What Is the Best Time to Buy Bitcoin?

what is the best time to buy bitcoin

If you are reading this article, you’re probably interested in cryptocurrencies and the crypto industry, in general. To buy or not to buy BTC? The answer is quite obvious. As they say, buy low, sell high. The next step is to determine when the low and high periods will be. Such reflections lead to other questions. What is the best time to buy Bitcoin (BTC)? Is now a good time to buy cryptocurrency?

Changelly keeps providing educational content about the blockchain and crypto industries. We’ve gathered theories and practices regarding all the questions mentioned above to finally give you essential answers. 

Basics

Before we try to predict the perfect time at which one should buy BTC, let us highlight several important points.

  • When purchasing crypto, one should monitor the market to define whether it is a bull or bear market;
  • Collect essential crypto news about BTC and other top cryptocurrencies. The crypto market is highly responsive to the news and crypto events (i.e. Bitcoin halving) as well as to the global news. Sometimes, they can influence the price profoundly;
  • Take into consideration the fact of market manipulations. At the dawn of Initial coin offerings (ICO), some individuals urged others to buy or sell a particular cryptocurrency in order to attract liquidity and manipulate the market;
  • The most important rule while being on crypto is DYOR or Do Your Own Research. No one can predict the exact price of a particular crypto asset. We all can guess and use our mathematical and theoretical knowledge. 

How to Choose the Day

Deep on the subconscious level, we know we should take a break on Saturday and Sunday. Therefore, the cryptocurrency demand is lower on weekends. It might be a good time to buy BTC and any other crypto assets. Consequently, the demand increases on Mondays. 

There is also a theory that the cryptocurrency demand increases at payday. For example, many US companies prefer to pay salaries twice a month (each 1st and 15th days) or every Friday. This fact makes us suggest that people would like to buy crypto during these time periods thereby increasing the price of BTC. 

How to Choose Time of the Day

There is no need to say that the crypto market is unpredictable. Due to its highly volatile nature, a cryptocurrency rate may vary drastically within even one hour. To determine the best time to buy crypto, it is important to understand in which time zone you live in. Despite the fact that the stock exchanges work at certain hours, the crypto market may follow some of their trends. 

For example, the New York Stock Exchange (NYSE) and NASDAQ open at 9:30 am and close at 4 pm Eastern time (GMT-5). Just like the American stock markets, the Hong Kong Stock Exchange has the same working hours with the only difference: it operates according to Hong Kong Time (GMT+8). 

Logically, we can assume that most of the crypto traders work in accordance with usual business hours. Therefore, the busiest trading hours will be from 9:00 am to 5:00 pm. But we came back to the time zones issue. When the day starts in New York, it ends in Tokyo and Shanghai making the crypto market operating non-stop. So, what can be done?

It is reasonable to track Bitcoin (BTC) trading activity over the last month/week/day/hour. Check the time that will suit you the most. We’ve collected the BTC coinmarketcap data over the last week. Let’s look at the charts. 

On Monday (June 6th), the lowest BTC price was fixed between 3:00 am and 9:00 am. 

btc 6

Tuesday (June 7th) offered the lowest Bitcoin price at 2:39 pm.

btc 07

Wednesday (June 8th) the best price for purchasing BTC was in the early morning – at 3:29 am. 

btc 08

Thursday (June 9th) and Friday (June 10th) revealed completely different best times to buy BTC: 6:34 pm and 10:29 am respectively.

btc 09 btc 10

The bitcoin price trend fluctuated on weekends. The lowest price on Saturday (July 11th) was registered at 12:34 pm, while Sunday late evening (July 12th) brought the best price to buy BTC at 10:39 pm.

btc 11 btc 12

It seems that the best time to buy Bitcoin is either early morning or before noon. Yet, the price fluctuates drastically during the day, so we cannot say for sure the exact time at which one should buy BTC. 

How Global Problems Affect Cryptocurrencies 

The stock market is very responsive to global issues. Once the oil price goes down dramatically, the market meets new ‘black days of the week’. Needless to say, the current coronavirus situation continues to influence the worldwide economy. The crypto market has also experienced the impact of global events – oil wars, coronavirus, and the following financial crisis. 


How Coronavirus Affects Cryptocurrencies and Mining


The fact that digital money could actually gain momentum at the time of ‘plague’ was suggested by Max Lautenschläger, the co-founder of Iconic Holder. 

(…) “Studies in behavioral finance suggest that people tend to convert all liquid assets to cash to be prepared for an upcoming crisis. But even though crypto tanked even more than the stock and commodity markets it is still the best-performing asset class of 2020. With the monetary policy of the ECB, FED, and BoJ you can clearly see the vulnerability of our system, which makes more and more people lose trust in central bank policies and money in its current design. This is why crypto was born in 2009 as a reaction to the financial crisis.”

Summary 

To profitably sell or buy BTC, one should keep in mind multiple things: what is the market mood now? Is it bullish or bearish? Is there a whale trend or not? Perhaps, now is a good time to buy Bitcoin (BTC). Changelly allows you to swiftly buy Bitcoin and 160+ other digital assets with your credit card (Visa, Mastercard), bank transfer, and Apple Pay. 

 

About Changelly

Changelly is a secure instant crypto exchange that has 160+ cryptocurrencies available to be swapped and bought at market-best rates. Operating since 2015, the platform and its mobile application attract over a million visitors monthly, who all enjoy quick and simple exchanges, low transparent fees, and 24/7 live support.

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