If you’ve decided to start investing in Bitcoin, which is the world’s most successful cryptocurrency to date, you may be interested in discovering a few handy tips which will help you purchase your Bitcoin price at a competitive rate.
5 Tips on purchasing Bitcoin at the right price:
1. Wait for Bitcoin’s share price to fall slightly, before making your move
While it’s probably tempting to purchase Bitcoin as soon as possible, especially if some of your friends and family members have already taken the plunge, to make the best possible use of your capital, you’re far better off keeping a close eye on Bitcoin’s price to purchase your Bitcoin, when the price dips slightly.
After all, you’ll make a far greater profit if you purchase your Bitcoin at a lower price point than if you purchase Bitcoin when it’s featuring in international news headlines for breaking its own price records. Which is in fact, the worst time to purchase Bitcoin.
2. Purchase Bitcoin when top investors are stocking up on Bitcoin
Some forex sites such as eToro allow you to watch the moves which their top investors make. If you click on a highly successful trader’s purchasing history and you see that they’ve stocked up on Bitcoin in the last 24 hours, it’s well worth purchasing some Bitcoin yourself. As chances are, that you’ll be able to purchase Bitcoin at a competitive price.
3. Don’t expect to pick Bitcoin up for the same price which it was available a year or two ago
While Bitcoin will decrease in price every few months, there’s no point waiting for Bitcoin to plummet to the price which it was offered for a year ago as Bitcoin steadily increases in price and it’s far too late to purchase Bitcoin for pre-2018 prices.
4. Don’t purchase all of your Bitcoins at one point in time
If Bitcoin decreases in price, you may be tempted to sink thousands of dollars into investing into Bitcoin. However, you’re far better off investing a low amount of $1,000-$5,000 into Bitcoin in a single transaction as that way you’ll be able to watch the market and see whether or not you should sink more money into Bitcoin that week. As an example, after investing $3,000 into Bitcoin, three days later Bitcoin could continue to fall, in which case you’ll be able to score an even better deal. At which point in time, you may choose to invest another $3,000 into purchasing Bitcoin.
5. Consider purchasing Bitcoin, just before it will increase in price
An ideal time to purchase Bitcoin is when it starts to plateau after a steep drop in price as this is a sign that Bitcoin is about to start increasing in price again. It’s well worth keeping an eye out on Bitcoin prices so that you’ll be able to start identifying Bitcoin’s trends. If you’re afraid to invest a lot of money on Bitcoin when it plateaus, sit back and watch what happens and invest your money in Bitcoin the next time you see it plateau after a fall.
In order to ensure that you purchase Bitcoin at a competitive price, make sure to follow the 5 tips above!