they don't sell their bitcoins. That's probably because they realized that the bitcoin price could go up to more than $100k so they're still holding on to the bitcoins.

So set your selling price target and wait patiently while accumulating more bitcoins, especially in times like today. If you can keep buying at the low price you are now, you will have more bitcoins and if you sell at your target selling price, you can make a very high profit.

There's nothing like exceeding your target in that if truly you understand that the Bitcoin market price will rise again and the recent dump in price that happened was just strengthen the market's bullish momentum. Therefore, if you are planning to set a target now when the market is yet to reach a new ATH price you may make a worse mistake, and to prevent that from happening I will advise you to hold for at least a year.

therefore it is important for you to manage your investment planning from the start. I mean if you have a plan to sell an asset at a target price, then you can stick to it. but if you have a plan on a time target or the accumulation of the number of assets you have, you also have to be consistent about doing it. this will not be easy for a beginner, but it will be profitable for those who manage to stay consistent with what they planned from the start.

If it is already your decision, any positive suggestion will not affect your resolve. Your belief in the price of Bitcoin will penetrate the price of $ 30k is very reasonable, previously Bitcoin has reached $ 64K on April 14 2021 which is the highest price of all time.
It looks like you have to hold assets in your wallet longer to reach the desired target, anyone will never doubt if the decision is unanimous, only time will make your target achieved. Good luck with your decision.

The recent push for the chart upwards has been a bit slow but not such a drag that we don't believe that Bitcoin will hit a high.
To be able to reach the target, it takes a strong patience.

This kind of thinking needs to be maintained because it will lead us to a goal.
The market is very vulnerable to ups and downs which makes many analyzes not as precise as predicted.
Today the price of 1 BTC $28K, not necessarily tomorrow the price will be the same. Sometimes it can increase and can be under $28K.

What kind of bull run are you referring to? We are still in the price correlation of bitcoin and are not yet in any bull run. Don't jump to the conclusion that this year's bull run in bitcoin starts at the $30k price point.

There is nothing wrong with someone setting their target price of bitcoin higher than they actually intend to sell it for if they believe the market will continue to grow but later run it didn't.

One thing about investing in bitcoin that I can say with certainty is that, as long as you can hold on to your bitcoin assets, you won't be at a loss even if the price of bitcoin doesn't rise as quickly as you had anticipated.
With time and patience, the target price will undoubtedly arrive.

You can set your target and maybe not achieve what you have set and then reset your target, the market is very volatile as so you may also continuously have to reset your target.

I believe the long term investors would be the one to benefit most, Bitcoin is solid so the risk involved in it is also low, it’s best to set long term targets when dealing with Bitcoin.

You trusted the process too much than you should have done...
All the greed and bulky eyes for a stock in cash Made you forget that there's a certain principles the market flows with ....and without them, you can't call it "marketing"...
The bull market isn't closed yet as many are still buying and HODLing 'em coins... You're certainly set to make alot of profit after this long bullish trend....now it's all about the patience cus that's what will keep you away from selling at a loss.

Sandra 🧑‍🦰

It is helpful to have a price target when investing in Bitcoin, but it can be difficult to stick to the target due to emotions, especially for newcomers who are unfamiliar with market fluctuations.


But, for example, if you set a target price of $30k for selling your Bitcoin and then wake up to see it pumping up due to some good news, will you sell it or set another target and monitor the price at that time?
I believe the target is subjective because, depending on the market situation at the time, some decisions can be made that cannot be classified as greedy ;D.

yes, holding assets to stay on target will make our practice consistent. because we want to get bigger results because we are greedy, sometimes it makes us miss the momentum of the pump.
therefore investors or traders need to have good analytical skills. it is important when you want to choose an asset and also determine the target price to sell or buy.
those who are inconsistent in their targets are usually people who are still panicking at the market, and also those who are greedy with greater returns from investments or trades made.

In this case of @OP, there is one word we need to avoid and that is "GREED".  Being too greedy will make us to miss certain targets in trading.  Yes, we had set our selling price, and we should abide by it.

