Written by

Vetle Lunde

Senior Analyst

02 May 2023

May Outlook: No blow-off top – yet

May is shaping up to become a volatile month.

In short

May is shaping up to become a volatile month. Macro tailwinds still exist, but debt ceiling developments may cause turmoil. I am preparing for a blow-off top in the near term, while I also expect the 2nd batch of Silk Road BTC to reach the market in May, likely pushing prices lower.

In sum, the factors mentioned above suggest growing volatility ahead - creating actionable opportunities as IVs trend toward yearly lows.


Positives: No blow-off top yet. A final rate hike? Ongoing banking turmoil. A mesmerizing resemblance to 2019 recovery.

Negatives: Debt ceiling. Silk Road BTC. DCG/Genesis.

Action plan: Reduce exposure if we approach $40k. Accumulate if prices tumble towards H2, 22 range.