Bitcoin’s October Plunge: A Familiar Pattern or a Bear Trap?

Bitcoin’s price has dropped by 2% in October, which might seem minor at first glance. However, this marks the third time in the last six years that Bitcoin has closed below $110,000 halfway through October. Past instances in both 2014 and 2018 saw substantial losses, leading to bear market years. While August historically represents the worst month for Bitcoin, October and February have been its best months over recent years. Industry analyst Joe Consorti highlights this trend, observing that while every instance has ended positive by the end of October, some “hopium” remains for investors.