As the value and acceptance of Bitcoin continues to increase, you as a trader may get tempted to sell your holdings for cash. However, when you do choose to sell Bitcoin, try not to jump the gun as you could miss out on a bigger payday!
People who have never have sold Bitcoin before may find it confusing, but as long as you have access to a digital currency exchange, you will always have plenty of ways to turn Bitcoin into a fiat currency.
It is obvious that crypto-investors always have worries about the right and the wrong times to turn their coins to cash. The worries get multiplied by the velocity at which Bitcoin rises and falls every time, giving less time for even established traders to make a right decision. As such, panic could cause newbies to make the most terrible decisions.
If you do want to sell Bitcoin, then ensure that you are going to get the best exchange rate possible. That can be done by using a Bitcoin currency exchange which charges nominal fees without a need to sign up. Ironically, the fees in most exchange platforms are high.
So, in this article, I will share two factors to be considered that will determine the best time for every investors to sell.
- Personal Targets
Majority of the Crypto investors always have a target price in mind. The reason may be related to technical, fundamentals or even based on general opinion in social media platforms.
Furthermore, personal needs or plans may also make an investor believe that a particular price would be enough to achieve short-term or medium-term objectives. For example, an investor may be extremely happy to exit with 10x returns.
Another may not be satisfied even with 20x returns. Almost a majority of crypto investors fall in this category. So, once your personal targets have been met, it is only cool to sell and not be greedy.
- Unique Price History
It is now obvious that Bitcoin tends to remain in a downtrend or uptrend on specific months of a year. Even though there is no guarantee that it will happen again next year, still, it allows a trader to sell before the cryptocurrency drops sharply.
For the past several years, Bitcoin either trades flat or falls sharply in January of every year. Interestingly, Harvard researchers have found that there is a 50% probability of a price correction to happen after an asset rallies by more than 100% over a period of two years.
The probability of a crash increases to 80% if the asset price increases by a minimum of 150%. The researchers arrived at the conclusion after studying nearly a 100-year data in several financial markets across the world. So, a trader can use the conclusions to sell at the right time.
How to sell your bitcoins in Nigeria:
Create a bitcoin Sell order at Redimit with the quantity of bitcoin you are attempting to send. Follow those guidelines;
Sell your bitcoin for cash in 4 simple steps.
- Visit RedimIT and click on sell bitcoin
- Enter the value of bitcoin in USD & the sender/receivers bank details
- Copy Redimit’s wallet to send bitcoin
- Upon receipt, Naira will be paid instantly into to the reciever’’s bank
After receiving the bitcoin, Redimit can pay Naira into your Nigerian Bank account.
How long does sell order take to complete via Redimit?
Sell bitcoin order on Redimit are usually completed within minutes. Order will be completed when admin has verified bitcoin in the admin wallet.
Bitcoin: some wallet providers require a specific number of network confirmations before the Bitcoin will show up in your account.
For Naira: please wait for your bank to credit you based on their interbank settlement schedule. Naira are sent instantly from our bank.