Bitcoin Sentiment: Bullish or Bearish?

Trader sentiment for Bitcoin (BTC) does not seem to be more on the bullish nor bearish side as May lingers around. Some believe that the crypto winter is over, and that the OG coin is set to grow, while others, on the contrary, believe that Bitcoin will fall to new all-time lows.

BTC Long/Short Ratio

Source: Coinglass

According to data from Coinglass, the BTC long/short ratio is quite balanced. Different exchanges have one side slightly outweighing the other, but on average, it’s more or less 50-50. Bitcoin believers expect BTC to re-surge to $60,000 once more.

Others remain uncertain and perhaps will ‘Sell in May and Go Away’, which refers to an investment strategy for stocks based on the theory that stocks underperform the most in the six-month period between May and October, before witnessing robust growth between November and April.

What about cryptocurrencies? Well, in the past two years, the theory has been proven right within the cryptocurrency markets. In May 2021, Bitcoin was in demise and lost nearly 50% of its value during the month, and May of 2022 had no mercy for BTC either. What's next for Bitcoin?