Bitcoin Starts Third Quarter in Historical Red Zone After Downturn
Bitcoin has opened the third quarter of 2026 following two consecutive losing quarters, as reported by CoinDesk. The cryptocurrency fell by 22.2% in the first quarter and another 14.1% in the second, marking a concerning pattern last seen in 2018 and 2022 when similar declines occurred.
As of the beginning of the third quarter of 2026, Bitcoin has registered two consecutive losing quarters, a situation that has occurred only twice in its history—2018 and 2022. During these periods, Bitcoin experienced declines of 22.2% in the first quarter and 14.1% in the second, according to data from Coinglass. This downturn has placed Bitcoin in a precarious position as trading remains just above $59,000.
The implications of this pattern are significant. Historically, Bitcoin tends to exhibit weak performance in the third quarter, typically followed by a strong fourth quarter, which has averaged a 77% gain. However, both previous instances of consecutive losing quarters led to a disruptive market environment. In 2018, the follow-up to a weak first half was a marginal gain of 3.6%, succeeded by a dramatic drop of 42% in the fourth quarter. Similarly, in 2022, the third quarter saw a 2.6% loss, with the fourth quarter concluding down nearly 15%.
This historical context raises questions about current market dynamics. Bitcoin's recent struggle seems driven not by panic but by a number of factors including record outflows from U.S. spot Bitcoin exchange-traded funds (ETFs), diminished on-chain activity, and a shift of investor interest towards AI stocks. The strength of the U.S. dollar, coupled with recent declines of other currencies like the Japanese yen, has added further pressure to the crypto market. Alex Kuptsikevich from FxPro has highlighted $40,000 as a crucial support level for Bitcoin if downward trends continue.
As the third quarter begins, Bitcoin has registered a slight increase of approximately 1%, but the overarching trend poses concerns about the sustainability of this minor uptick. Investors and analysts are carefully watching the factors influencing Bitcoin's price to determine whether 2026's downturn will mirror the outcomes of 2018 and 2022, or if it signals a different trajectory.
Summary based on original reporting by Shaurya Malwa at CoinDesk, originally published Jul 1, 2026. SolanaWire does not republish source content.
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