The price of Bitcoin can recover up to 21% in the coming seven days if trends in October history, an economist suggests.
“Drops of more than 5% in October are very rare. This has only happened 4 times in the past 10 years,” economist Timothy Peterson Says on an X post on Friday. ‘
He said those opportunities took place in October 2017, 2018, 2019, and 2021. On Sunday following each collapse, Bitcoin (Btc) revealed 16% in 2017, 4% in 2018, and 21% in 2019. The only exception was 2021, when the crypto asset fell an additional 3%.
October is often called “uptober” for its historical returns.
Since 2013, October has been the second best performance of Bitcoin month, delivering an average return of 20.10%, just walking in November, with an average benefit of 46.02%, According to in data from coinglass.
If the history is repeated, Bitcoin can be skyrocket for $ 124,000
Peterson’s comments come after Bitcoin fell to $ 102,000 On Friday following US President Donald Trump’s announcement of a 100% tariff in China.
At the time of publication, Bitcoin barely recovered at $ 112,468, only after reaching a new full time of $ 125,100 on Monday, According to In coinmarketcap.
If history is recurring and Bitcoin reflects October’s strongest rebound-the 21% advance in 2019-a similar move from the low $ 102,000 of Friday will put the cryptocurrency below the latest all time high, around $ 124,000, for a week.
Bitcoiners emphasize that it is still early in October
Many other Bitcoin advocates remain confident that the support will continue.
In an X post on Friday, Jan3 founder Samson Mow Says“There are still 21 days left in UPTOBER.” Mn trading capital founder michael van de poppe Says“This is the bottom of the current rotation.”
Related: $ 150k Bitcoin Price Probably After BTC anchors in ‘High Value Area’: Analyst
“The biggest crash of extermination in history. Covid-19 is the bottom of the previous cycle,” he said.
Some analysts take a longer look. The bitcoin libertarian Says“In a few years, Bitcoin will crash from $ 1m to $ 0.8m in a few hours, and we’re all talking about a new record of high cost of destruction.”
“Let the history repeat,” he said.
Magazine: Delayed
