Bitcoin\u2019s price may recover up to 21% over the coming seven days if October\u2019s historical trends hold, an economist suggests.<\/p>\n
\u201cDrops of more than 5% in October are exceedingly rare.\u00a0 This has happened only 4 times in the past 10 years,\u201d economist Timothy Peterson said<\/a> in an X post on Friday.\u2019<\/p>\n He said those instances occurred in October 2017, 2018, 2019, and 2021. In the week following each drop, Bitcoin (BTC<\/a>) rebounded by 16% in 2017, 4% in 2018, and 21% in 2019. The only exception was 2021, when the crypto asset fell a further 3%. <\/p>\n October is often dubbed \u201cUptober\u201d for its historically strong returns. <\/p>\n Since 2013, October has been Bitcoin\u2019s second-best performing month on average, delivering an average return of 20.10%, trailing only November, which has had an average gain of 46.02%, according<\/a> to data from CoinGlass.<\/p>\n Peterson\u2019s comments came after Bitcoin plunged to $102,000 <\/a>on Friday following US President Donald Trump\u2019s announcement of a 100% tariff on China.<\/p>\n At the time of publication, Bitcoin has already slightly recovered to $112,468, after only reaching a new all-time high of $125,100 on Monday, according<\/a> to CoinMarketCap.<\/p>\n If history repeats and Bitcoin mirrors its strongest October rebound \u2014 the 21% surge in 2019 \u2014 a similar move from Friday\u2019s low of $102,000 would place the cryptocurrency just below its latest all-time high, around $124,000, within a week.<\/p>\n Several other Bitcoin advocates remain confident that the uptrend will continue.<\/p>\n In an X post on Friday, Jan3 founder Samson Mow said<\/a>, \u201cThere are still 21 days left in Uptober.\u201d MN Trading Capital founder Michael van de Poppe said<\/a>, \u201cThis is the bottom of the current cycle.\u201d<\/p>\n Related: <\/strong><\/em>$150K Bitcoin price likely after BTC anchors to \u2018high value area\u2019: Analyst<\/strong><\/em><\/a><\/p>\n \u201cThe biggest liquidation crash in history. COVID-19 was the bottom of the previous cycle,\u201d he said.<\/p>\n Some analysts took a longer-term view. The Bitcoin Libertarian said<\/a>, \u201cIn a few years, Bitcoin will crash from $1M to $0.8M in a few hours, and we\u2019ll all be talking about a new record high amount of liquidations.\u201d<\/p>\n \u201cLet history repeat,\u201d he said.<\/p>\nIf history repeats, Bitcoin may skyrocket to $124,000<\/h2>\n
Bitcoiners emphasize that it is still early in October<\/h2>\n