Crypto Community Grapples With the Decision to Sell or Hold Bitcoin After the Recent Rally

By BeInCrypto October 26, 2023 In Bitcoin, Cryptocurrencies

With Bitcoin prices rallying, the crypto market is currently divided on the question of whether to sell or hold.

Various social media users are discussing the greed and fear index as an indicator of what actions to take.

Crypto Community Debates Whether to Sell or Hold

Amid rising prices in the crypto market, numerous community members are turning to X (formerly Twitter) to voice their speculations about whether to sell or hold Bitcoin.

At the time of publication, Bitcoin’s price has rallied by approximately 23% over the last seven days. Its current price is $34,849.

Bitcoin Price Chart 1 Month. Source: BeInCrypto

Pro-XRP lawyer John Deaton, declares his hesitancy over the apparent rise in the crypto market.

“Okay I have to admit that when everyone is saying the bull market is back it makes me hesitant. Buying is an easy decision. Selling is by far the much harder decision. If we’re losing, we don’t want to admit we got it wrong, so we don’t sell,” Deaton said.

Meanwhile, other X users cited their prior experiences as the motivation for securing profits.

“I’m 100% taking profits based on the experiences and stories I’ve heard from people like you that have been in the space for a while,” another crypti community member said.

Industry Leaders Forecast a Bitcoin Price Rally

It was only a few weeks ago that a crypto industry leader told BeInCrypto that the market is due for a bull run.

Pavel Matveev, CEO of Wirex, shared with BeInCrypto that the Grayscale legal triumph against the US Securities and Exchange Commission (SEC), which mandates the regulator to reevaluate its recent denial of a spot Bitcoin ETF proposal, signifies a pivotal moment in the cryptocurrency industry.

“For everyday investors, a Bitcoin ETF could make investing in Bitcoin much simpler. They wouldn’t have to worry about buying and storing cryptocurrency directly. Big institutional investors might see the approval of a Bitcoin ETF as a signal that the cryptocurrency market is becoming more legitimate… This could influence the price and how the Bitcoin market works. This court decision could make more people interested in and involved with cryptocurrencies,” Matveev said.

Matveev further elaborated that the introduction of a spot Bitcoin ETF would broaden market access for both retail and institutional investors. This would lead to an increase in Bitcoin’s inflows. This assertion makes one wonder whether it is the right time to sell or continue to hold Bitcoin.

Interestingly, on-chain analyst and BeInCrypto’s Global Head of News, Ali Martinez, said that even short-term holders are now in profit after Bitcoin crossed the $27,900 mark. Therefore, the market sentiment has shifted to bullish, which could push Bitcoin higher.

“Bitcoin has crossed the short-term holder cost basis of around $27,900, which is a crucial psychological benchmark. If BTC maintains above this level, those short-term holders previously underwater may be back in profit. This could signal a shift to a bullish market sentiment,” Martinez said.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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