Bitcoin Experiences Its First Tough October in 10 Years—7 Consecutive Yearly Gains Come to an End

**A change is happening in the cryptocurrency market.** Bitcoin recorded a decline of over 5% in October, marking its first monthly loss since 2018. For the past seven years, October has been recognized among crypto traders as the "month of luck," but that winning streak has finally come to an end.

**Background of the End of the 7-Year Uptrend**

In recent years, October has been known as a strong month for the cryptocurrency market. Looking back at Bitcoin charts, this period often coincided with the entire financial market reaching record highs. However, this year, the situation is different. Market uncertainties since the beginning of the year have had an impact, and Bitcoin has not fully followed the upward trends of gold and stock markets.

**Insights from Market Analysis**

According to Adam McCarthy, senior research analyst at digital market data provider Kaiko, early October saw some upward movement in cryptocurrencies amid a bullish overall financial market. However, ongoing uncertainties since the start of the year continued to influence market sentiment, limiting Bitcoin's recovery.

This trend holds more significance than just a change in monthly performance on Bitcoin charts. It suggests that market participants may need to fundamentally reassess their views on the so-called "October effect."