Bitcoin has been quite the frenzy in recent times. Everyone is gushing over buying the most they can as it has been lately benefitting people a lot. People are buying it for investments or for trade. This has been the thing with crypto-currency that their rates rise and fall off easily. Buying cryptocurrency was a big deal in the past, but now you can just buy and sell it on your phones. This has made their prices to increase by manifolds.
Bitcoin is known for its instant growing feature. In recent times it has blown the cryptocurrency market. Many people have steered in this direction. Even many stockholders are now moving to bitcoin. Seeing that it has inclined so many people, the market demand is increased. Now when everyone is buying it, you should know when to buy it so that it can make an impact.
What Are You Buying Bitcoin For?
Before we move on when you should buy bitcoin, it is better to know what you are buying it for. People buy it for mainly two reasons: they buy it for the dip, and the other is for long-term investment. Usually, people buy it for the dip, which is they buy at lower prices and sell at higher rates. Investors sell it after a long time. In both cases, you need to buy it when the prices are low. While it can be different, it comes to the selling part. The investment will not be affected by the fluctuating rates while buying the dip can be affected by this. So you need to be cautious of the rising or falling trend of bitcoin prices.
If you are buying bitcoins for investment purposes, so that you can have a large amount collected, and then you will sell them at once, you need to be well ahead of time. Make sure that there isn’t any stock market drop in those days or any other financial crises globally.
How will you know that when the prices are low? Well, for this answer, read on!
Is This The Best Time To Buy Bitcoin?
2020 has surprisingly proved to be in favor of bitcoin. Bitcoin’s prices have raised 40% in 2020. So if you ask me that is it the best time to buy bitcoin? Then my answer would be absolutely yes. It has risen to this extent for the first time since 2012.
Like all other cryptocurrencies, bitcoin follows the same suit. As in the case of the stock market, if you see the price rising for a week, it is a possibility that it will keep rising for the next few days. The same is the case with bitcoin. You can keep in touch with the recent prices of bitcoin by seeing the live index.
Which Time Of The Month Is Most Suitable To Buy Bitcoins?
According to my logic and what other people have also observed, people tend to buy bitcoins when they have more money. It makes the middle of the month and approaches towards the month’s end. These days, people have money, usually, those who work in offices and get a monthly salary. So if you want to buy bitcoin at a lower price, then buy it at the very beginning of the month.
Which Is The Best Day To Buy Bitcoin?
You can buy bitcoins all seven days a week. But the prices keep fluctuating. The best days are when lesser people are buying it so that the prices are lesser—keeping in view the rapid rising and falling prices of bitcoin. The best days to buy bitcoin as coined by the experts, are Sunday and Monday. Seeing the trend, the prices are lowest in these days.
Why Are BTC Prices Lower On Sunday And Monday?
People buy bitcoins on weekends, that is, Saturday and Friday night. It is when there is the most demand and prices are higher. However, on Sunday and Monday, lesser people are buying BTC, so its price falls. So if you are looking to buy one, Sunday or Monday are the days.
Best Time Of The Day To Buy BTC?
Now that we have talked about the time of the month and also the days let’s move onto which time of the day is the best to buy bitcoins.
Although it is very difficult to predict because the prices keep fluctuating all day long so you cannot know when is the right time you should buy one, the prices are bound to no schedules. They can fall or rise depending on stock and forex markets at literally any time of the day, whether it be morning, noon, or evening.
A slight trend that has been observed recently is that you can buy BTC at noon or early in the morning. It is the time when most people are not buying. But again, it cannot be time-bound as there are different time zones all around the world.
Global Unpredictability Of Prices
Global financial crises will have a great effect on the stock market as well as cryptocurrency. If the world is going through a financial downfall or currency is falling in value, then it is definitely not the right time for you to buy bitcoin. Especially when you are buying BTC for investment purposes, usually, it is seen that if there is a sudden increase in the prices, there will be a gradual downfall. So you need to be cautious if you are planning on long-term investments.
No matter how much you try, cryptocurrency trends are always very unpredictable, and you can never know what waits for you in the future. So it is very difficult to predict the best time to buy bitcoin. Though, I have listed a few times of day, days, and time of the month when you can buy it. It was the best one that could imply for the statistical trends of bitcoin prices.
Do you want to buy bitcoin? Here you can find the best exchanges and their fees.