The market-leading cryptocurrency recorded a drop of over 35% in May, leaving market participants split in their outlook for Bitcoin BTC/USD.

What Happened: According to data from bybt, Bitcoin’s decline in May is the cryptocurrency’s second-worst monthly drop in its entire history.

Only November 2018 saw a marginally steeper drop of 36.57%, and that was in the midst of a bear market.

Still, some market participants have optimistic price targets for Bitcoin as it traded around $35,915 at press time.

PlanB, the pseudonymous creator of the popular Stock-To-Flow (S2F) model, doesn’t find anything out of the ordinary despite the steep drop in Bitcoin’s price.

According to themm, negative drops over 35% are “possible and indeed likely” in a bull market. In a tweet on Tuesday, the analyst claimed that the S2F model, which predicts Bitcoin will reach $288,000 by 2024, is intact.