Revisiting ‘Bitcoin in May’ Over the Years: Month of May’s Past BTC Price History and Performance
Bitcoin has had a good year so far, almost completing the third month that it has predominantly been in the green. The lowest value of the bear market has been $3,150, and the fact that Bitcoin has managed to grow by $2,000 in that time is worth paying attention to.
Based on the most recent path that the market has taken, NewsBTC says that May might end up closing in the red instead, citing exhaustion in buying momentum.
The last few months have shown a much more positive streak, which may suggest that the market will stay green, according to the publication. That being said, the most accurate statement might just be that next month could bring anything, though there’s an old saying in the stock market that could come into play – “sell in May and go away.”
There has been a lot of bullish confidence in the market for the last two months, setting a new high since December 2017.
While it is significantly below what the market saw at its height, this price level is easily worth celebrating, considering the slow and steady growth. Though Bitcoin moved up to $5,650, it is resting at $5,472.79 at press time.
Following up from "trade the trend" – People ask "how you can tell if it's a trend?"
It does take time to form, so don't expect to get in at the very bottom if you're trend trader – Watch the price action – higher-lows here
— Josh Rager 📈 (@Josh_Rager) April 24, 2019
Now, three months of green is behind Bitcoin, and the overall value has nearly doubled. With a retrace currently expected, analyst Josh Rager commented that there is still a good chance for the leading cryptocurrency token to push ahead to $6,400.
Taking a look at the trends over the last nine years, there have only been three out of nine May months to see a red number. The first of those months happened in May 2013, followed by May 2015, immediately before a massive Bitcoin rally into a bullish path. Last May was the most recent kickback, falling down from $10,000 to $6,000 to retest support.
At this point, Bitcoin has a $6,000 resistance level ahead of them. However, analysts believe that there is going to a big struggle ahead of the bulls in the market that only just found their footing in the Bitcoin asset class.
Unpopular opinion….. I predict May '19 to end red on the 1-Month chart for the first time since Jan
What do you think May looks like for Bitcoin? pic.twitter.com/kEAozNwckT
— Josh Rager 📈 (@Josh_Rager) April 23, 2019
Now, the market waits, and investors continue their activities. The next couple of years could easily be decided by what happens in that month, seeing if the cryptocurrency market follows the adage of the stock market. While there are many $BTC price predictions to choose from, the month of May's past history and performance track record assure one thing, that we are nearly 1 year away from the bitcoin halving which could be the only catalyst it needs.
Live Bitcoin (BTC) Price:
1 BTC/USD =$56,672.1767 change ~ -1.73%