Is It Time to Sell or Hold After the Bitcoin Price Rally?

With Bitcoin (BTC) prices rising, 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.

Amid rising volatility in the crypto market, many community members are turning to X (formerly Twitter) to voice their opinions on whether to sell or hold Bitcoin.

At the time of publication, the price of Bitcoin has increased by approximately 23% over the past seven days. The current price is $34,849.

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John Deaton, a pro-XRP lawyer, declared his hesitation on the apparent increase in the crypto market.

“Well, I have to admit that I'm hesitant when everyone says the bull market is back. It's an easy decision to buy. It's a tough decision to sell. If we're losing, we don't sell because we don't want to admit we're wrong,” Deaton said.

Meanwhile, other X users cite their past experiences as motivation to profit.

“I take 100% profit from the experience and stories I hear from people like you who have been in the space for a while,” said another member of the crypto community.

Industry Leaders Predict Bitcoin Price Rally

A couple of weeks ago, a crypto industry leader told BeInCrypto that the market is due for a bull run.

Wirex CEO Pavel Matveev shared with BeInCrypto that the grayscale legal victory against the US Securities and Exchange Commission (SEC) will force the regulator to re-evaluate its recent rejection of a Bitcoin ETF proposal. .

“For everyday investors, Bitcoin ETFs make investing in Bitcoin very easy. They don't have to worry about buying and storing cryptocurrency directly.

“Large institutional investors may see the approval of the Bitcoin ETF as a sign that the cryptocurrency market is becoming more legitimate…

“This may affect the price and how the Bitcoin market works. This court decision may cause more people to seek and participate in cryptocurrencies,” Matveev said.

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Matveev also explained that the introduction of the spot Bitcoin ETF will expand market access for retail and institutional investors. This leads to an increase in Bitcoin income. This confirmation makes one wonder if it is the right time to sell Bitcoin or continue.

Interestingly, according to Ali Martinez, an on-chain analyst and global head of news for BeinCrypto, even short-term holders are in profit after Bitcoin broke the $27,900 mark. Therefore, the market sentiment has changed to bullish, which Bitcoin can go higher.

“Bitcoin has crossed the short-term holding cost of $27,900, which is an important psychological indicator. If BTC stays above this level, those short-term holders may return to early-water profits. This may indicate a shift to higher market sentiment,” Martinez said. .