There is certain situation that can be an example, due to greed and wanting to earn more, we don't sell and wait for further increase which oftentimes doesn't happen because after the market hit our target price, instead of going up, the price started to plummet below our target price, in this case, @OP is lucky because he is trading with Bitcoin so there is this tendency to go up again.  If it happens that he is trading with shitcoins, his holding would be worthless by now  ;D.

I do agree with @OP that when it hits your selling price, sell.  This will make you move on without any regrets.

If you are planning to hold your bitcoin for long term, then you shouldn’t be disturbed about the current bitcoin price, but if you are having mindset of short term trading, then sometimes you shouldn’t be greedy, you won’t always meet up with your target, if you do your analysis and you think the market might soon go against you, then you should take your profits. If you are planning to hold for long term then you shouldn’t sell easily, you should be greedy for more profits.

Target is very important in almost every aspects of humans life and with it, we can achieve our aim easily. So in crypto industry, especially for traders and even long term investors we suppose to get price target and when it reach we should take our profits.Failure to get target sometimes in crypto industry about your investments may leads to lose of great opportunity some times.

So it good to always abide by our target in orders not to lose the opportunity.greediness sometimes always leads to bad luck. I remember one term that I was holding one altcoin which later pump, from the pump I make some good profits that had reach my target but do my greediness I decided not to sell and it the profits, thinking that it will continue pumping at that period but later I lost profits and even half of investment found after I sold it when I get no hope at last.

Good advice for yourself. If you're giving yourself a target, no heart feelings and just follow what you've set for. Many of the people that have set for target during the last bull run didn't take their profits because of greed and think that the price of bitcoin shall continue to a higher price.
I've learned my experience from 2017 bull run when I didn't take profits. It's normal for someone to feel that there's no need to take profit yet because price might be higher eventually. But then if you've seen in the past that bitcoin is highly volatile, you'll miss that moment within split seconds of not selling it. Always try to convert your profits into stable coins first so that you can comeback and buyback anytime the market goes in a correction. I've got my expectations set for short term and I've got mine as well for the long term. You need to put that boundary and target and do the necessary when you're at the right time.

Being greedy does not really help,being greedy can still make you lose money you weren't expecting to lose,
It is always good to be smart,take your profit when you are supposed to take it,or else,your coin will reduce to zero level.
I love holding,and I have always stig to holding because I don't want to do anything that will make me have heart problem in trading.What ever that will make me switch from holding to day trading ,I only avoid it,because I know  what trading has done to someone I know,I don't want to be a victim now,so I just try as much as I could to a avoid it.

You are unable to take your profits even when you have a target, it's going to be the same for many others as well, when the target is meet it could be hard to take profits, I have witnessed this many times before, and this have make many lose money, if you are into crypto for a long term be ready to take your profit once your target is reached.

In the 2021 bull run many people kept gazing on their crypto wallet after they have made some thousands of dollars, but they are too greedy to press the sell icon, they wanted more and they end up watching their bags slowly losing value thing they found themselves in another bear market.

I have vowed to never allow this to happen to me again because I have to confess, I was a victim of this too in 2021, it's because I lacked how to read charts, I think the easiest way to know if you are doing the right thing is knowing about charts.

It is more safer to hold as long as the bull trend is still strong and full. Buying at $21k is a good entry point that might not appear again in the market until this bull run is over and it will even be more profitable for buyers at that price entry level compared to when the sell hoping to buy again when price goes lower, this applies to those who might consider selling at $30k, Because no matter how much the price retraces to it will never go back to such price until after a long while.

OP, it's one thing to have a certain goal or target, and it's quite another thing to stick to that goal.
An ideal investor should thoroughly analyze the crypto market, and make rational decisions based on his analysis and concrete facts and not based on his emotions.
When a specific target is set, you simply need to stick to your decision and not change your mind.
If you allow yourself to panic because of the movement in the market, it is a sure way to ruin.
Based on my personal analysis of the crypto market, I have set my investment goals and have a clear exit strategy. At the same time, I have invested in several different asset classes and am waiting for what will bring me the desired profit.

