Will Bitcoin Have Another May 19th Sell-Off?
Last year May 19th was a terrible day for a Bitcoin bull like myself. I remember it well because that date is my birthday. I didn’t get what I wished for that year, but this year a continuation of the massive sell-off in the market is exactly what I am hoping for.
From 2015 to 2020, May generally was a good month for Bitcoin. In that six-year period, Bitcoin had twice as many monthly candles end up green. Some years, notably in 2017 and 2019, Bitcoin achieved huge gains in May. But last year is probably the one that everyone remembers, when in a one-week period, from May 12th to May 19th, Bitcoin shed about 50% of its value, hitting the same lows we are trading at today of around $29,000 after starting the month out near $59,000.
The difference between this year and last year is that I am actually hoping for a massive decline instead of praying for a return to a bull market. What changed my attitude? The change in my birthday wishes for Bitcoin represents a change in my sentiment. While last year I was worried if Bitcoin crashed or didn’t continue making new all-time highs that, the adoption of BTC would be at risk. This year I am confident that Bitcoin isn’t going anywhere regardless of price volatility. I want BTC to drift as low as possible so that I can buy some myself at a better price. This year for my birthday, I hope we have another $12,000 decline on May 19th so that I can scoop up more of it, ideally when it bottoms.
So, when and where will it bottom? When is a little harder to answer, but sometime in the next three to twelve months is my guess. Where it will bottom at, I believe, will be around $17,000 — $18,000 based on my current studies. Either way, I am excepting Bitcoin for my Birthday present regardless of my current outlook, lol.
Send it to, bc1qex03zffegdnmphv3jxttp06h3vlfrjxnccp7wz
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