š Consider this scenario: You've got insider info that hints something could shoot up to $100,000 soon. But hereās the thingāitās priced at $71,000 now. If you had the chance to buy it for $60,000, would you hold out hoping it drops to $45,000? Many people would be thrilled to grab it at $55,000, thinking itās a steal.
š Here's the twist: Buyers who got in at $55,000 to $65,000 probably won't be willing to let go at $45,000. But, if youāre trading on borrowed money, tread carefully. Concerned about the potential for loss? It might be smarter to cut your losses and back out now. Taking a hit today might open up bigger wins down the line.
š” Reality check: The saying āYou donāt lose until you sellā isnāt quite right for leveraged trades. It fits better for those holding long-term or trading short-term without borrowing. Short-term traders hope the price jumps back to $70,000, soon or eventually. Long-term believers are convinced Bitcoin will rise as the next global standard, especially as the US dollar faces challenges.
No matter if youāre trading short-term, holding long-term, or somewhere in between, remember: in the unpredictable world of cryptocurrency, being knowledgeable and making timely decisions are crucial. They can lead to soaring successes or steep losses
