Bitcoin (BTC) price holds steady in Q3 despite global financial turmoil

Bitcoin (BTC) managed to hold its own in Q3 2022, delivering a neutral performance despite overwhelmingly negative sentiment in traditional markets, created by yet another interest rate hike, rising inflation and partial mobilization by Russia in the ongoing conflict with Ukraine.

The calendar year can be divided into four quarters, which are usually abbreviated as Q1, Q2, Q3 and Q4. Q3 officially ends today, September 30. With that in mind, it is worth analyzing the performance of Bitcoin (BTC) in previous Q3s and comparing it to the current one.

Historical price development between 2011 and 2014

The performance of BTC in every third quarter between 2011 and 2014 was different.

In 2011, the price fell by as much as 74.29%. Since the then record high was reached in June, the downward movement began the next month and was extremely sharp.

Afterwards, BTC had started mining in 2012 and 2013, increasing by almost 100% each time.

Finally, the next record high was reached in November 2013, so the price was in a downtrend in Q3 2014, falling 43.85% in the process.

Bitcoin performance mixed between 2015 and 2017

Performance in 2014-2017 was similarly mixed. BTC increased by almost 8% in 2015, then fell by 9% in 2016. After that, Q3 2017 saw the highest percentage increase so far with an upward movement of 136.40%, before the price increased by almost 10% in 2018.

How is BTC performing now?

Continuing the trend, BTC posted a mixed performance in Q3 every year between 2018-2021. The price increase fell by 23% in 2019, increased by 18% in 2020 and by 25% in 2021.

The price has barely moved in 2022, and is currently 2% below its opening price in July. Therefore, this has concluded that there are mixed performances every year in Q3, and there is no pattern that can say that the price most often rises or falls in Q3.

What are the reasons for this year’s achievements?

Q3 of 2022 has been a very eventful period in both cryptocurrency and traditional markets. On the cryptocurrency side, the biggest event was the Ethereum merger, which went live on September 15.

In addition, Ripple appears to have emerged victorious in its ongoing case with the SEC. The news has not been entirely positive, as a “Red notice” from Interpol has been issued for Terra co-founder Do Kwon, which has given even more negative feelings in the Luna crash.

In the more traditional side of the market, the Federal Reserve (Fed) issued another rate hike of 75 bps, which again caused a sharp drop in cryptocurrency markets.

And Russian President Vladimir Putin announced partial mobilization in yet another escalation of the ongoing Russia-Ukraine conflict. Finally, in August, US inflation clocked in at 8.3%, slightly higher than expected.

With all these events that could have had a negative effect on the price, it seems impressive that BTC has managed to deliver a neutral performance.

Additionally, the price appears to be trading within a descending wedge, which is considered a bullish pattern. Therefore, a potential breakout from that and subsequent rally could actually see BTC give a slightly positive performance for Q3 2022.

For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here

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