According to Forbes magazine, Czech Republic citizens now have more trust in digital currency than they do the Euro. At the same time, StormX (popularly known for its cryptocurrency earning application), has recently partnered with the travel concierge service I Only Fly First Class in order to make first-class airline ticket purchases possible using cryptocurrency.
There is, of course, just one problem. It might be easier than ever to sell people the idea of investing in digital currency. When it comes, however, to moving monetary assets into cryptocurrency, many people simply don’t know when or where to start.
When is the Best Time to Buy Bitcoin?
As the Bitcoin price plummeting from $20,000 to $10,000 recently showed investors, buying Bitcoin at the wrong moment in time can be costly. The good news, however, is that identifying the right time to buy Bitcoin doesn’t require expert insider trading knowledge.
Using the Wall Street Cheat Sheet to Predict Bitcoin Market Cycles
Cryptocurrency prices, just like Forex and Stock Market prices, are determined by specific market cycles. What is more, the stages of the most common recurring market cycles can be identified by anyone with a little human psychology know how.
Is everyone talking about the Bitcoin price and is cryptocurrency dominating news headlines? If so, (and the Bitcoin price is rising as a result), now is definitely not the right time to buy Bitcoin. This is because what the Wall Street Cheat sheet identifies as thrill and euphoria in the markets, will almost always precede a significant price pull-back.
Always Buy the Bitcoin FUD
In the Bitcoin and wider cryptocurrency community, periods of fear, uncertainty, and doubt (FUD), have become a popular meme among investors.
The Bitcoin price will reach a new all-time high. New to market investors will then start dreaming of being millionaires in just a few weeks. Then prices will start falling. Anxiety subsequently sets in, and as investors start to panic, mass selling ensues.
Of course, every time the Bitcoin price makes headlines after halving in value, the media portrays the event as nothing short of economic doomsday. In reality, however, this is exactly when people should buy Bitcoin. This is because, in reality, market FUD simply signifies the end of a market cycle which will likely soon start repeating all over again.
Using Google Search Trends to Identify When to Buy Bitcoin
Are you planning to buy Bitcoin? If so, even planning to buy during a period of fear, uncertainty and doubt can prove psychologically testing. How, after all, can you be sure that you have gauged the mood of the market correctly?
Thankfully, none other than Google makes it easier than ever to predict Bitcoin price movements. This is because anyone can use Googles own trend analytics to gauge the real-time popularity of different Google search terms.
Using Google Trends to search for the popularity of the search term ‘Bitcoin,’ it is easy to see that Bitcoin searches are currently at their lowest since the start of Bitcoin’s November 2017 price rally to $10,000. Much more importantly, it is also easy to see a direct correlation between current Bitcoin search trends and the basic economic cycle outlined by the Wall Street Cheat Sheet.
Buy Bitcoin But never Sell
Are you planning to buy Bitcoin but are you also uncertain with regard to how long you should hold for?
As a rule, holding Bitcoin throughout even volatile price fluctuations has so far seen investors make phenomenal returns on investments.
Of course, no one can hold forever. This being the case, if you do plan on selling, simply remember to sell while the market is in a state of Bitcoin euphoria. What is more, it is also worth noting that a recent Forbes survey found that most long-term Bitcoin holders don’t plan to sell until the Bitcoin price reaches $127,000.
This being the case, if you do plan on selling one day, $120,000 might be a good time to exit the market before everyone else starts to cash out also.