Is there a suitable time to buy Bitcoin? if so what time is it I am sure that many crypto newbies and investors have asked these questions over a thousand times. There may or may not be an answer to this question, and this boils down to the only certainty in the cryptocurrency market which is uncertainty.
While there is a divided opinion on this issue, there is a slight advantage to the "notion" that there is no right time to buy Bitcoin, overall, as the crypto market's wild volatility factor makes it nearly impossible. Some even attribute a lot of gains in the world of cryptocurrencies to luck, and many investors tend to abide by the uptrends of the coins they bought.
Although on the surface alone, there seems to be no answer to the previous question, the technicalities of the cryptocurrency market prove otherwise. Charts, history, technical analysis, trade indicators, performance, seasons, developments, and news are contributing factors that can create the right time to buy Bitcoin.
There are many perceived moments for buy bitcoin with results to back them up, therefore, proving that anytime it might work for investors and newbies. Many people argue that the right time to buy Bitcoin is when its price is trending down. Regardless of the fact that you might lose some of your money, its price will soon rebound, embark on an uptrend, and pay everyone who had faith in it. Some experts also believe that the right time to buy Bitcoin is when you are on a bullish run, doubling or even tripling earnings in hours. While all of those times may be true, there have been many circumstances where Bitcoin's price defied history and calculations.
In a report published by two economics experts at Yale University on the right time to buy Bitcoin, they stated that the price of bitcoin is better predicted by its past patterns and behavior. The seven-year research report published in the National Bureau of Economic Research stated that Bitcoin and other cryptocurrencies are different from stocks and other currencies, regarding the elements that affect your progress in the market.
The report further stated that the price of the cryptocurrency could be predicted by factors specific to the cryptocurrency markets. His developed method of determining the right time to buy Bitcoin only comes into play if the value of the digital currency increases by more than 20% in the past 7 days. This was because when Bitcoin works well, it tends to be short term.
Bitcoin rose more than 20% in 24 hours on March 19, 2020, and ended the next seven days trading at $ 6,671. However, Bitcoin lost more than 3% in value over the next seven days and was trading at $ 6,221 on April 1, 2020. The drop in Bitcoin's price was nothing new, but the digital currency once again defied the entire narrative and research provided by economic experts.
It is almost impossible to predict the future of Bitcoin, as well as the right time to buy the cryptocurrency. Its highly volatile nature makes it unpredictable, therefore it makes your market very confusing. Buying Bitcoin is all down to the investor. Long-term investors could possibly study the history and performance of the coin to know when and how to invest, while short-term investors could also take risks and accept any results the market may provide.