A weak May for BTC could signal a bearish summer, Cointelegraph reports

Bitcoin has historically tended to experience a bear market throughout the summer when its price closes lower in May, Cointelegraph reported. The outlet noted that BTC is currently down about 10% for the month after failing to break through resistance near $83,000. This trend aligns with the Wall Street adage "Sell in May and go away," which suggests that markets often perform better in winter than in summer. According to the report, in the years when Bitcoin saw a negative return in May—2013, 2015, 2018, 2021, 2022, and 2023—the average return for the following June was -10.1%. However, the analysis also concluded that the strategy is not effective from a long-term perspective and that past data provides no reason for long-term investors to sell their BTC in May.