Is bitcoin actually a good hedge?

Traditional thinking is that bitcoin is a safe haven asset and works as a hedge against market downturns.

However, history may not agree with that...

Check this out:

(Source: https://twitter.com/crypto/status/1090195287098998784)

It looks like it only worked as a good hedge in 3 out of 9 of the worst months for stock market returns.

Hmm...