When the market getting a ride with market volatility and we recently see that the bitcoin dumps immediately make yourself prepare for this kind of instance not time the market will give you a huge amount of profit there's a time when the market will pull back in this time its good to have a well built plan and possible financial targets and goal for the late comers of the bull run last time this is good news for accumulate a lot of coins as soon as possible before the halving comes the history repeats itself and its already proven and tested. So set a plan and goal and make a chill and profit for your preparations.

Every investor/traders should have a take profit plan for its portfolio, so as the price an asset keeps growing in value ,one will be taken out profit gradually out of the market, than keeping the whole stuff and waiting to take profit at once until when gets to a particular price level  before you could take out profit.  For me my profit taking strategy starts with as follows; 30%, 50%, 70% and finally 100% off the market, When there's a clear indication that the market wants to take a reverse. So with this strategy it has helped me not exiting market way too early than I should and to exit market way too late.

Of course people have different perspectives where they will target separately where the final target will be hit and this is someone's strategy in investing and basically a strategy is really needed, maybe targeting a slightly excessive quantity in the near future is not effective because of course this requires a long term, maybe for those who are too target and until then they desire to exceed it is human nature or this is someone's ambition.

Greed is one major investment killer. If you set a particular target to be invested, in bitcoin for instance, stick to it. After the first sale or during the bull run, there might be increase in price and this could be a deadly trap for you to invest more money whereas, you cant predict the next sales price. It might still be more profitable and vice versa. So to be guided, you need to maintain you set target and be patience for another period of time.
Setting of target is always easy from the start of every investment but the difficult part is maintaining the standard especially when tempted with the profit.

Having a definite target, all bitcoin investors really need, in the initial plan when they want to invest. And all of these plans or targets must be considered carefully from the start, don't set targets at random. Just like investing in bitcoin, it would be nice, before investing, we have to research and estimate how much price capacity bitcoin can achieve at this time. After finishing all that research, then determine the target price you want.

you are right about greed, greed in investing must be avoided, because it will be very dangerous to indulge in greed. because not a few people, who were going to get profits, but instead get losses, and it's all because of a great sense of greed. So it's true, in any case in this world, greed will lead to destruction.

And me personally, investing in bitcoin, my personal target is the upcoming bitcoin halving. Because from the start I had planned to invest for the long term, if I sold it continuously at this time, I was afraid I would get addicted and in the end I didn't feel that I had few bitcoin assets and my original plan changed. But if you invest in the short term, actually it doesn't matter, the most important thing is that there are still profits that you can still get. But my advice, it would be better for you to invest in bitcoin for the long term.

Or maybe be contented when you aim for something. Sometimes we are tend to become greedy and cancel our objectives due to hoping for more profits which ended up losing cause of the market situation. If you able to buy on 21k then sold at 30k thats a great profit already and we shouldnt regret what weve done. If ever it goes beyond then its still okay, cause profit is profit. Being able to live up with such discipline could attain more. Stop the emotions and being too greedy.

Profit is profit, which one is holding because you have a target? Isn't that the same with having a Bitcoin 100k target in 2021 that got many wrecked? They aim for 100k pet bitcoin before they can start taking profits and 100k never came, they end up losing all the profits and now having to hold through another bear market, sometimes, holding can make you become so greedy, do not aim too high, have a doable positive point of taking profits, if your coin is already doing 10x in a bull market, it's the perfect time to start taking profits.

Do not be too greedy all in the name of targeting a particular price point, start taking profit when the bull run is ongoing, most times our price target is just a dream, you won't lose a thing taking profits but you will lose if you fail to take profits.

Many people get greedy when they see the profits they can get increase rapidly and want to chase bigger profits.
But we often forget that quick profits can decrease as the price decreases because usually, after the price reaches a temporary high, the price will decrease again.
That will keep us from taking profits and even experiencing losses but as long as we can still survive when the price decreases and are patiently waiting for the price to rise again, we can make a profit.
But we have to wait until the price can reverse direction and reach high prices again.

