An economist suggests Bitcoin’s price could potentially recover by up to 21% in the next seven days if historical trends for October hold true.
“Drops of over 5% in October are incredibly uncommon. This has only happened 4 times in the past decade,” economist Timothy Peterson noted in a post on X on Friday.
He identified those occurrences in October 2017, 2018, 2019, and 2021. In the week following each decline, Bitcoin (BTC) rebounded by 16% in 2017, 4% in 2018, and 21% in 2019. The sole exception was in 2021, when the cryptocurrency fell an additional 3%.
October is often referred to as “Uptober” due to its historically strong performance.
Historically, October ranks as Bitcoin’s second-best month, with an average return of 20.10%, second only to November’s average gain of 46.02%, according to CoinGlass data.
If history holds, Bitcoin might surge to $124,000
Peterson’s remarks followed a significant drop in Bitcoin’s price to $102,000 on Friday, triggered by US President Donald Trump’s announcement of a 100% tariff on China.
At the time of writing, Bitcoin had rebounded slightly to $112,468, after recently peaking at an all-time high of $125,100 on Monday, according to CoinMarketCap.
If trends hold and Bitcoin replicates its strongest October rebound — the 21% increase seen in 2019 — a move from Friday’s low of $102,000 could bring the cryptocurrency close to $124,000, just below its previous all-time high, within a week.
Bitcoin enthusiasts stress that it’s still early in October
Various Bitcoin supporters remain optimistic about the ongoing uptrend.
In a post on X, Jan3 founder Samson Mow mentioned, “There are still 21 days left in Uptober.” MN Trading Capital founder Michael van de Poppe stated, “This is the bottom of the current cycle.”
Related: $150K Bitcoin price likely after BTC anchors to ‘high value area’: Analyst
“The largest liquidation crash in history. COVID-19 marked the bottom of the previous cycle,” he remarked.
Some analysts looked at a longer timeline. The Bitcoin Libertarian declared, “In a few years, Bitcoin will crash from $1M to $0.8M within hours, and we’ll all be discussing a new record high in liquidations.”
“Let history take its course,” he concluded.
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