Many investors interested or already invested in Bitcoin always ask this one question, when is the best to buy? If you get this question right, you are guaranteed profit, get it wrong though and youâ€™ll be counting your losses. For holders, this does not count. They are in for the long haul and all they have to do is lay low during bottoms and possibly reaccumulate. For traders and short term holders, one independent researcher says he knows when is the best time to buy Bitcoin and its Friday.
Independent analyst and researcher going by the name @JofDom on Twitter noted Friday as the best day to buy Bitcoin. In most instances, this is when the coin hits its weekly bottom. This means that when buying on Friday, the buyer is buying at a discount. Another positive for buying on Friday is that prices popularly bounce up on Monday as sentiments are normally high going into the new week. This means traders who bought on Friday can already cash in and make a profit. Most weekly highs come on Monday the independent researcher further noted.
Supporting his argument, analyst Salsa Tekila, replied this in a tweet;
If you know how math works, you know Friday is the most profitable day to go knife-catching a weekly bottom wick into support.
Independent Researcherâ€™s Argument Not Guaranteed
However, although in some instances this argument is true, it is not clear cut. With Bitcoin, there are other thousand reasons to consider. This week, for example, Bitcoin is not hitting its weekly bottom on Friday. Today, Friday, Bitcoin is trading above $7,200 a weekly high after reaching $6,800 a weekly bottom on Thursday. Bitcoin could be triggered both positively or negatively at any day or time which makes it very volatile. Additionally, there could be some technical fundamentals and targets in play making it violent and unpredictable at times with its price movement.
Bitcoin Price Update
Bitcoin is ending the week on a high. This is fortunate for holders as the digital asset has been showing weakness throughout the week. Late on Thursday, Bitcoin bounced to gain more than 5% in a couple of minutes. This saw it climb from $6,800 to $7,200. One of the possible reasons given for this surge is the escalating turf war between the U.S and Iran. The U.S announced the killing of top military personnel which saw a number of commodities including oil and Bitcoin surge minutes after.