Leading crypto Bitcoin (BTC) has left behind the historically red September. Now the curious thing is what October will bring to Bitcoin. BTC performed poorly in October amid previous bear markets. Does this mean there are more problems ahead for BTC?
Bitcoin’s October performance in the bear market is bad!
cryptocoin.comAs you follow, the crypto market is struggling to recover the $1 trillion it reached at the beginning of September. In this environment, crypto traders and investors are concerned about Bitcoin’s performance in bear market conditions. Crypto analyst Ali Martinez addressed the leading crypto’s historical monthly performance in a tweet on Oct. According to the chart shared by the analyst, October has not performed well in bear markets over the years.
Also, Bitcoin performed poorly in the two months leading up to October 2022. In this context, it lost 13.99% of its value in August. It also saw a 3.1% drop in September. Meanwhile, since the beginning of the year, the Bitcoin price has dropped 58.86%. However, it is worth noting that BTC hit an all-time high in November of last year. The leading crypto has been on a bearish trajectory since then.
There are also some optimistic indicators for Bitcoin
However, Bitcoin recorded an increase of 39.9% in October 2021, 28.04% in October 2020 and 10.48% in October 2019. Therefore, the performance of BTC in the bull markets of October is eye-catching. Accordingly, it has performed exceptionally well in the bull markets of the previous three years.
The leading crypto is up 1.89% over the past 7 days, at press time. In addition, it saw an increase of 1.43% on a daily basis. It is currently trading at $19,533. Meanwhile, Bitcoin’s market cap currently stands at $374.78 billion, according to data from CoinMarketCap. So it’s a long way from its over $1 trillion heyday.
However, the Bitcoin mining hashrate hit an all-time high of 240,208 million TH/s on October 2. This shows that miners are not very interested in the current bear market. Also, investors are abandoning fiat currencies such as the euro and pound en masse. Experts say investors are flocking to cryptocurrencies like Bitcoin and Ethereum instead. This explains the three-month high in Bitcoin trading volume.
Finally cryptocoin.com As we reported, Robert Breedlove, the founder of crypto investment company Parallax Digital, said that the purchasing power of the dollar could drop to zero in the coming years. From this point of view, he claimed that thanks to the decrease in the purchasing power of the dollar, Bitcoin will exceed 12 million dollars by 2035.
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