Long-term, using weekly charts, I see a clear topping formation in Bitcoin. Seeing tops in the various charts, we can imagine a full, long-term multi month decline in crypto and consider the total downside in BTC.
Then we can consider the total loss should we be wrong on the short position. That BTC breaks to new highs, and we are late to the game in a serious bull rally, there is a very small loss for waiting. However, the downside of being impatient is considerable, especially for long-term investing.
Comment:
Only consideration is if you're holding BTC for the Bitcoin Cash fork. This event happening in the next 24 hours is important. BCH has been trading at about $300 USD.