PANews reported on May 18th, citing Cointelegraph, that analysts are divided on whether Bitcoin will repeat its historic plunge in May. Bitcoin fell from nearly $10,000 to around $7,000 in May 2018 and from around $40,000 to $28,500 in May 2022, both occurring during bear market cycles in US midterm election years. Analyst Merlijn Enkelaar stated that if history repeats itself, Bitcoin could fall to $33,000. Alphractal founder Joao Wedson stated that if Bitcoin remains below $78,000, a new round of capitulation-style declines is possible.

CoinEx's chief analyst, Jeff Ko, pointed out that historical declines are caused by specific macroeconomic shocks rather than the calendar itself. Currently, the adoption of spot ETFs, corporate treasury practices, and the progress of the CLARITY Act have broadened and institutionalized the buying base. Even in the event of a macroeconomic shock, the $60,000-$58,000 range is a more reasonable defensive range, and a drop to $33,000 would require a systemic collapse. MN Fund founder Michaël van de Poppe stated that current price action does not indicate new lows, but rather a consolidation after a 40% rise. The key support level is at $76,000; a breach of this level could lead to further declines.