Historical Data Suggests Where Bitcoin's Price Could Head in May
Bitcoin

Historical Data Suggests Where Bitcoin's Price Could Head in May

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7 months ago

Since 2013, Bitcoin has ended up in positive territory five times in May — while suffering losses in the remaining four.

Historical Data Suggests Where Bitcoin's Price Could Head in May

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Bitcoin is dusting itself off after a rather 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 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, Bitcoin's exact movements are impossible to predict — and an upcoming meeting of the Federal Reserve's Open Market Committee will inject additional turbulence.

The markets will soon find out whether economists at the U.S. central bank will raise interest rates by half a percentage point as expected.

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