While the downward trend in the Bitcoin and cryptocurrency markets continues, investors pinned their hopes for an upward trend on May.
At this point, while all eyes are on May, does Bitcoin like May? How did it perform in previous May months? Let’s look at the answers to your questions.
In the table below, you can see the comparative performance of Bitcoin in May.
As can be seen in the table, Bitcoin generally increased in April and decreased in May. Accordingly, while BTC has closed May in red for the last 3 years, 35.3% respectively; It fell by 15.6% and 6.9%.
According to Coinglass data, BTC’s May has increased in only 5 years out of the past 11 years; It seems that it closed with a decline in the other 6 years.
If BTC closes this May in red, that is, with a decline, it will continue its decline series of the last 3 years.
Will Bitcoin Fall in May?
On the other hand, while it is a matter of curiosity whether the “sell in may and go away” strategy, which is widely known in the financial world, will be on the agenda again, the data since 2013 gives a clear signal about Bitcoin’s May performance. .
When we look at Bitcoin these days as we prepare to enter May, we see that the price continues to accumulate above the $ 60,000 level. While analysts state that technically the price is in the safe zone on a daily basis as long as it does not close below $ 61,100, they consider a possible sharp decline in May as a buying opportunity. Bitcoin halving and four-year cycle expectations strengthen this assessment
While it has fallen in six of the 11 May months since 2013, it has risen in only five. While this situation shows that the “sell in May” strategy is generally reflected in Bitcoin, it also reveals that it is not always valid.
At this point, although Bitcoin’s decline in May for the last 3 years has made the “sell in may and go away” FUD widespread in the crypto industry, will the halving effect buy into this expectation and fear? We will be following.
BTC continues to trade at $62,780 at the time of writing.
*This is not investment advice.
