According to an economist, Bitcoin may rise up to 21 percent in seven days depending on the historical trend of October.
“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, ‘in an X message.
According to him, these incidents took place in October 2017, 2019, 2020 and 2021. Bitcoin dropped by a week after each event.BTC) rebounded by 16% in 2017, 4% in 2018, and 21% in 2019. Only 2021 was an exception, as the crypto-asset fell by a further 3 percent.
October is often dubbed “Uptober” For its historically high returns.
Bitcoin’s average performance in October since 2013 has been 20.10%. This is only behind November which averaged 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 insist that October has only just begun
Bitcoin enthusiasts are still confident about the upward trend.
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 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
