Why Should I Buy Cryptocurrency at The Right Time?
It is probably the crucial question for every Bitcoin investor:
When should I buy BTC and when should I sell it?
– The goal is most likely to buy Bitcoin with credit card at a ’low’ price and then sell it at a ’high’ price after a certain period. The keyword here is market timing. But how should a trader know when is a good time to buy Bitcoin?
When is the best time to buy Bitcoin?
The Bitfera team brings some useful information together. According to LongHash analysis, they used the following data and methodology: The data set consists of the hourly Bitcoin rates for the past 2 years. The exact period is from 02/06/2018 to 02/06/2020. The prices from Coinbase were used as the data source. The data were then ‘broken down’ into the individual days of the week. This enables the average highest and lowest prices to be calculated for every hour of the day. Besides, the average opening and closing price can be calculated. An example: to determine the average starting price for a Monday at 1:00 p.m., all starting prices for the past two years were averaged on a Monday at 1:00 p.m.
With the help of this data, we already have good indicators to determine when is the best time to buy Bitcoin. Considering that each point in time occurs only once a week and the data of the last 2 years (104 weeks) were considered, there are exactly 104 values ??for each point in time. Longhash deliberately only chose the last 2 years to reflect the state of the ‘modern’ Bitcoin. Enough of the methodology – let’s get back to the question of when is the best time to buy Bitcoin.
Buying Bitcoin on Fridays
The average lowest price (and therefore the best opportunity to buy Bitcoin) was reached on a Friday. The average lowest price hits its low on Friday at 7:00 am. We can also state that the Bitcoin rate on Thursdays and Fridays tends to be lower than on other days. So, if you want to buy Bitcoin with a credit card, you should choose one of these days.
Be Careful on a Mondays
The analysis shows us that the BTC rates are higher on both Monday evening and Tuesday morning. If we look at the average Bitcoin price, for example, on a Monday at midnight, it is 170 USD higher than our said low on Friday evening. The difference is clear – at least according to the statistical analysis.
Why Should I Buy or Sell Cryptocurrency At Those Days?
However, it must be emphasized that these are averages. An average is just an average and so there may well be outliers on individual days. In short: they describe the trend of the last two years. But are not a ‘panacea’ and certainly not a tool to predict Bitcoin prices.
Furthermore, we have to state that the averages do not predict or parameterize major trends. Events, regardless of whether they are positive or negative, can quickly exceed the informative value of such forecasts. Nevertheless, the analysis gives us a good impression of when it is most worthwhile to buy Bitcoin with a credit card from a historical perspective.