When Is the Best Time to Buy Bitcoin?
Investing in Bitcoin is not the same as investing in stocks, bonds, or real estate. Bitcoin is a virtual currency and its price and popularity have caused it to skyrocket over the last few years. The more exposure that Bitcoin gets, the more it will be adopted and used by both consumers and merchants. Still, even with its newfound popularity, the price of Bitcoin experiences massive peaks followed by potentially serious hits. Right now, Bitcoin is on the rise and climbing at a steady clip. But with a seemingly volatile market, consumers may be wondering, “When is the best time to buy Bitcoin?”
The Purpose for Buying Bitcoin
The first thing you should do to determine whether you should buy at Bitcoin’s current price is to evaluate the purpose of your investment. Are you looking to ride the current wave and make a quick profit? Or are you interested in investing because you believe in Bitcoin as a technology and currency? If you are just looking to capitalize on the cryptocurrency trend, you want to set goals that suit your investing habits. If you’re doing short-term Bitcoin trading, it’s best to wait until you think the price has bottomed out, which means it has reached its low point and therefore will be in the early stages of an upward trend. If you have a long-term investing approach, say a year or more, you do not necessarily have to wait to buy when cryptocurrency is at its bottom. Instead, you have more freedom to invest at the current price because there will always be an opportunity in the coming years to make significant profits if you expect it to rise.
The Best Time to Buy Bitcoin
Finding the best time to buy Bitcoin isn’t exactly easy. Bitcoin usually increases in value at a rapid pace and then has a steady downfall before it finally stabilizes. Tools like Bitcoin Wisdom provide live charts that allow you to understand the fluctuating prices. It’s important to think on a global scale when it comes to Bitcoin. Cryptocurrency is not controlled by any particular government, so any global issues that arise can actually be beneficial to Bitcoin’s price. For example, a rise in the number of destabilized fiat currencies may actually signal a promising time to buy Bitcoin. Bitcoin is a great form of sound money, so to determine the best time to buy Bitcoin, you need to do your research and become knowledgeable about the cryptocurrency market. Because the market is always changing you can make some quick profits one day while losing your whole investment on another day.
When considering the best time to buy Bitcoin, it’s important to only spend as much money as you feel comfortable losing. If you overspend, and then lose it all, this can be devastating to your finances. A large amount of buying and trading Bitcoin takes place overseas, particularly in Asian countries. The first hours of the morning can be when Bitcoin markets experience the most volume as banks overseas first open. Buying Bitcoin an hour or two after banks have opened for the morning in heavy trading countries like South Korea can reduce the risk of rapid price variations.
The Best Day to Buy Bitcoin
So when is the best day to buy Bitcoin?
According to Cryptalker.com, the average Bitcoin prices are found to be lowest on Sundays, with Mondays coming in at a close second. There are several promising theories in the cryptocurrency market to back this up. According to Cryptalker.com. “The analysis generally follows the same trend, but this time average Bitcoin prices are lowest on Monday. Sunday/Monday might be the cheapest days (thus, providing a good time to buy BTC) since trading tends to slow down over the weekends and there is generally less demand. While the highest average Bitcoin prices in both analyses are on Fridays closely followed by Saturday.”
While the best days to buy Bitcoin according to data are Sundays and Mondays, investment experts suggest avoiding days at the end of the week and month. These days are usually when people get paid therefore Bitcoin can experience a rise in price.
The Best ATM to Buy Bitcoin
Pelicoin offers fast, safe, and secure Bitcoin transactions if you’re looking to purchase throughout the Gulf South. Just like a typical ATM, these Bitcoin ATMs can be found in gas stations, grocery stores, and other high-traffic areas. Pelicoin doesn’t just sell Bitcoin. You can also make purchases of other cryptocurrencies including Litecoin and Ethereum. Get started in buying Bitcoin by finding aBitcoin ATM today!