Bitcoin Price May Break Three-Month Losing Streak in November

Bitcoin ended October on a weak note, confirming its first three-month losing streak since 2015, but things may be looking up for November.

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.

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 October's 4 percent drop is the lowest in three months.

BTC rallied 14 percent in June 2015 after posting losses in the previous three months.

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

The historical data shows that BTC has always reported gains in November, except in 2011, when it dropped 8.6 percent.

It's also worth noting that BTC's best-ever monthly performance was a 467 percent price rise seen in November 2013.

Notably, daily price volatility remained below $100 for seven consecutive days last month - the longest at such levels since April 2017.

View Bitcoin may see a rise in November if seasonal patterns repeat.