In my prior Steemit posts, I mentioned that Monday is statistically the best day to buy bitcoin. That's because, on average, bitcoin gains 0.92% the following Tuesday.
But what about buying Bitcoin during a bear market? That inquiry is a much more nuanced.
After all, any day is a good day to buy bitcoin in a bull market. The truly useful analysis is what to do when things are extremely sour for the cryptocurrency sector, as we just witnessed.
And it is these types of question that I wish to answer regularly for folks who utilize my upcoming open-source bitcoin trading resource!
Getting back to the question at hand, is there a best day to buy bitcoin during a bear market? Yes, there is, but we have two answers!
The best day to avoid damages is...Saturday!
This day might seem like a strange answer because on any given market condition, bull or bear, Saturday is the worst day to buy bitcoin. This is because the following Sunday has the worst average daily return of 0.12%.
Other days are much, much higher in profitability magnitude.
So what gives? Again, it could be for religious reasons, as I mentioned earlier. Jewish traders don't engage the bitcoin markets on Shabbat (Saturday), so it makes sense that bitcoin, and perhaps other cryptocurrency markets, don't see pronounced activity.
But statistically, the best day to buy bitcoin in a bear market is Friday.
During bear markets, bitcoin loses on average 3.8% on Friday. That's notably higher than the 3.3% average losses across the entire week.
So if you wanted the best deal on bitcoin, Friday is your best bet, although Thursday comes in a close second place.
However, if the bear market is extremely ugly, the statistics suggest that Friday is NOT the best day to pick up the cryptocurrency on the cheap.
That day again goes back to Saturday!
Yeah, it's confusing, but of the worst three day-to-day losses in bitcoin, Saturday takes two slots -- the absolute worst day so far, and the third-worst.
On Saturday, June 11, 2011, bitcoin lost nearly 39%. And on Saturday, August 6, 2011, bitcoin evaporated 33% of market value.
When you think about it, though, these stats make sense. Because Saturday is statistically the least damaging day to buy bitcoin during a bear market, it's aligned with the fact that Saturdays have seen the worst of the fallout priced in.