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Since its price grew by more than 10 times over the course of a single year, Bitcoin has made a lot of people rich. Still, despite a continuous growing trend, the price of Bitcoin has many fluctuations on monthly, weekly, daily, and even hourly basis.
For this reason, crypto analysts have been working hard trying to figure out when is the best time to buy Bitcoin and when is the best time to sell it.
A recent article from Bloomberg seems to offer an answer. Its analysts have spotted a pattern that might explain how the bitcoin price moves over the course of a day
Bitcoin has shown a tendency to clock the intraday low during the trading hours in Asia. Its daily highs usually happen during the peak trading hours in the United States.
For instance, on Monday, Bitcoin’s low was around 3:00 am Eastern Time, which is 2:00 pm local time in Shanghai, Hong Kong, Singapore, etc. The same day, Bitcoin’s highest value was reached 13 hours later, that is, around 4:00 pm Eastern Time.
Although no one can say for certain what is the reason for such a pattern, Richard Byworth, the CEO of Diginex Ltd., has a theory. According to him, the explanation might lie in the fact that most of new Bitcoin is being mined in Asia.
About 65% of the world’s Bitcoin mining computing power comes from China. On top of that, Malaysia is quoted as the fifth country in the same list, accounting for about 4.3%. Meanwhile, most of Bitcoin is bought in the United States.
Even though Bitcoin traders can make a lot of money buying and selling Bitcoin on a daily basis, cryptocurrencies are still thought of as long-term investments.
Being the most popular cryptocurrency on the planet, Bitcoin is expected to grow the most in the future. For some like Mike Novogratz, a $100,000 price for one BTC seems like a reasonable scenario. In fact, the investor believes Bitcoin could reach that price by the end of the year.
Crypto analysts from Fundstrat agree – their Bitcoin target price for 2021 is currently set to $100,000, which is almost double of today’s price.
Speaking of which, at the moment of writing, the price of Bitcoin is $57,524.20, which is very close to its all-time high set last month. Still, Bitcoin’s volatile nature did show last week, when the price dropped to the $43,000 zone.
Whether the current surge will take Bitcoin to breaking another record and possibly going above $60,000 remains a question. Still, even if Bitcoin doesn’t create another milestone in the next few weeks, experts seem to agree that we’re going to see BTC making some historic gains this year.
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