When is the Best Time to Buy Bitcoin
Bitcoin accounts for about $156.7 billion of the world’s money. You don’t need to be part of an exclusive club to buy it. However, you should consider the best time to buy Bitcoin so that you can get the best deal.
If you know when to buy Bitcoin, you can get it at a better exchange rate than if you bought it at a different time. Like stocks on the stock market, the value of Bitcoin can change throughout the day.
Before you buy, ask yourself: Is this a good time to buy Bitcoin?
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What is the Best Day of the Week to Buy Cryptocurrency?
The best day of the week to buy cryptocurrency is Monday when prices are the lowest. Sunday is the next best day of the week overall.
After that, prices rise with Friday being the most expensive day to buy cryptocurrency.
Best Time to Buy Bitcoin According to Economists
According to some experts, you should consider more than the current value of cryptocurrency. After all, Bitcoin has a value that can fluctuate in relation to the USD and other currencies much more than the relative exchange rate relationships that exist between many fiat currencies, so you can’t think of it like exchanging between two traditional currencies.
- When demand is high, prices will be, too. Consider when there isn’t as much demand.
- Business hours tend to be the worst times to buy Bitcoin because more people are trading.
- Also, consider business hours outside of the United States.
- Media coverage of cryptocurrency can also have a massive impact on the value of Bitcoin in the near future.
You may never be able to predict the best time to buy Bitcoin. However, if you know what to look for on the market and elsewhere, you can make an educated guess.
Best Time of Day to Buy Bitcoin
Once you have an idea of what Bitcoin is worth, you should consider when to buy Bitcoin. While the value is always changing, the value follows has historically followed certain patterns.
In general, it’s better to buy Bitcoin in the afternoon since prices tend to drop. On average, the best time to buy Bitcoin is from 3 pm to 4 pm. If you’re a night owl, you can also get a good deal from 11 pm to midnight.
During those times, the value of Bitcoin is the lowest, which means you don’t have to pay as much cash. Whether you want to invest a little or a lot, you can save money when you buy during those periods.
What Day of the Week is Best to Buy Bitcoin?
Since Bitcoin is popular with business professionals, the market is most active during the workweek. If you’re looking to save some money on your next Bitcoin purchase, consider buying on a Sunday.
You can also buy on Monday before the market starts to get busy.
Of course, the market for Bitcoin is always open, and there will always be some trading. However, you want to get in when the prices are low.
Prices tend to be lower when the market is less active. Not only does that make weekends the best days, but that probably contributes to why you should buy later in the day or at night.
The Best Month Appears to be August
If you’re looking for the right time of year to buy Bitcoin, wait until August. Bitcoin has a long history, and market trends show that August tends to have the best prices for buying cryptocurrency.
Should One Buy Low and Sell High?
Buying low and selling high can be a great strategy for making money with Bitcoin. If you want to treat it as a utility, this will give you the best chance of earning a profit.
However, if you want to hang on to Bitcoin longer term, then you should keep it. Even if the market skyrockets, you might want to keep your Bitcoin.
Of course, you can sell some to make a profit. Overall, you need to consider your goals and whether you want to sell your Bitcoin or use it to buy something at a retailer that accepts Bitcoin.
Related: How to Pay with Bitcoin
Should I Buy and Hold onto Bitcoin?
You can buy and hold onto Bitcoin, especially if you want to make a bigger profit long-term. As more and more people buy and use Bitcoin, you have a chance of gaining more value and purchasing power from the BitCoin you buy today.
Keeping your Bitcoin can also be smart if you buy it when the price is somewhat high. Not only will that keep you from losing money, but you could still make a profit in the long term.
Of course, the value of Bitcoin will continue to change. If you follow the market, you can watch your purchasing power grow rather than diminish due to inflation.
One reason why Monday and Sunday tend to be the best days to buy Bitcoin is the weekend. Since many business people trade Bitcoin, the market isn’t as active over the weekend.
Getting in before the market starts back up means you have a better chance of landing a good price. If you wait until the middle of the week, odds are the market will be more active and prices will be higher.
The weekend also acts as a time for people to consider and decide on buying in. As people start to buy Bitcoin on Monday, the price and demand increase.
Once the week finishes, the demand drops off. The cycle then continues each week.
If you want to buy Bitcoin, try to beat the rush so that you don’t have to pay more for the same amount of Bitcoin.
If you want to avoid high prices, avoid common paydays. After all, when you have more money in your account, you might be tempted to spend it.
Since many people get their paychecks in the middle and at the end of the month, Bitcoin prices can rise quickly. If you can, wait a week after payday before you invest so that you can get a better deal.
Buy Like a Pro
There may never be the perfect time to buy Bitcoin, but that doesn’t mean you shouldn’t try. The best time to buy Bitcoin is later in the day, either around 3 pm or just before midnight.
While the market can and does change, these trends are there for you to use. You don’t have to be an expert in cryptocurrency to follow the market and determine the best time to buy. Buying Bitcoin for the uninitiated can be daunting. For those looking for an easy way to buy and use cryptocurrency, there is BlockCard. With BlockCard you receive a physical and virtual debit card that allows you to buy from 12 cryptocurrencies and spend within minutes anywhere. VISA, Apple Pay, Samsung Pay, or Google Pay are accepted. Register today and be your own bank.
Check our blog regularly so you can keep up to date on the latest cryptocurrency news and information.
Related: How to Buy Bitcoin Cash
BlockCard seeks to provide readers with objective advice regarding all aspects of cryptocurrency. We source data points, trends and statistics from a variety of sources including but not limited to online publications such as Forbes, Bitpay, Crypto.com, and CoinDesk and have to make informed interpretations. Ultimately it is up to users to understand the risks or potential gains that come with any cryptocurrency transaction whether it be buying, selling, or paying with cryptocurrency. This piece does not contain all information necessary and should be considered for informational purposes only.
Ian Kane is the COO of Ternio, the startup dedicated to solving the issues related to blockchain scalability and payment utility of cryptocurrency.