May is usually a good month for Bitcoin, the largest cryptocurrency by market value. 

"In terms of seasonality, May is considered a relative success for BTC. Over the past 11 years, bitcoin has ended the month up seven times and down four times," Alex Kuptsikevich, senior market analyst at FxPro, told CoinDesk.

Although it’s impossible to predict the future performance of any asset, Kuptsikevich estimates Bitcoin will trade between $32,000 and $48,000 by the end of May. Kuptsikevich said his prediction is based on the Bitcoin’s 27% price increase and average plunge of 16% every May, for total gains of around 11%. 

However, some analysts don’t believe that May will be as lucky for Bitcoin this year. Investors cited the cryptocurrency’s recent correlation with the stock market, increasing interest rates, the macro environment, and abstention of traders from taking risky investments. 

Ming Wu, CEO of decentralized interest rates exchange Strips Finance, told Fortune that Bitcoin’s 27% average rise in May is “probably a little distorted” by its 149% gain in 2011 when the cryptocurrency was trading at just $3. Those kinds of major price moves were easier then, according to Ming, because of how low the price was to begin with. He thinks taking the median of Bitcoin’s historical performance in May, or the midpoint of the data set, rather than its average, might be more telling. 

“The median move of 3.4% probably paints a much more accurate picture of what to expect from BTC in May as financial conditions continue to tighten,” Ming said. In the last five months, we’ve seen a “risk-off environment,” where investors flee from risky assets and turn to safe-haven assets like gold. 

Bitcoin has been positively correlated with the stock market lately. The largest cryptocurrency by market volume, just like the stock market, reacted negatively to plans from the U.S. Federal Reserve to reduce its balance sheet and raise interest rates. 

“The market is expecting an aggressive hike this week, and most markets could remain under pressure,” Armando Aguilar, head of alternative strategies at Ledn, a digital asset financial services company, told Fortune. “In these types of market conditions, a lot of financial assets trade in close correlation. Not surprisingly, Bitcoin's correlation to the S&P 500 is near its all-time high.”