When is the Best Time to Buy Bitcoin?

Bitcoin is a double-edged sword known for its volatile nature, which had made few investors into millionaires in a short time; while making few people lose money when its value went downwards. When you are planning to purchase Bitcoins, the question arises when is the right time to purchase them. Earlier, buying Bitcoins is an appalling task; but with the introduction of Mobile and web-based services, you can easily buy Bitcoins within minutes in any exchange, even though some of the available providers charge unreasonable high rates and commissions to sell them.

The Best Time to Buy Bitcoin

Not every time is the best time to buy Bitcoins; Economists have analyzed the best time to buy Bitcoin by offering their observations based on analysis and other factors are.

• As we are already aware that Bitcoin halving might damage the Bitcoin price in the short term; later, it leads to revival by pushing a bull run for Bitcoin within a few months of halving. Recent research proved that cryptocurrencies differ from traditional currencies when it comes to certain factors where the price swings can be determined.
• Academicians from Yale University used a method based on the past price to forecast the price of Bitcoin. The economists Yukun Liu and Aleh Tsyvinski analyzed the price of Bitcoin for the past seven years, and they developed a model for predicting Bitcoin’s price.
• Economists confirmed that just like stocks and commodities, Bitcoin relies on momentum, which means if Bitcoin is performing well, it will continue in the same way for the short term. As per a recent study, if you want to purchase Bitcoins, it would be ideal when its value increases by 20% in one week.

Theories to forecast Bitcoin Timing Right

After analyzing several approaches on how to forecast the right time to buy Bitcoins, few theories given by experts might be helpful for you.

• Theory 1

This theory suggests that the demand for Bitcoin goes down during the weekends, thereby lowering the Bitcoin price on Mondays. On the other hand, the price of Bitcoin is assumed high on Fridays and Saturdays.

• Theory 2

This theory states that people tend to buy Bitcoins during the weekends and execute sell orders when the week begins. In this way, the volumes are larger on Mondays, and cautious behavior is seen throughout the week.

• Theory 3

Experienced traders would avoid buying Bitcoins at the middle and end of the month, as workers get paid by this cycle; this implies that when people have money, they buy Bitcoins by driving its demand and forcing its price to go higher.

What is the Best Time of Day to Buy Bitcoin?

• If you are an investor trying to forecast the best day or a week to purchase Bitcoins, you need to study the price movement of Bitcoins using sites like Coinmarketcap to evaluate the price for each day of the week by using TDM (Trend Dependent Movement)
• As we all know, traditional stock markets will operate during specific hours of the day, but the cryptocurrency market operates 24×7, which implies that you can exchange, buy, and sell and also trade cryptocurrencies anytime as long as you have a stable internet connection. 
• If you are planning to buy cryptocurrencies, you need to take care of certain parameters. Upon analyzing,  on average, the best days to buy Bitcoins are Sundays and Mondays; the main reason behind this is that the prices are lowest these days.

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When is the Best Time to Buy Bitcoin in 2020?

If you are wondering whether to buy Bitcoin in the morning, noon, or the evening, they are not tied to any particular schedule like stocks and commodities. Forex and stock markets react to certain announcements at specific times of the day; with digital currencies, it is not clear because they do not follow the same pattern or they respond to announcements. But there are few ways to buy Bitcoin; as a general rule, Bitcoin price increases its value rapidly, and it starts to decline when it enters a stable period.

Final Thoughts

Nobody can predict what will happen in the future, yet we have outlined a few tips in the article which might come in handy when you are trying to predict when to buy Bitcoin. Bitcoin is volatile, and we can expect fluctuations in its price, which applies to other cryptocurrencies as well. As an investor, you should focus on long-term performance rather than short-term gains.