Bitcoin has logged good points in May in seven years out of the previous 11 years, per charting platform TradingView’s bitcoin index, which data costs from July 2010.
Historically, May has been the fourth-best month for the cryptocurrency.
“In terms of seasonality, May is considered a relative success for BTC. Over the past 11 years, bitcoin has ended the month up seven times and down four times,” Alex Kuptsikevich, senior market analyst at FxPro, stated in an e mail.
“The average rise was 27%, and the average decline was 16%. Under these scenarios, the estimated average range for BTC at the end of May is between $32,000 and $48,000,” Kuptsikevich added.
Past efficiency is not any assure of future outcomes, extra in order bitcoin’s market composition has modified considerably since 2020, with establishments and macro merchants having extra say in figuring out costs.
These entities deal with bitcoin as a threat asset and will liquidate their holdings if bears proceed to dominate the motion on Wall Street.
The chart beneath exhibits the second quarter of the second yr of the U.S. presidential cycle is bearish for S&P 500, the Wall Street’s benchmark fairness index.
