RATE Group | Bitcoin Price May Break Three-Month Losing Streak in November
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Bitcoin Price May Break Three-Month Losing Streak in November

01 Nov Bitcoin Price May Break Three-Month Losing Streak in November

Posted at 13:02h in Bitcoin News by

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Bitcoin (BTC) ended October on a weak note, confirming its first three-month losing streak since 2015.

The leading cryptocurrency closed yesterday at $6,320 – down 4.32 percent from the Oct. 1 opening price of $6,606, according to CoinDesk’s Bitcoin Price Index (BPI). Over August and September, prices had dropped 9.22 percent and 5.8 percent, respectively.

The last time BTC suffered losses for three consecutive months was in the first half of 2015. Back then, BTC was averaging $250 and prices dropped 4 percent, 2.8 percent and 2.7 percent in March, April and May, respectively.

As seen in the chart above, however, October’s 4 percent drop is the lowest in three months. Furthermore, BTC rallied 14 percent in June 2015 after posting losses in the previous three months.

So, it’s possible bitcoin will repeat that pattern and snap its three-month losing streak in November, according to seasonality analysis and technical studies.

Bitcoin tends to perform well in November

 

The…

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