Sell in may and go away??!!

Sell in May and go away? While the month may traditionally give equity bulls cold feet, it should probably not be a cause of worry for the bitcoin market.

Indeed, it's true the month of May is often a weak period for equities, and that bitcoin has acted as a risk asset (moving in tandem with equities) since February. As such, cryptocurrency investors may fear that a potential drop in equities could end up dragging bitcoin prices lower.

However, historical data suggests that bitcoin is more likely to build upon its April rally this month.

Notably, the world's largest cryptocurrency by market capitalization has scored gains in the month of May in five out of the last seven years, according to CoinDesk's Bitcoin Price Index.

According to the data:

BTC appreciated by 73 percent in May 2017 as it jumped from $1,348 to $2,330.
The decline in the years the price did drop (2015 and 2013) was moderate (less than 10 percent).
Furthermore, BTC has fared well in every second quarter since its creation - the highest being 1,964 percent in Q2 2011, when bitcoin jumped from $0.78 to $16.10.

Clearly, history is on the bulls' side. Further, the seasonality analysis only adds credence to the bullish set up as seen in the bitcoin chart below.