PANews reported on May 2 that according to CoinDesk, although Bitcoin's recent breakthrough of $97,000 has triggered market expectations for its impact on $100,000, analysts warn that the seasonal law of "Sell in May and go away" in the traditional financial market may put pressure on the crypto market. BTSE Chief Operating Officer Jeff Mei said that historical data shows that financial markets performed relatively weakly from May to October, and many investors followed the "sell in May" strategy. CoinGlass data shows that Bitcoin fell 35% in May 2021, 15% in May 2022, and remained stable in May 2023.
Vugar Usi Zade, COO of Bitget, pointed out that the average return of Bitcoin in the second quarter (April to June) in the past 12 years was 26%, but the median was only 7.5%; the average return in the third quarter (July to September) dropped to 6%, and the median was slightly negative, showing a seasonally weak trend. Analysts advise investors to be cautious in the current market sentiment, especially when technical indicators show signs of weakness.
