According to an economist, Bitcoin’s price could rise by as much as 21% over the next week if historical trends for October continue.
“Significant drops of over 5% in October are extremely uncommon. This has only occurred four times in the last decade,” economist Timothy Peterson stated in a recent X post.
He noted that these instances were in October 2017, 2018, 2019, and 2021. Following each drop, Bitcoin (BTC) saw rebounds of 16% in 2017, 4% in 2018, and 21% in 2019. The exception was 2021, where the cryptocurrency faced an additional decline of 3%.
October is often referred to as “Uptober” due to its historically robust returns.
Since 2013, October has been Bitcoin’s second-best performing month on average, yielding a return of 20.10%, surpassed only by November, which boasts an average gain of 46.02%, according to CoinGlass data.
If history repeats, Bitcoin may soar to $124,000
Peterson’s remarks followed Bitcoin’s drop to $102,000 on Friday after US President Donald Trump announced a 100% tariff on China.
At the time of writing, Bitcoin had slightly rebounded to $112,468, subsequent to reaching a new all-time high of $125,100 on Monday, as per CoinMarketCap.
If past patterns hold and Bitcoin replicates its best October rebound — the 21% increase in 2019 — a similar rise from Friday’s low of $102,000 would bring the cryptocurrency close to its latest all-time high at around $124,000 in just a week.
Bitcoin supporters underscore that October is still in its early stages
Many Bitcoin enthusiasts remain optimistic that the upward trend will persist.
In an X post on Friday, Jan3 founder Samson Mow mentioned, “There are still 21 days left in Uptober.” MN Trading Capital founder Michael van de Poppe noted, “This is the bottom of the current cycle.”
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“The largest liquidation crash in history. COVID-19 marked the bottom of the previous cycle,” he remarked.
Some analysts are taking a more long-term perspective. The Bitcoin Libertarian proclaimed, “In a few years, Bitcoin will dip from $1M to $0.8M in just a few hours, and we will all be discussing a new record high amount of liquidations.”
“Let history repeat itself,” he said.
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