The price of Bitcoin (BTC) has been historically strong during the month of May despite a trend towards stock market selloffs.
There’s a saying on Wall Street called “sell in May and go away” that refers to the sharp selloff that tends to happen during the spring each year. However, that adage has not applied to Bitcoin, according to seasonal analysis.
Bitcoin has recorded gains in May in seven of the past 11 years, according to Bitcoin price data.
Historically, May has been the fourth-best month of the year for the entire cryptocurrency market.
Over the past 11 years, Bitcoin has ended May up seven times and down four times. The average increase in Bitcoin during the month of May has been 27%, and the average decline has been 16%.
The price range for Bitcoin at the end of May has historically been between $32,000 U.S. and $48,000 U.S.
Year to date, the price of Bitcoin is down 20% at its current level of $38,400 per digital coin.
