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Sell in May and Go Away? A Look At Historic Bitcoin Price Performance in May

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
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The first ever cryptocurrency, Bitcoin, is set to close its third consecutive monthly candle as green, after a record-setting six candles closed in red, taking Bitcoin price to its current bear market low of $3,150.

Because of how far Bitcoin has climbed since those local lows, crypto analysts believe that May is likely to close in the red as buying momentum has begun to show exhaustion, and a larger retrace is overdue. While a red May is certainly possible, past performance in Bitcoin price during the month of May suggests that it is more likely to close green. Does the old stock market adage of “sell in May and go away” make sense for the leading cryptocurrency by market cap?

Crypto Analysts Expect May to Close Red on Bitcoin Price Charts

Following months of renewed bullish confidence in the crypto market, Bitcoin has rallied over $2,000 above its local bear market low, setting the first higher high since its all-time high was set back in December 2017.

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Related Reading | Crypto Analyst: Higher High In Bitcoin Price Confirms Bear Market Bottom Is In

The rally has spanned over three months, first starting slowly, then picking up momentum following the break of overhead resistance at $4,200. A recent move took Bitcoin price even higher, peaking at $5,650 before pulling back to current levels around $5,450.

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

I predict a red May but $BTC could still push to $6400 pic.twitter.com/Pex51XqkbZ

— Josh Rager ? (@Josh_Rager) April 24, 2019

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Due to three months in a row closing green and the price of Bitcoin nearly doubling since its 2018 low, analysts are now expecting the leading crypto to retrace, leading to a red May candle close. Despite leaning toward a bearish May outcome, analyst Josh Rager doesn’t rule out the chance of Bitcoin making an attempt at $6,400 before closing the month red.

Selling in May Hasn’t Been Effective for Crypto Investors In the Past

Upon reviewing Bitcoin price charts over the last 9 years its been traded, the cryptocurrency  has only had three monthly candle closes in May that were red.

The first of which occurred in May of 2013. The next after that was at the bottom of the 2015 bear market, right before Bitcoin rallied into a new bull trend. The next red May after that, was last May, when Bitcoin was rejected at $10,000 back down to re-test support at $6,000 in the following month.

Related Reading | Bullish Bitcoin Price Formation Hints At Short Term Move Above $6K

Now, Bitcoin is ready to test that same support but turned resistance at $6,000 in the days ahead – resistance that is certain to be a struggle for bulls who have only recently regained their confidence in the asset class.

https://twitter.com/walter_wyckoff/status/1120823429953925121?s=12

Where Bitcoin goes during the month of May could set the tone for the next couple of years ahead for the entire crypto market, and we’ll find out if the adage “sell in May and go away” holds any merit in the crypto space.

Featured Image from Shutterstock
Tags: bitcoinbitcoin pricecryptoJosh RagerMay
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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