An economist says that Bitcoin could recover 21% in the next seven days, if historical trends for October hold.
“Drops of more than 5% in October are exceedingly rare. This has happened only 4 times in the past 10 years,” economist Timothy Peterson said On Friday, a ‘X posted.
The incidents occurred between October 2017 and 2020. Bitcoin dropped by a week after each event.BTC() recovered by 16 % in 2017, 4 % in 2018 and 21 %) in 2019. In 2021 the only crypto asset that fell further was 3%.
October is often dubbed “Uptober” Its historically high return is a testament to its success.
Bitcoin has seen a steady increase in value since 2013, with an average of 20.10%. November has the highest average growth of 46.02 percent. according CoinGlass data is available.
Bitcoin’s price could soar to 124,000 dollars if the past is repeated
Peterson’s comments came after Bitcoin plunged to $102,000 Following the announcement on Friday by US President Donald Trump that he would impose a 100 percent tariff on China,
Bitcoin had only just reached a record high on Monday of $125.100 when this article was published. according CoinMarketCap is a great place to start.
If history repeats and Bitcoin mirrors its strongest October rebound — the 21% surge in 2019 — a similar move from Friday’s low of $102,000 would place the cryptocurrency just below its latest all-time high, around $124,000, within a week.
Bitcoiners stress that October is not yet over.
Bitcoin supporters are confident in the future of Bitcoin.
Samson Mow, founder of Jan3, posted a message on X Friday. said, “There are still 21 days left in Uptober.” MN Trading Capital founder Michael van de Poppe said, “This is the bottom of the current cycle.”
Related: $150K Bitcoin price likely after BTC anchors to ‘high value area’: Analyst
“The biggest liquidation crash in history. COVID-19 was the bottom of the previous cycle,” He said.
Some analysts adopted a long-term approach. Bitcoin Libertarian said, “In a few years, Bitcoin will crash from $1M to $0.8M in a few hours, and we’ll all be talking about a new record high amount of liquidations.”
“Let history repeat,” He said.
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Source: cointelegraph.com
