Bitcoin price has been steadily increasing since January, with a rising trend channel that has almost doubled its spot price in the first half of the year, reaching from $16,600 to $30,000. This upward movement has been characterized by three phases of blistering rallies in January, March, and June.
In light of these developments, investors are curious to know the best day of the week to buy cryptocurrencies like Bitcoin, Ethereum, and Ripple. We turned to Google Bard, a large language model chatbot, to get some insights.
According to Google Bard, if you’re looking to accumulate crypto in regular small increments for the long term, Saturdays might be your go-to weekday for stacking sats. This strategy, known as dollar cost averaging, involves buying a set amount of crypto or stocks on a weekly schedule.
However, if you’re specifically looking for the cheapest prices, Bard suggests that Sunday is the best day of the week to buy crypto. Bard’s analysis is based on historical market data, which indicates that trading volumes are typically lower on weekends, leading to potentially lower prices. Additionally, weekends tend to have less news and volatility, further contributing to the possibility of lower prices. Some investors may also be taking profits on Fridays, which can drive prices down on Saturdays and Sundays.
It’s important to note that there are no guarantees when it comes to cryptocurrency prices, as the market is highly volatile. Prices can go up or down at any time. Nevertheless, if you’re looking to buy crypto at a relatively low price, starting your search on a Sunday could be a good strategy.
To support Bard’s analysis, let’s take a look at the numbers. Over the past year of trading, Bitcoin’s price has averaged lower from Saturdays through Mondays. This suggests that these days are the best for buying crypto. On the other hand, Tuesdays and Wednesdays are the best days to sell.
Analyzing the historical daily price data, the lowest average daily high price for Bitcoin from August 5, 2022, to August 3, 2023, was on Sundays, with an average intraday high price of $23,595. Saturdays followed closely behind with an average of $23,480. In contrast, Wednesdays had the highest average at $23,850.
If an investor were to take full advantage of these figures, they could potentially buy their BTC 1% cheaper each week. This highlights the potential benefits of timing your purchases strategically.
In conclusion, while there are no guarantees in the volatile world of cryptocurrency, historical data and Google Bard’s analysis suggest that Sundays are often considered the best day to buy crypto, offering the possibility of lower prices. However, it’s important to conduct thorough research and consider other factors before making any investment decisions.
