Its Official… December 13th is officially the best day to own Bitcoin. You are probably wondering why we have made this claim and how we have e come up with the day. Well after looking over 7 years worth of data focused on the Bitcoin price across every single day of the year we have come up with the best and worst days to own Bitcoin. However, on the flip side, these days could also be the best day to buy and sell Bitcoin based on the Bitcoin price.
We have spent hours compiling data to take an average of the Bitcoin price across every day of the year since 1st January, 2011. We have included data up until 31st December, 2017 to acquire the above date. 2018 is only half way through so it would not be conclusive data and therefore we have chosen not to use that data. Although it is worth noting it did not actually effect the best and worse days to own Bitcoin.
December 13th, How did we get this date?
This article is simply to show our calculations and what the finding were from the calculations that we used. In the below steps we will be showing the data and findings from the dates between 01/01/2011 – 31/12/2017. The reason we did not use the 2010 data is because Bitcoin did not officially start trading on any exchanges until 17th March 2010. this would mean any dates before this in 2010 will not have any data. We also chose not to include 2018 in our main findings as again, it is not a full year of data so will not show accurate findings.
First we had to get the Bitcoin price from every single day for; 01/01/2011 – 31/12/2017. The prices we use were the closing prices taken from the historical data section of the Bitcoin price information on Yahoo Finance. The prices for each day were then sorted into descending order (highest dowmn to lowest).
When all of the prices were in descending order (highest to lowest), we then gave each one of them a score of 366 to 0, The highest price for the year received the score of 366 and the lowest received 0.
Note – the score was 366 to account for the number of days in a year.
Once every single day had been given a different score for each year we then had to add all of the scores together for each day. Meaning the day with the highest score had on average the highest Bitcoin price from 01/01/2017 – 31/12/2017. Likewise, the day with lowest score was also the day on which the Bitcoin price had been at its lowest on average between the given dates.
Below shows the top 25 days from the findings. The dates have been assigned a ranking for how high the price was on that particular day each year.
Then the total at then end is the overall score, which determines which day on average has the highest price. The highest price could also be an indicator of the best day to sell Bitcoin given that profits would be at the maximum point in a given year.
Below then shows the 25 days with the worst Bticoin price, these could also be an indicator as a good time to buy Bitcoin given that price is at its lowest point on average.
As mentioned earlier the 2018 did not actually have any impact on the best days to own Bitcoin, it did have a slight impact on some of the worse days. The price of Bitcoin was very high for most of January 2018 and therefore the January days which rank as the worse days no longer feature there. February remains the worst month to own Bitcoin but also the best month to buy Bitcoin. And December is easily the best month to own Bitcoin and therefore the best month to sell Bitcoin.
Bitcoin price is the highest price on December 13th
The images above may be hard to make out but that is just showing how the Bitcoin price ranks on each of the days in that year. The total score for these days then determines on average, across these years which day the Bitcoin price is the highest. Now do not get this confused with the best day to buy Bitcoin… The price is the highest so this is technically the best day to own Bitcoin. You could determine that this is in fact the best day to sell Bitcoin and take profit.
While we understand that this may not be the highest actual price ever again it is an average of the price since 2017 and therefore we know that generally in December the Bitcoin price is at its highest and could be a good time to cash out some profits.
Bitcoin price is the lowest price on February 16th
Using the same ranking system to find the highest we also found out the lowest scoring day of the year, and therefore the worst Tim to own Bitcoin. This day came out as February 16th, however this may well be the best time to buy into Bitcoin given that it is at its lowest price on average. The Bitcoin price again may well be higher than at another certain point in ht year but on average February works out to be a good entry point for investing in Bitcoin.
Following this logic if you owned 1 Bitcoin and you sold it on 13th December, 2017 you would have received $16,286.82. You could then have bought back in on 16th February, 2018 at $10,188.73 leaving you with 1.5985 Bitcoin. even though this was not the lowest entry point you or highest sell point you would still have made 0.5985 Bitcoin.
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