If history is any indication, the answer would be a resounding "YES"!
If history were to repeat its recent trend regarding bitcoin and cryptocurrency, we are about to experience a very bullish next few weeks and months.
Historically, bitcoin and cryptocurrencies have done very well during and following the Consensus Conference each year, though keep in mind we only have 3 previous years of data to go on.
If you don't believe me, check out the chart Tom Lee of Fundstrat Global Advisors put out yesterday:
As you can see, there is a definite bounce during the Consensus Conference each year. Followed by a sizable pullback, then a rally that often dwarfs the Consensus rally.
If history were to repeat, the recent weakness would be short lived as the Consensus Conference starts May 14th and runs through May 16th.
What is Consensus?
It is one of the largest crypto/blockchain conferences in the world attended by the who's who of the cryptocurrency industry.
It starts May 14th and is expected to have over 7,000 crypto enthusiasts in attendance.
It is a great place for projects to get matched up with investors which is likely the reason for the rally that often happens around this event.
It also won't hurt that it takes place in New York, one of the major financial hubs in the entire world.
Oh and by the way, our very own Ned Scott will be speaking there.
More about that can be found here:
More than just the conference, we are also in the midst of a very strong time of the year seasonally.
Check this out:
As you can see May and June are the 3rd and 4th best performing months out of the year over this same time period (the last 3 years).
But wait, there's more!
According to Tom Lee, not only should we see a strong next couple of months but he thinks that this year's Consensus crypto rally may be even stronger than in year's past!
Why does he think that you might ask?
For several reasons:
- Attendance for this year's event is expected to be triple what it was last year.
- Bitcoin/Crypto is down significantly YTD.
- Comes at a strong time seasonally.
Here was Lee's quote as to why he sees this year being an especially strong year in terms of returns around the Consensus Conference:
“Already one of the largest crypto conferences in the world, attendance this year is up dramatically and coming at a time when Bitcoin/Crypto is down YTD. Hence, we expect the Consensus rally to be even larger than past years.”
What does that mean in terms of actual percentage and dollar returns?
According to Lee's chart, prior Consensus rallies have yielded returns between 10% and 70%, and if this year were to outdo last year, we could see bitcoin surge back to about $15,000 in the next few months.
Hopefully steem is able to hitch a ride along with it.
Do your thing at Consensus Ned, and good luck!
Stay informed my friends.
Follow me: @jrcornel