Bitcoin has hit its highest level since 2018, is it time to buy, sell or hold?

Andy Gregory
Tuesday 14 May 2019 11:00
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(Dan Kitwood/Getty Images/Twitter)

Until recently, the value of Bitcoin seemed to be on a trajectory to the moon, attracting excitable headlines and enthused investors across the globe.

It's an enticing story – a groundbreaking, potentially world-altering form of currency that saw early stakeholders' (mainly those in the trade of online drugs) initial investments skyrocket over the course of a few years.

But in late 2018, the bubble that many predicted would burst did just that and the value plummeted from a high of around £13,000 to roughly £2,500.

Likely to the relief of investors who decided to hodl (yes, hodl), the coin's value has risen back up to nearly £5,600 in the last week.

We spoke to a Clem Chambers, a crypto expert and CEO of Online Blockchain, to find if it's time to buy, sell or hodl.

Why has it shot up?

"There are several coinciding factors. Potential Chinese Yuan devaluation due to the trade war is an obvious candidate.

"Bitcoin is a way to buy something dollar like. Indian prohibition will make certain people keen to buy now while they still can.

"Coinbase has just released its Debit card which is sucking fiat into Crypto, as they have hoards of customers and many will have signed up for their debit card and be thinking of using it.

"The Bitcoin crash has simply run its course, as I wrote a few weeks ago and the Crypto-winter is over."

Does this mean it's a good time to sell and cut your losses?

"Its just the beginning."

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However the golden rule should always be, never hold an asset that keeps you awake at night.

"That way madness (and insomnia) lays."

Is now a good time to buy or should people wait for the next drop?

"There is no right time to buy or sell, only the right price.

"An investor or trader should have those targets pencilled in from the get go.

"They should then adapt those targets to suit the circumstances.

"If they think Bitcoin is worth way more you should be acquiring and visa versa. I’m acquiring."

What do you predict could happen next?

"It will be off to $10,000 shortly…"

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