The market-leading cryptocurrency recorded a drop of over 35% in May, leaving market participants split in their outlook for Bitcoin BTC/USD.
What Happened: According to data from bybt, Bitcoin’s decline in May is the cryptocurrency’s second-worst monthly drop in its entire history.
Only November 2018 saw a marginally steeper drop of 36.57%, and that was in the midst of a bear market.
Still, some market participants have optimistic price targets for Bitcoin as it traded around $35,915 at press time.
PlanB, the pseudonymous creator of the popular Stock-To-Flow (S2F) model, doesn’t find anything out of the ordinary despite the steep drop in Bitcoin’s price.
According to themm, negative drops over 35% are “possible and indeed likely” in a bull market. In a tweet on Tuesday, the analyst claimed that the S2F model, which predicts Bitcoin will reach $288,000 by 2024, is intact.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
