October, traditionally viewed as a strong month for Bitcoin due to historical performance trends, ended with a 7.32% decline for the cryptocurrency, marking a reversal after three consecutive months of gains.
Bitcoin had posted gains of 7.27% in July, 25.05% in August, and 6.37% in September following a July 1 bottom below $58,000. This three-month rally led some analysts to declare an end to the bear market and the start of a new bull phase.
October began positively, with Bitcoin rising from under $83,500 to above $87,000 within days. However, the asset failed to sustain these levels. By October 9, it had declined by nearly $7,000 to $80,400. After briefly recovering to $85,000 by October 21, Bitcoin declined again, ultimately dropping below $80,000 and falling to a six-week low of $76,100 on October 30.
Two major events triggered the month's final decline: a $6.3 billion hack at Binance and ETF outflows on October 30. Bitcoin recovered slightly to above $77,000 by month's end but still recorded the monthly loss.
November's Historical Context
November's track record for Bitcoin shows significant variation. Last year's November saw a 17.5% decline, while November 2024 posted a 37.36% gain. Historically, November was one of Bitcoin's strongest months in its early years through 2017, though later years brought more volatility, including a 36% drop in 2018 and a 42.41% jump in 2020.
With geopolitical developments expected in early November, volatility may remain elevated in the coming month.
