Why June Is A Good Month For Bitcoin
Story by: Naeem Aslam
Bitcoin has surged nearly 62.25 percent during May, it has been the best month for Bitcoin for this year. Speaking from a seasonality factor, May is supposed to be the best month for Bitcoin as the 5-year average trailing percentage gain sits at 21.03%. The 5-year trailing high is at 70.86%, while the low is -18.73%. Statistically speaking, the best 5-year trailing average percentage month for Bitcoin is still May, where the number stands at 21%.
Photocredit: Getty
GETTY
But Bitcoin bulls do not need to worry and the reason that I am saying this is because the same seasonality factor for June looks really strong . How strong? Well, the 5-year trailing high percentage number is 25.98% which means that during this month, the price of Bitcoin can rise up to $10,712.
‘The difficult times for Bitcoin have passed” Dr. Zafar from Bithercash told me. His statement becomes even more prominent when one compares today’s Bitcoin price with last years. The crypto king’s price is now higher on a year-on-year basis and this is the first time this has happened in the past 8 months.
In my previous article, I mentioned that the price has the ability to blast past the level of $10,000 in two weeks. Not long left for that to happen. However, the Relative Strength Index shows that the momentum has slowed down significantly, and the RSI has fallen below the critical level of 70. In order for the price to continue to move higher, the RSI needs to respect the trend drawn on the chart below.
