Liking this new option for "sideways" in these polls for change, especially since we've seen this type of price movement in February and April so far this year!
Anyhow for this month I voted up, as I still see room for a push to further highs, as we still haven't quite seen a test towards $32K. I'm also basing this on the +40% increase in January, followed by consolidation in February, then +20% in March, followed by consolidation in April, which is a pattern so far. So taking this simplistic trend and considering a continuation of it, then it'd be a +10% in May into $32K.
Of course the market doesn't always continue in the same manner, even if it has done so for 4 months already, but unless there is a significant change in direction in the coming weeks then I still think price has more room to the upside (even if less than February/April months). I also think price may well re-test $25K before reaching $32K, in order to create a bullish wick on Monthly time-frame.
Sentiment for this month of May?Anyhow for this month I voted up, as I still see room for a push to further highs, as we still haven't quite seen a test towards $32K. I'm also basing this on the +40% increase in January, followed by consolidation in February, then +20% in March, followed by consolidation in April, which is a pattern so far. So taking this simplistic trend and considering a continuation of it, then it'd be a +10% in May into $32K.
Of course the market doesn't always continue in the same manner, even if it has done so for 4 months already, but unless there is a significant change in direction in the coming weeks then I still think price has more room to the upside (even if less than February/April months). I also think price may well re-test $25K before reaching $32K, in order to create a bullish wick on Monthly time-frame.
Sell in May and Go Away
This might be having that in correlation?
I've heard this one, but as the data shows it's not that May and the following months is necessarily bullish, but more so neutral & sideways for a few months:
Quote from: CFI
The S&P 500 Index has recorded a cumulative six-month average gain of 6.7% in the period between November to April compared to an average gain of around 2% between May and October.
I also remembering hearing this theory in 2019 when Bitcoin was at around $5K after a months worth of consolidation, but instead it continued to increase up to $14K by June, so not convinced this theory is that reliable for an asset like Bitcoin, even if relatively reliable for traditional markets. In contrast, the S&P did indeed have a correction followed by consolidation in May 2019 until around October.
I'm not suggesting Bitcoin is going to increase by 150% within the coming months like in 2019, but that this may well be the time Bitcoin decouples (further) from stocks and traditional markets if they are to enter a period of consolidation or correction. This decoupling is what could lead Bitcoin to increase again dramatically as investors who flee from stocks take an interest in Bitcoin instead, similar to 2019.
