Cryptocurrency Although the sector has started to become an independent sector, its ties with the traditional finance sector are still very strong. In particular, the positive correlation with the US stock markets is in a situation that affects the stock markets. bitcoin‘Of (BTC) also causing it to crash. This increases the fears for May.
BTC May Experience Classic May Drop
In the world of financesell in may and go awayAn idiom known as ” actually indicates that there may be a lot of sales in May. It is known that from the 1950s until 2013, the stock markets saw bottom levels in almost every May, and started to rise after October.
The reason for this seems to be tax returns and general opinion. Of course, in addition to this, the fact that important holiday periods in the USA coincide with the relevant time is also effective in this. Although there have been changes in this statistic since 2013, the leading cryptocurrency Bitcoin (BTC) He experienced this situation again last May.
Looking at the price action that Bitcoin experienced in May last year, it seems that it was completely turned upside down. BTC, which fell from a record of $ 68,000 to $ 30,000, actually confirms this statement. The fact that the subsequent rise started in October 2021 reveals that the aforementioned statement is still valid.
Famous crypto analyst Nebraskangooner also pointed out that this could happen in his statement on the subject. Especially April and May can be bloody for the crypto money industry.
Sell in May and go away?
typically what seems to happen with #BTC and #Crypto in these conditions is the market perks up in mid April to May then the summer is ugly again and things bounce on August/September
Not making any predictions just sharing what I can remember from past
— Nebraskangooner📈 (@Nebraskangooner) March 15, 2022
*Not investment advice.