Patience in cryptocurrency is already half the success on the way to a good profit. Look at the price of Bitcoin for example, it always rises sooner or later.  This means that the whole question remains: how low can you buy Bitcoin.
Everyone has a goal - it's profit. But you need to be an adequate person and understand that you cannot earn x20 x50 x 100. Cryptocurrencies are not roulette, but a painstaking process with many small goals.

You don't have to set target to purchase bitcoin. It is good you purchase on the bear market and anytime when price goes up and you decide to sell it, that is left for you, and if you don't want to sell it all the same. But whereby you place target on your investment, my brother you will be disappointed because the price is not stable in one place. And always remove your mind from your investment and stop checking  tradingview.

You are correct. The cryptocurrency market is volatile and unpredictable, so the best course of action is to stick to our target and take the small profit we have. OP, most times, greed causes us to exceed our target because we will think that if we leave the coin due to the market condition at that time, the price will rise above our target, but it always turns out the other way around.

That's why we must have a target in determining when we can buy and sell.
Most people keep holding on to their bitcoins when the price increases because they still want bigger profits, even though it can't always happen.
And when the bull run or altcoin season arrives, they have to decide whether to sell their high-rising coins or keep them on hold.
Sometimes it becomes a dilemma for investors who do not have a target selling price but have to decide because otherwise, they will have to wait a few more years to see the price of the coins increase again.

The plan is easy to create but following it is somewhat difficult for a person who has doubts inside and of course when our minds got easily manipulated by FUDs and negativity. Like we usually said that we hold until the next ATH or bull season but when short pumps come out, we are also in a hurry of selling them taking the opportunity. In this situation, we broke our plan already and I was sure that it never go that easy and be out of the course of our plan as it was been twisted already, no way to that think we are able to fulfill our plan in the end.

I believe most of us have plans as well as goals when investing, but you are right, planning is not difficult, but executing it is really not easy. I also believe that OP's mistake is not only in newbies but even old people, and professionals who make the same mistake. Simply because we all have greed and we can't always successfully control it. Honestly, I still made that mistake even though I restrained myself many times to stick to the plan, but it was tough.

It means that we have to set our goal as somewhat realistic. Unfortunately, the mentality of the people usually makes it fail because at the moment that the price goes high, they then started thinking maybe it rises more than our preferred price of selling so I still hold. Not bad isn't it but in this case, we already make our goal ruins. Because I see that it was hard to follow our plan if we are also emotionally stressed and greedy, it was hard to stay on our targets when our mind never focuses on it but instead, we got influenced by news and rumors around.

That's why keep your emotions and greed aside while trading bitcoin. If you lose focus it will make hard lose for you, so keep your focus intact and don't fall for greed.
I always try to make a realistic plan and when my price hits I sell my coins, not less not more. Holding is the key while trading bitcoin, and also investing money in bitcoin for a long time, short investments do not work here.

Some people get so greedy that they fail to follow their original plans. I might never think it went completely wrong ^{[especially if they were holding bitcoin],} but they missed a good opportunity to take profits when the target was hit.

Consistent with the initial investment plan is a good choice, but it is always possible to get them to start changing the plan once they find out that the potential price of bitcoin is much higher than they expected. The OP has most likely realized that bitcoin will be very expensive if ATH is not reached after the 2024 halving, so he need not worry even if he failed to take profit on the previous target.

It's always a good thing to make plans and actually follow them. Without plans, it's so easy for one to lose its course. Plans are the only thing that helps one to stay in line and avoid unnecessary regrets. Good enough, the bitcoin market is one that its volatile nature could be overcomed by having enough patience for the market to bounce back to a desired price.

Hodling is always your asylum in an unstable and unpredictable market. It's not a bad idea to always change the plan to hodling after you have faulted it. You'll always better off hodling than trying to profit at every price shift.

This will be a trading plan that every trader must be critically to set up. After reaching the target it will be better to sell so it will avoid a fail or distraction on your trading plan.  If you can see more potential statistic to get more profit by volatility of bitcoin price then right away to analyze next trading plan to do.

