Historical Data Shows Where Bitcoin Price Could Head in May
Since 2013, Bitcoin has entered positive territory five times in May, while the remaining four times it has posted losses.
BTC is settling down after a pretty terrible monthly close — ending April down 17.3%.
And historical data from Coinglass shows that it’s a pretty mixed picture when it comes to May.
Since 2013, Bitcoin has ended up in positive territory five times in May — while suffering losses in the remaining four.
Last year was a particularly bad one, too. Bitcoin price plunged by 35.3% in May 2021 as the world’s biggest cryptocurrency crashed to $30,000… weeks after hitting a new all-time high of $64,000.
When May has ended the month down, average losses came in at 16.5%. By contrast, typical gains stood at 34.5% after a month closed in positive territory.
Some rough calculations suggest that Bitcoin’s range could be between $32,000 and $51,000 in May as a result.
Of course, the exact movement of Bitcoin Price is impossible to predict — the upcoming meeting of the Federal Reserve’s Open Market Committee will cause additional turmoil.
The market will soon know if the Fed’s economists will raise interest rates by 0.5 percentage points as expected.