Bitcoin – a word that you can hear quite often in all parts of the world. People are still suspicious about this virtual currency. You can hear some people saying that bitcoin is only a scam. However, you can also hear that this virtual currency will completely replace paper money in the near future. Which of these two versions is true? We will see that soon.
Anyway, we will dedicate this article to the second group of people. The value of bitcoin has its ups and downs. We won’t mention names now, but some of the richest people in the world went bankruptcy because of the bitcoin. The reason why this happened is simple. All those people bought bitcoin at the wrong moment.
Why Should People Know the Right Time for Bitcoin Purchase
Logically, every individual has the right to buy a bitcoin whenever he wants. However, that doesn’t mean every moment is a good moment for that. There are three different reasons why people should pick the right part of the day.
If you are unfamiliar with cryptocurrency, then this data will sound unbelievable to you. The value of any virtual currency can vary by up to 50% per day. This literally means that you can earn or lose a lot of your money per only one day!
Trading demand is not the same for all sorts of cryptocurrencies. Yet, with bitcoin, that is the most famous one, you won’t have that sort of problem. Still, that also means that for buying a single bitcoin you will need to invest a larger amount of money. While we are writing this, the current price of a bitcoin is 7.536.56 dollars. We cannot confirm that the price will remain the same until we end this article.
The point is – price varies quickly. If you are not ready to invest a lot, it is important to buy a bitcoin for a lower price.
Logically, a good price won’t only allow you to buy the desired amount of bitcoins. It will also potentially bring you better profit later when you want to sell it. If you know which part of the day is the best for this decision, the results can be amazing!
So, When Should I Buy A Bitcoin?
Now we have come to the main part. Do not expect us to tell you the exact hour of the day. If someone tells you that, he is lying to you. As we said many times, the price of a single bitcoin is dramatically changing on a daily basis. However, some indicators could give us a clearer answer.
We will share one research that cryptocurrency experts have done. They randomly picked July 16 and followed the trends in the previous 4 years. In the first year, the price of a BTC was lowest from 3 PM to 11 PM. Next year, the lowest value was from 5 PM to 11 PM. In the last 2 years, the value of the BTC was lowest from 2 PM to 11 PM. However, we need to mention that the price of a single BTC is the lowest in the first 2 or 3 hours. The price remains low later, but it has some small “ups”
As you can see, there are some results/trends that we can follow. Let’s turn these examples into theory. The best optimal time to buy a BTC is are between 3-4 PM and between 10 and 11 PM. The period between 10 and 11 PM is significant because from that moment the price of BTC starts to grow.
Note – The time we mentioned is in GMT -7 time zone. So, if you live somewhere else, it would be good to calculate the current hours in your time zone.
Why Price Changes So Quickly?
Several key variables will give you a clear answer. First of all, the price of BTC depends on the demand in the current moment. Demand changes because of different reasons. Some of them are
- The number of traders in the current moment
- The number of new cryptocurrencies available on the market
- The way how people exchanged BTC to trade
- Updates and news that are released on the market.
Well, probably the last one looks different than other reasons. That’s why we will use an example. Let’s say that the government of some of the most powerful countries talked about new cryptocurrency low. If the discussion was in a positive tone, there is a big chance that people would want to buy a BTC. On the other hand, only a few bad sentences could convince people to sell their BTCs. That is the reason why you need to actively follow the news all across the world.
BONUS TIP: Best Day for Buying Bitcoin
Studies have shown Fridays and Saturdays are the moments when BTC reaches the highest price. However, the value of BTC drastically starts to fall on Sunday and Monday.
When you look closer, investing in BTC is usually a source of passive income. People probably try to make money when they finish their regular job. That’s why Fridays (afternoon) and Saturday are the strongest. Sunday is probably a day when they get rest, and Monday is the first day of the working week. Does this theory sound logical to you?
One question you are probably asking is – Are these statistics 100% true? Even if they are, that doesn’t mean they are showing a full picture. However, there is something that could make the entire process a lot easier. Many useful tools can notify you when there are some significant price changes in the market.
Finally, something that matters is to educate yourself before you buy the first BTC. Investing in BTC or any other cryptocurrency is like investing in stocks. You need to be familiar with the worldwide market if you truly want to make a profit. Recognizing a good opportunity is not something you will learn over the night. Learn, read, research and after that invest! This is a formula for success in the cryptocurrency world.