While the cryptocurrency market tries to regain the $1 trillion level it hit in early September, crypto traders and investors are worried about Bitcoin’s (BTC) performance under such gloomy circumstances.
Bitcoin has historically not fared well in October bear markets, as seen by historical statistics, according to Ali Martinez, a crypto expert who created a chart on October 2 depicting the flagship digital asset’s past monthly performance.
In addition, Bitcoin has underperformed in the two months before October 2022, dropping 13.99% of its value in August and 3.1% in September. From the start of the year until the time of publishing, the price of the first cryptocurrency has decreased by 58.86%.
However, Bitcoin performed remarkably well in the October bull markets of the previous three years, gaining 39.9% in October 2021, 28.04 percent in October 2020, and 10.4 percent in October 2019.
At the time of publication, BTC was trading at $19,211, marking a daily rise of 0.19% and a weekly increase of 1.48%. According to CoinMarketCap statistics, Bitcoin’s market capitalization presently stands at $368.54 billion.
In addition, miners are unfazed by the current bear market, as seen by the Bitcoin mining hash rate hitting a new all-time high of 240.208 million TH/s on October 2, as reported by Finbold.
Moreover, investors are fleeing fiat currencies such as the euro and the pound in droves in favour of crypto assets such as Bitcoin and Ethereum (ETH), resulting in a three-month trading volume high for Bitcoin.
Notably, Robert Breedlove, the founder of the crypto investing business Parallax Digital, has predicted that Bitcoin’s value might top $12 million by 2031 due to the dollar’s declining buying power, which he predicts would reach zero by 2035.