Bitcoin set for first red October in seven years: What will November bring?
Bitcoin is poised for its first negative October in seven years, causing traders to debate November's potential direction.Summary
Bitcoin is set to close October in the red for the first time in seven years, breaking a six-year streak of positive 'Uptober' returns. This monthly loss, amplified by mid-month volatility from tariff threats and a Federal Reserve rate cut, has divided traders regarding the outlook for November.
Historically, October has been a strong month for BTC, with only two red months since 2013 before this year. While some analysts fear a continuation of the downtrend, referencing the brutal 36.57% drop in November 2018 after a red October, others suggest this is merely a setup for a larger November rally.
Despite the weak October, November is historically Bitcoin's best month, averaging a 46% gain since 2013, and the Q4 period generally sees significant rallies. However, one analyst noted there is 'basically no correlation' between October's performance and subsequent months, though weak Octobers historically lead to lower average Q4 returns.
(Source：Cointelegraph)