I have read an article that there is a best time to buy bitcoin. By considering these patterns, we can be able to buy bitcoin at a lowest price.
Sorry to say that I personally do not agree with the points listed below because they are all temporal, by temporal, I means they can only work for a very short time if at all, it's works, I will give my reasons.
1. it’s better to buy Bitcoin in the afternoon since prices tend to drop. While the best time to buy Bitcoin is from 3 pm to 4 pm.
When you say afternoon, I could have agreed cus we all have afternoons, though we all have different afternoons, like my afternoon can be your morning and your afternoon can be my evening or even night, and Bitcoin has one price globally, it's not like fiat currencies that varies in usd price from country to country, now here is the logic, we all have different timezones, bitcoin does not have a price that varies from timezone to timezone, it has one price globally, so if you are buying in your afternoon and I am buying in my afternoon, it means we are buying bitcoins at different price, you see this doesn't make any sense.
2. They say, you can also get a good deal from 11 pm to midnight.
My comment on point 1 should tell why I also disagree with this point too.
3. Weekend is also the best for people to consider and decide on buying bitcoin since many business people trade Bitcoin on weekdays which causes Bitcoin price go up and the demand increase.
I can agree to this to some extent, but then, the reason (that people trade bitcoins on weekdays) is not strong reason enough to qualify this as the best time to buy Bitcoin.
4. We should also avoid buying bitcoin in paydays since many people get their paychecks in the middle and at the end of the month. When people have more money in their account, people tempted to spend it and Bitcoin prices can rise quickly.
Still not a enough reason.
Does anyone follow the same this practices? or would you mind share your own practices if you have, to help us get an idea where is best time to buy bitcoin.
To be honest, Ive never followed this kind of practice, Infact, I didn't even know such a practice exist.
For me, I always buy Bitcoin for two purposes.
1. When I have a need for it for personal use.
2. As an investment
1.
When I have need for bitcoin for personal use, it doesn't matter what price bitcoin is trading at, it doesn't matter whether it is going up or down, I just buy it and use it for what ever I am buying it for.
2.
If I am buying bitcoin as an investment, then I monitor that market and try to see how low the price can go, then I wait and try to buy at the lowest price, and if after buying, price continues to down, I will keep buying more if I have funds left, but if I don't have funds left, I just hodl what ever amount I've bought until am in profit, then I can decide whether to sell or keep hodling.