One economist suggests that if historical trends from October continue, the price of Bitcoin could rise by 21% in the coming seven days.
Economist Timothy Peterson said, “A decline of more than 5% in October is extremely rare. It has happened only 4 times in the last 10 years.” Said In an X post on Friday.
He said that these incidents occurred in October 2017, 2018, 2019 and 2021. In the week following each decline, Bitcoin (BTC) rose 16% in 2017, 4% in 2018, and 21% in 2019. The only exception was 2021, when the crypto asset declined by a further 3%.
October is often dubbed “Uptober” for its historically strong returns.
Since 2013, October has been Bitcoin’s second-best performing month on average, delivering an average return of 20.10%, trailing only November, which delivered an average gain of 46.02%. According For data from CoinGlass.
If History Repeats, Bitcoin Could Reach $124,000
Peterson’s comments came after Bitcoin fell to $102,000 on Friday after US President Donald Trump announced 100% tariffs on China.
At the time of publishing, Bitcoin has already recovered slightly to $112,468, after hitting a new all-time high of $125,100 on Monday. According To CoinMarketCap.
If history repeats and Bitcoin mirrors its strongest October rebound yet – a 21% rise in 2019 – a similar move from Friday’s low of $102,000 would put the cryptocurrency just below its latest all-time high, around $124,000, within a week.
Bitcoiners insist it’s still early October
Many other Bitcoin supporters are confident that the rally will continue.
In an X post on Friday, Jan3 founder Samson Mow Said“There are still 21 days left in October.” Michael Van de Poppe, Founder of MN Trading Capital Said“This is the bottom of the current cycle.”
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“The biggest liquidation crash in history. COVID-19 was the bottom of the last cycle,” he said.
Some analysts took a long-term view. bitcoin libertarian Said“In a few years, Bitcoin will drop from $1M to $0.8M in a matter of hours, and we will all be talking about a new record high volume of liquidations.”
“Let history repeat itself,” he said.
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