Bitcoin price has cautiously ratcheted upward since Jan. A rising trend channel from $16,600 to $30,000 almost doubled the spot price of BTC in H1.

The price changed in three phases, with blistering rallies that happened in January, March, and June.

Here’s what large language model chatbot Google Bard has to say about the best day of the week to buy cryptocurrencies like Bitcoin, Ethereum, and Ripple.

Cheapest Day of the Week to Buy Crypto?

There’s no telling for sure if markets will cool down for now or soar higher in the short term.

Investors looking to accumulate crypto in regular small increments for the long term, however, might consider making Saturdays their go-to weekday for stacking sats.

Buying a set amount of crypto or stocks on a weekly schedule is a classic investing strategy called dollar cost averaging.

Google Bard says Saturdays are the second-best day of the week to buy crypto. But if you’re looking for the cheapest prices, the best day of all to buy crypto, according to Bard, is Sunday.

Here was Google Bard’s entire answer

Question: “Bard, what is the best day of the week to buy cryptocurrency?”

“According to historical market data, the best day of the week to buy cryptocurrency is Sunday. The second best day is Saturday. After that, prices rise with Friday being the most expensive day to buy cryptocurrency.

Here are some of the reasons why Sunday is considered the best day to buy cryptocurrency:

Trading volumes are typically lower on weekends, which can lead to lower prices.
There is less news and volatility on weekends, which can also lead to lower prices.
Some investors may be taking profits on Friday, which can drive prices down on Saturday and Sunday.

Of course, there is no guarantee that the price of cryptocurrency will be lower on Sunday. The market is volatile and prices can go up or down at any time. However, if you are looking to buy cryptocurrency at a relatively low price, Sunday is a good day to start your search.”

Here’s a look at what the numbers say to back up Bard’s answer:

Psst: Bitcoin price goes on sale 1% Sundays

Bitcoin price averaged lower from Saturdays through Mondays over the last year of trading. An analysis of the historical daily price data suggests Fridays through Mondays are the best days to buy crypto.

Tuesdays and Wednesdays are the best days to sell, the data suggest.

The lowest average daily high price for any day of the week for Bitcoin from Aug 5, 2022 – Aug 3, 2023, was on Sundays. Over this time period, BTC’s average intraday high price on Sundays was $23,595. On Saturdays, it was $23,480. The highest average was on Wednesdays: $23,850.

If an investor reaped the entire benefit of these figures, it would mean buying their BTC 1% cheaper each week.

Not bad, Bard.

The post What’s the Cheapest Day of the Week to Buy Bitcoin? We Asked Google Bard appeared first on CryptoPotato.

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Filed under: Bitcoin - @ August 6, 2023 10:00 am