New Research Shows Mondays Are Best Days For Buying Bitcoin

The latest Bitcoin news show us that BTC is hitting the $9,000 barrier amid the launch of CME Bitcoin options and the recent acquisition by Visa, reaching a record price for the last two months. According to new research, Mondays are the best days to buy Bitcoin (BTC) and have shown as a great chance for this type of investment.

The 27% price gain by Bitcoin (BTC) since the beginning of the year along with the future bullish scenarios laid down by investors may attract new crypto holders. However, since BTC/USD is traded 24/7, new investors may be wondering and asking themselves: is there a difference between investing on a particular day of the week.

As per the new research, it has been shown that stock returns on Mondays are on average very negative. This is called the Weekend Effect, and one explanation is that the effects on a particular stock will only be felt on Monday since the market is closed during the weekend. However, the crypto market is always open which leads many to ask themselves whether we should expect the same behaviour this Monday for Bitcoin?

If we analyze the Bitcoin returns from the beginning of 2019 until January 13 this year, data shows that Fridays present the highest average return across the days of the week at 1.1%. In contrast, only two days of the week show negatively average returns. As per the new research, Mondays seem to be the best days for investors and if you are looking to invest in BTC but want to choose a particular day, Fridays are known for presenting the best cumulative returns followed by Mondays.

The Bitcoin weekly trends in the long-term, as the latest crypto news show, indicate that Thursdays and Wednesdays are the worst days of the week to invest in Bitcoin with an average return of -0.09% and -0.23%, respectively.

The Monday anomaly case is reinforced from a statistical perspective since Monday is the only day of the week with a statistically significant result from the regression models. If we use the same long-term sample starting from April 2013, we will see that the best strategy is to invest in BTC on Mondays, followed by Saturdays.