May is just around the corner and that means we’re pretty happy with what’s in store for Bitcoin. Time to check the numbers.
Bitcoin historical performance in May
The table below shows how Bitcoin has historically performed in May.
You probably recognize it by the numbers, but the colors make it a bit easier. Blue means that the month has ended on a positive note, while red means that the price has fallen. This is based on the beginning and end of the month.
Bitcoin rose 274% in May
May has 7 blue months and 5 red months. If we add up (and subtract) all the results from May, the Bitcoin price has achieved a growth of 274% this month. That’s an average of 22.85% per year (based on 12 years of stock price data).
With that, May only has to endure November, April and October.
However, the months of May 2021 and 2022 were incredibly bad for Bitcoin, but you could argue that this is due to exceptional cases.
Bitcoin Mining in China, Elon Musk and Terra Luna
In May 2021, the price of bitcoin had just hit an all-time high, but then China banned bitcoin mining and Elon Musk decided his Tesla wasn’t as interested in bitcoin as it once was.
Last May, the entire cryptocurrency market was hit by the Terra Luna scandal. The fundamentals of this crypto project proved even weaker than Vitesse’s defense this season, causing the entire crypto market to collapse and drag with it. As a result, several crypto companies also went bankrupt.
So on a fundamental level, Bitcoin had a bad few months in May. But this year seems to be really different.
Could Bitcoin Reach $33,000 in May?
This year will not be about news about cryptocurrencies per se, but about the economy as a whole. As we all know we are getting less and less value for money and central banks are playing with interest rates and a possible recession. In addition, the title of the world’s leading currency is disputed. Lots of different factors over the past two years.
We expect that the bitcoin price also knows that the average growth is 22.85% and that this is a good goal. Bitcoin is currently worth around $27,000 and if the average growth continues, the price could rise to just over $33,000.
Source: Btc Direct
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
