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 In an X-post on Friday.
According to him, these incidents took place in October 2017, 2019, 2020 and 2021. Bitcoins (or other digital currencies) are usually dropped in the weeks following the drop.BTC() grew by 16% between 2017 and 2018, 4% during 2018 and 21% for 2019. In 2021 the only crypto asset that fell further was 3%.
October is often dubbed “Uptober” Its historically strong returns.
Bitcoin’s average performance in October since 2013 has been 20.10%. This is only behind November, with an increase of 46.02%. according CoinGlass data is available.
Bitcoin could skyrocket up to $124,000 if history repeats itself
Peterson’s comments came after Bitcoin plunged to $102,000 On Friday, following the announcement by US President Donald Trump of a tariff of 100% on China.
Bitcoin had only just reached a record high on Monday of $125.100 when this article was published. according CoinMarketCap.
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 Jan3 posted a X-post on 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 had a more long-term perspective. 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
