Bitcoin ended October 2026 down 7.32%, according to analysts. UNN reports this with reference to BeInCrypto.
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According to CoinGlass, bitcoin rose by approximately 43% in July, August and September. It then ended October down 7.32%, marking its first monthly decline since June.
Nevertheless, the decline left bitcoin’s monthly momentum above a key threshold, according to PlanB analyst. On his chart, the 14-month relative strength index (RSI) has remained above 50 for the third consecutive month. RSI measures momentum on a scale from 0 to 100. Readings above 50 mean that gains outweighed losses over the period analyzed. PlanB views this series as the beginning of a new bull market.
Nevertheless, outflows from bitcoin ETFs point to a weaker picture than the price chart.
Bitcoin’s weakest October since 2014
In each of the last three U.S. midterm election years, bitcoin ended the fourth quarter lower, falling 17.3% in 2014, 43.5% in 2018 and 14.8% in 2022. All three periods coincided with bitcoin bear markets, according to Cointelegraph.
Benjamin Cowen, founder and CEO of the crypto analytics platform IntoTheCryptoverse, suggested that midterm elections could be a signal to increase the share of BTC in a portfolio because of their short-term bearish impact on the price.
"Typically, the fourth-quarter crash in midterm election years simply provides buying opportunities for those who sold long ago," he said on X on Friday.
In July, Cowen noted that bitcoin bear-market lows coincide with the second half of midterm election years.
According to CoinGlass, as of Monday, BTC was down 6.4% for the quarter following its weakest October since 2014.
According to Bloomberg, on November 3, bitcoin fell 0.3% to $76,515.96.
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