It is probably the most crucial question for any Bitcoin Investor: when should I buy BTC and when should I sell it? – The goal is most likely to buy at a ‘low’ price of Bitcoin and sell them again after a certain period of time to a ‘high’ price. The keyword here Market Timing is. However, as a Trader, or HODLer supposed to know now, what time is a good time to get Bitcoin is to buy?
We show in this article, when – from a statistical point of view – the best opportunity for the BTC purchase.
Contents
When is the best time to buy Bitcoin?
As the Basis of our article, we use the data of the colleagues of LongHash (see source). For their analysis they used the following data and methodology:
The data set consists of the hourly Bitcoin rates over the past 2 years. The exact period is on the 06.02.2018 to 06.02.2020. As a data source, the courses of Coinbase have been used. The data were then broken down to the individual days of the week, ‘down’. Thus, for each hour of a day, the average of the highest and lowest prices are calculated. In addition, the website can Start, and closing price to calculate. An example: the average beginning of the course to determine for a Monday at 13:00, and were formed of the average of all the beginning courses of the past two years on a Monday at 13:00.
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 occurs only once per week, and the data of the last 2 years (104 weeks) have been viewing, there is for every point in time exactly 104 values. Longhash has chosen deliberately the last 2 years, the condition of the ‘modern’ Bitcoin map. Enough of the methodology – we come back to the question of when is the best time to buy Bitcoin.
Trade on the worlds leading Social Trading platform!
Join the millions of people who have already discovered how it smarter to invest by copying the best investors in our Community, or be copied and as a result, a second income can be achieved. Start now!
To buy on a Friday, Bitcoin, seems to be a good idea to be
In the Following, the final evaluation of the results is shown. An interactive Version of the graphic, you can also find, if you click here. Now, what are the results of the analysis tell us?
The graph shows an obvious Trend. We see that the average lowest price (and thus the best opportunity to buy Bitcoin) was achieved on a Friday. The green line, which represents the average of the lowest price, finds its low point Friday morning at 6 AM UTC. This is the equivalent to our ‘time’ 7.00 o’clock in the morning.
We can also say that the Bitcoin course is on Thursdays as well as Fridays tend to be lower than on other days. So who wants to buy Bitcoin, you should opt for one of these days. On the other hand, we do not ask ourselves the question, what time is it (!) Bitcoin should buy.
BTC courses are on a Monday tends to be higher
The Chart shows us that the BTC courses will be either on Monday evening as well as Tuesday morning, to be higher. If we look at the average Bitcoin exchange rate, then this is, for example, on a Monday at midnight 170 USD higher than in our said Deep from the Friday evening. The difference is – at least according to the statistical analysis considerably.
Here, however, we must emphasise that it is through cuts. An average is only an average, and so it can come on individual days to outliers. In short: you can describe the Trend of the last two years is not a ‘cure-all’ and is the only Tool, however, the Bitcoin promises courses before.
We must also hold that the saying means no major Trends to predict and configure. Events, whether positive or negative, can blow up the meaningfulness of such forecasts quickly. Nevertheless, the analysis gives us a good impression about what time is it from the historical perspective, the most worth to buy Bitcoin.
62 % of private CFD accounts lose money. No EU investor protection.
To buy the best day to Bitcoin: what do you think about such analysis?
Come on in to our Telegram Chat and talk with the experts and the Community!
Subscribe to our News channel to not miss any News.
(Image Source: Shutterstock)