It’s a certain fact that people decide to invest not only because it’s their passion but mostly because of their greed. But if it reaches the point when your greed is highly uncontrollable, that will only lead you into possible losses than to reap your future profits. That’s the reason why we should always stick to our target goals, and not be carried away by greed. After all, when you decide to sell at a good price, you are already making profits. So just buy back again when the price drops sharply so you can enter the market at its perfect timing.

Exactly!

Exceeding your price target will disrupt your will to and instead you will try to hodl more waiting for the price to grow without knowing and how dangerous it is waiting without considering the possibility of it going down. That's the danger of being greedy you will expect more instead of getting that desired profit which is more than what you gain when the the price would suddenly drop.

I hope everyone don't make the same mistake as what the OP did and I know some of them already did made a mistake but it's about time they have to correct it once they meet again with their price target.

That's code for "be disciplined with yourself" or "don't let your emotion take over" or "don't be greedy; that greed could screw you." It's a cliche, I know, but I believe it's worth the effort. You can't make a decent choice if you're plagued by uncertainty, and greed will lead you there. To survive and succeed, we need nothing more than a level head. Yes, I've been through this a lot and am still working on getting past it. My guiding principle is to "seize the day," which in the context of investing means "wait for the bull run, sell when it reaches ATH, and forget about it."

That's a very good advise you just mentioned as stated above, because if I could remember, the last time Bitcoin had a price of $21k per BTC was 4 months ago (December 2022), which means if only had you invested a whole 1 BTC, by now you should have made a profit of over $6k since the current price of BTC is $27k. But however, I'm sure if Btc could break this $30k resistance, it will likely hit another high price of the least $40k in few months from now. Because from this action of yours it clearly shows you are one person who truly believe in Bitcoin.

But unfortunately, most of us are emotional and yes, greedy. That is why we could see that people usually ask what happen to crypto now. Why did the price drop? It is absolute to say that people are in a hurry of making themselves rich and so they never follow what is in their plan instead, they follow their emotions and unrealistic target.
There is no way to gain success if we fail to follow our simple plan and with all investment, the same scenario is able to see.

Thank you for sharing your experience in the previous bull market. Indeed, setting a target and sticking to it is an important strategy for traders and investors to minimize their risk and maximize their profit potential. It is easy to get caught up in the excitement of a rapidly rising market and become greedy, but this can lead to making impulsive and emotional decisions that can be detrimental to your investment.

As you mentioned, the crypto market is unpredictable and can fluctuate rapidly. It is important to have a clear strategy in mind and follow it consistently, rather than trying to time the market or chase after quick gains. This can involve setting price targets, using stop-loss orders to limit your losses, and diversifying your portfolio to mitigate risk.

In addition, it is important to do your own research and stay informed about the latest developments in the crypto market. This can involve following news sources, keeping up with industry trends, and staying aware of regulatory changes that can impact the market.

Overall, patience, discipline, and a clear strategy are key to successful trading and investing in the volatile world of crypto

Let me tell you something. Profit booking is not everyone's piece of cake. Only the wise ones can book their profits consistently.
Most of the other traders generally wait for higher price and eventually sells at lower prices and book lower profits.
In fact, many people sell at a loss and keep waiting to buy back. But what you say is true. We do need to book our profits at our targets.
We should control our greed and execute our trades as per the strategy we have planned. Patience is the key.

Having a target is one of the finest methods; the optimum target is to hold for a longer period of time, but short targets aren't bad either. I don't blame you for being a little spoiled when the cost of living increased. Sometimes I think that if we set a goal, we can at least tweak it to gain more if the amount of money invested isn't too high to cause a problem if it fails. However, it is preferable to withdraw the funds as soon as the goal is reached if the money is intended for a specific use and was invested in bitcoin with a challenging target.

I am agree with you that btc price will increase once again but we don't know how much time it will take to reach again 30k. It is good to set goals from the beginning that how much profit will be good for you. Actually it was your sixth sense telling you that in this place you should take profit and wait for dip to make another entry But you fell into temptation and lost opportunity to sell at 30k.

If you were a trader, you would know that I can't do much more than that but you just trusted on holding. I will recommend everyone to learn some trading also to get more Profit in these up and down situation. if you have good fund then 50% should be used for holding using DCA while other for trading.