Skip to content

Bitcoin performed poorly in October amid previous bear markets; More trouble for BTC ahead?

Bitcoin performed poorly in October amid previous bear markets; More trouble for BTC ahead?

While the cryptocurrency market struggles to reclaim the $1 trillion mark it reached in early September, crypto traders and investors are concerned about the performance of Bitcoin (BTC) amid such bearish conditions.

Indeed, as data keeping track of October bear markets over the years demonstrates, Bitcoin has not performed well in such conditions, according to crypto analyst Ali Martinez who published a chart documenting the flagship digital asset’s historical monthly performance in a tweet on October 2.

Bitcoin’s monthly performance in bear markets over years. Source: Ali Martinez

Moreover, Bitcoin has been performing poorly in the two months leading up to October 2022, losing 13.99% of its value in August and 3.1% in September. From the beginning of the year until the time of publication, the maiden cryptocurrency’s price has dropped by 58.86%.

Bitcoin year-to-date (YTD) price chart. Source: CoinMarketCap

More optimism for Bitcoin in other indicators

That said, Bitcoin was performing exceptionally well in October’s bull markets that occurred in the previous three years, adding 39.9% in October 2021, 28.04% in October 2020, and 10.48% in October 2019.

At press time, BTC was trading at $19,211, representing an increase of 0.19% on the day, as well as of 1.48% across the previous seven days. Meanwhile, Bitcoin’s market capitalization currently stands at $368.54 billion, according to CoinMarketCap data.

On top of that, miners seem to be unconcerned by the current bear market, as demonstrated in the Bitcoin mining hash rate reaching its new all-time high of 240.208 million TH/s on October 2, as Finbold reported.

Moreover, investors are abandoning fiat currencies like the euro and pound en masse and flocking to crypto assets like Bitcoin and Ethereum (ETH) instead, resulting in a three-month high in Bitcoin trading volume.

Finally, it is worth noting that Robert Breedlove, the founder of crypto investment firm Parallax Digital, has recently stated that Bitcoin might exceed $12 million by 2031, thanks to the collapsing purchasing power of the dollar for which he believes could drop to zero by 2035.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.