• Bitcoin is nearing the record for the longest sideways market range post-halving, currently at 285 days since the last halving in April.

• Factors like U.S. election uncertainty, rising U.S. Treasury yields, and the extension of Mt. Gox's repayment deadline to October 2025 are contributing to Bitcoin's lackluster price action.

• Historically, October is bullish for Bitcoin, particularly its second half.

Bitcoin is two weeks away from marking its longest-ever period in a sideways market range since its April halving, demoralizing bulls positioned for a bigger rally in the final quarter of this year.

“285 days have passed since the bitcoin halving,” CryptoQuant founder Ki Young-Ju said in an X post Friday. “If there is no bull market in 14 days, this will mark the longest sideways post-halving in history.”

Halvings happen about every four years and decrease the block rewards to miners. Bitcoin halving has always been associated with bull rallies, with asset prices increasing by several hundred percent in the months following previous events.

Prices tend to rise with fewer new bitcoin in the open market as long as demand remains constant or increases. BTC jumped above $73,000 to new lifetime highs ahead of the April 14 halving - with some targeting a continued rally to as high as $160,000 by the end of this year. However, prices have largely fluctuated in the $59,000 to $65,000 range since then, nearing a 300-day sideways action record from 2016.

Bitcoin's boring price action, characterized by continued accumulation by small investors, is being attributed to several reasons, including the U.S. election uncertainty and renewed uptick in the U.S. Treasury yields.

“The higher bond yield move and SPX at record highs are helping to push USD higher, but it is coming at the expense of crypto, where BTC is back to hovering at around the 60k level again,” shared Augustine Fan, head of insights at SOFA, in a Telegram message to CoinDesk on Friday.

“Finally, defunct Mt. Gox's fresh announcement that it has extended its repayment deadline by a year to Oct 2025 might help to alleviate some supply pressures in the short-run, but it appears that BTC will be in a holding pattern here heading into the final weeks of the election,” Fan added.