I'm not going to lie, Bitcoin is on a tear that even I thought would cool off for longer than it has now, but every time I think Bitcoin is due for a retracement to cool off it pumps through resistance to new highs. Without my trading plan, I would have sold all my Bitcoin for stable coins or alts by this point.
My Bitcoin Trading Plan
I never had a very good trading plan during the last bull market and ended up hitting my head against the wall when I had sold most/all of my Bitcoin for altcoins. I did end up selling most of those alts for-profit and ended up coming out ahead overall, but definitely left a lot of money on the table because I never had a plan.
My plan this time is to sell some Bitcoin (less than 0.01 BTC) when Bitcoin hits $20,000 (which I already did) and every 2x after, so I will be selling at $40k, $80k, $160k, etc. If Bitcoin hits $160k during this cycle I may end up selling a little more.
Every time I sell some Bitcoin I will be buying equal parts of stable coin and Ethereum. This will help set me up for the altcoin market as well as taking some consistent profit that can be held until the next bull market or pay taxes on my gains.
Am I Ignoring Alts?
I currently have a few alts, but will continue to rebalance and accumulate some more alts trying to have at least $100-$1000 exposure in some of my favorite alts including, but not limited to Link, Litecoin, Bitcoin Cash, Leo Finance, and Uniswap.
I'll continue to expand my Splinterlands collection as well. My rental cards are doing an incredible job right now making me passive income as well as slowly growing in value. I know other people may not like this, but as long as prices continue to go up by at least 8%-10%, I'm happy to continue to hold my cards and earn from them passively.
I'm going to continue to stack my Hive as well. At some point this year I'm hoping to buy enough Hive to either get to 10k or 20k. I'm going to wait until Hive and alts in general start to show some strength and slowly grow my stack as I'm trying to double Hive every year (10k last year 20k this year).
The Goal at end of 2021
As I stated in the above paragraph, I hope to have at least 20k Hive Power by the end of the year this year. I'm hoping this doesn't hurt me in the long run, but it's been nice to be able to almost double or actually double my Hive stack every year since I've joined.
I don't know if I'll actually make it this year, but I hope to have at least between 0.1 Bitcoin to 0.2 Bitcoin. It depends on how the market will play out, but I don't want to be Bitcoin heavy going into the Bear Market but want to have a good amount of Stable Coins to buy the Bitcoin dips.
I hope to minimize my USD and Bitcoin losses going into the next bear market. I know that I will lose money, but as long as I lose less money during the next bear market, I will consider it a success.
In Conclusion
I'm not going to be mistake-free during this bull market, but I hope to make fewer mistakes and hold more of my Bitcoin and USD value going into the next bear market to where I'm better suited to prepare myself for the next bull market in 2024/2025.