Bitcoin (BTC) has ended the month of October on a weak note. This end confirms the digital token’s first extended losing streak since 2015. The streak lasted for three months. Despite the torrid end to last month, experts believe that things may get better for the digital asset in November.
Bitcoin (BTC) still the leading crypto token by market cap closed trade yesterday at $6,320 meaning it is down 4.32% from Oct. 1 price of $6,606. During the months of August and September, Bitcoin’s price dropped by 9.22% and 5.8% respectively.
Bitcoin (BTC) Last Suffered This Kind of Loss in the First Half of 2015
The last time Bitcoin (BTC: suffered losses for an extended period (three consecutive months) last was in the first half of 2015. BTC averaged $250 that period and prices dropped by 4%, 2.8% and 2.7% in March, April and May. However, it did bounce back. The digital asset rallied 14% in June 2015.
The Charts Show Oct. 4% Loss is the Lowest Drop in Three Months
October’s 4% appears to be the lowest drop Bitcoin (BTC) has had during the three-month drop. It noteworthy to highlight that Bitcoin (BTC) may repeat the pattern from 2015 rebound from its three-month losing streak. Historical data suggests that the token always gains in November with the exception of 2011 when November saw the coin drop by 8.6%.
Additionally, since Bitcoin rallied 14% after the loss in 2015, we shouldn’t be surprised if the same pattern is repeated this time around.
Bitcoin (BTC) Price Today – BTC / USD
The outlook according to the monthly chart is neutral as long as the digital asset stays in between the $7,402 level from September and the 21-day EMA at $6,130. The longer the narrow range persists, the lesser price volatility will go. A host of volatility measures have hit yearly lows in recent months. Daily price volatility has remained below $100 for seven days consecutively in the last month.