Cryptocurrency prices plunge over Biden Tax (opens in new tab)

Sounds like a sensible strategy.

Although I prefer the “buying and then selling at a higher price”-approach.

An important thing to consider is that there are different tax implications between Stocks (Securities) and Cryptocurrencies (Property). In crypto it makes sense to sell some coins, lock in a lower capital gains rate, and then buy right back in. That advantage isn't there for stocks. There are wash sale rules and plenty of other little profit calculation rules that apply to stocks.