With the downtrend in the Bitcoin (BTC) and crypto markets persisting, investors have been pinning their hopes on a potential May uptrend.
At this point, with all eyes on May, will Bitcoin perform well in May?
In the table below, you can see Bitcoin’s performance in the month of May.
As can be seen from the table, Bitcoin has a history of rallying in April and then falling in May. Accordingly, BTC has closed May in the red for the past three years, shedding 35.3%, 15.6% and 6.9% respectively.
According to data from Coinglass, over the past 11 years; BTC has closed May in the green five times and in the red six times.
Should BTC close this May in the red, i.e., with a loss, it will continue the three-year losing streak.
Will Bitcoin fall in May?
Looking at Bitcoin these days, we see that it continues to consolidate above the $60,000 level.
While analysts state that technically, the price is in a safe zone as long as it does not close below $61,100, they see a potential sharp drop in May as a buying opportunity.
At this point, although Bitcoin’s May declines in the last three years have brought the “Sell in May” FUD to the crypto industry, will the halving effect change these expectations and fears? We’ll see.
BTC is changing hands at $62,780 at the time of writing.
