Bitcoin carried out poorly in October amid earlier bear markets; Extra bother for BTC forward?

Whereas the cryptocurrency market struggles to reclaim the $1 trillion mark it reached in early September, crypto traders and investors are involved concerning the efficiency of Bitcoin (BTC) amid such bearish situations.

Certainly, as information preserving observe of October bear markets through the years demonstrates, Bitcoin has not carried out nicely in such situations, in keeping with crypto analyst Ali Martinez who printed a chart documenting the flagship digital asset’s historic month-to-month efficiency in a tweet on October 2.

Furthermore, Bitcoin has been performing poorly within the two months main as much as October 2022, shedding 13.99% of its worth in August and three.1% in September. From the start of the 12 months till the time of publication, the maiden cryptocurrency’s worth has dropped by 58.86%.

Extra optimism for Bitcoin in different indicators

That mentioned, Bitcoin was performing exceptionally nicely in October’s bull markets that occurred within the earlier three years, including 39.9% in October 2021, 28.04% in October 2020, and 10.48% in October 2019.

At press time, BTC was buying and selling at $19,211, representing a rise of 0.19% on the day, in addition to of 1.48% throughout the earlier seven days. In the meantime, Bitcoin’s market capitalization presently stands at $368.54 billion, in keeping with CoinMarketCap information.

On prime of that, miners appear to be unconcerned by the present bear market, as demonstrated within the Bitcoin mining hash fee reaching its new all-time high of 240.208 million TH/s on October 2, as Finbold reported.

Furthermore, investors are abandoning fiat currencies just like the euro and pound en masse and flocking to crypto property like Bitcoin and Ethereum (ETH) as a substitute, leading to a three-month high in Bitcoin trading volume.

Lastly, it’s price noting that Robert Breedlove, the founding father of crypto funding agency Parallax Digital, has lately said that Bitcoin may exceed $12 million by 2031, because of the collapsing buying energy of the greenback for which he believes may drop to zero by 2035.

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