Redditor Claims To Have Built an Automatic Bitcoin Trading Bot – Does It Work?

A Redditor’s claim to have developed a Bitcoin-earning trading bot has sparked a mix of curiosity and skepticism on the r/CryptoCurrency subreddit. The user, kbxads, shared a post detailing a unique trading strategy involving bots that buy and sell Bitcoin based on monthly cycles.

The strategy, which hinges on exploiting recurring trends in Bitcoin’s price, suggests buying low around the 15th of each month and selling high near the 1st. The Redditor’s backtesting of this approach reportedly yielded a conversion of 1 Bitcoin into 15 over five years.

“My insight is that people have the most money at the start/end of a month and least in the middle. They get salaries around the 30th and they have bills to pay around the 15th,” the Redditor explained. “Armed with this insight, I calculated it all with Bitcoin historical prices on Spreadsheet from Jan 2015 to Jan 2023.”

Despite planning to test this strategy with real money and promising to update the community in five years, many Redditors expressed skepticism. Critics doubted the reliability of such a predictable pattern in the notoriously volatile Bitcoin market, arguing that any such trend would likely be short-lived if discovered by a significant number of traders.

“You do realize if it was easy enough for you to find, EVERYONE would have found it, especially the financial world,” one Redditor commented, questioning the feasibility of the strategy. “This has got to be bait, and I’m [not?] falling for it.”

“I am skeptical, because you say with 100% certainty, that you found a way to game the system. Many have claimed that and all have failed,” another added.

The consensus within the community leans towards skepticism, with many doubting the practicality and sustainability of such a strategy. Despite this, some hold out hope for its success. The ultimate effectiveness of this trading bot, as posited by the Redditor, remains to be seen, and only time will tell if it can truly generate the claimed returns.