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Crypto Community Grapples With Decision to Sell or Hold Bitcoin (BTC) After Recent Rally

2 mins
Updated by Ciaran Lyons
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In Brief

  • Amid rising crypto prices, community members debate on whether to sell or hold, using greed and fear index.
  • Pro-XRP lawyer John Deaton expresses hesitancy over the surge, stating selling is a harder decision than buying.
  • Wirex CEO Pavel Matveev predicts a bull run, stating a Bitcoin ETF could drive increased capital inflows.
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With prices surging throughout the crypto market, the crypto community is currently divided on the question of whether to sell or hold.

People are discussing the greed and fear index as an indicator of what actions to take.

Growing Crypto User Expertise Over Time

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

At the time of publication, Bitcoin has surged by approximately 23% over the last seven days. Its current price stands at $34,849.

Bitcoin Price Chart 1 Month. Source: BeInCrypto
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,” he says.

“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.”

“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 user says.

Crypto Industry Leaders Have Been Forecasting a Bull Run in Recent Times

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 on October 12 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.

Matveev elaborated that the introduction of a spot Bitcoin ETF would broaden market access for both retail and institutional investors. This could potentially lead to increased capital inflows that could drive up prices.

Top crypto platforms in the US | March 2024

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.
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