- Crypto Redditors discuss crypto investing moves amid approaching Bitcoin Halving.
- Traders contemplate between accumulating more BTC or taking risks with altcoins.
- The discussion seems to be leaning more towards one strategy.
Crypto Redditors spark a discussion online around crypto trading strategies. This conversation came about when one Redditor addressed the others about their crypto trading plan amid the looming Bitcoin Halving event of May 2024.
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With less than a year to go for the May 4, 2024 Bitcoin Halving event, many crypto traders are planning their next big crypto trading and investing moves. To gain a deeper understanding of what the market would be, one crypto trader asks the Reddit crypto community.
In detail, a user asks the Redditors on the CryptoCurrency thread about their BTC accumulation strategy. The user says with the Bitcoin Halving event approaching, what strategies do other crypto traders have in mind?
To highlight, the user draws light to two possible strategies. Firstly, he asks, will crypto traders be accumulating more BTC than usual to prepare for the Bitcoin Halving event. Secondly, he asks if they’d instead be focusing on altcoins. After all, he points out, altcoins offer higher risk – higher reward potential.
The Redditor goes on to say that historically, the price of Bitcoin tends to rise between halvings. Thus accordingly, the price surge after each halving has been significant. In fact, the first few experiences saw an increase of over 10,000%.
More so, subsequent halvings saw a result of approximately 2,900% growth, and so on. While the Redditor makes it clear that he is not providing any analysis or conducting technical analysis, he is curious if others have developed a strategy for this upcoming event.
He says it is no secret that altcoins often follow the price movements of Bitcoin since Bitcoin largely dictates the overall market sentiment. Therefore, he is aware that some argue investing in altcoins would offer greater rewards even if they come with higher risks.
In response to his question, many are expecting the BTC price to be bullish during Bitcoin Halving time. Some express their annoyance at the ongoing fiat inflation as it is affecting their ability to buy more BTC to prepare for the Bitcoin Halving event.
All in all, it seems the sentiment for BTC accumulation is high. Still others share which altcoins they have been steadily investing in so far. These include altcoins like Cardano (ADA) being the options for most.
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