Bitcoin price can be reimbursed up to 21% in the next seven days if historical trends are held in October, the economist suggests.
“The drops of more than 5% in October are extremely rare. It only happened 4 times in the last 10 years,” Economist Timothy Peterson said in post x on Friday. ‘
He said these cases occurred in October 2017, 2018, 2019 and 2021. In the week after each fall, Bitcoin (BTC) rejected 16%, 4% in 2018 and 21% in 2019 in 2017. The only exception was in 2021, when the assets of the cryptocurrency fell an additional 3%.
October is often called “up” because of historically strong returns.
Since 2013, October has been the second best month of Bitcoin on average, bringing an average return of 20.10%, which was lagging behind in November only, which average 46.02%received, according to COINGLASS data.
If history is repeated, bitcoin can jump abruptly to $ 124,000
Peterson’s comments came after Bitcoin fell to $ 102,000 on Friday after the announcement of US President Donald Trump about 100% of Tariffs on China.
At the time of the announcement, Bitcoin had already recovered a little at $ 112,468, after reaching a new maximum of all time of $ 125,100 on Monday, according to to Coinmarketcap.
If history is repeated and Bitcoin reflects its strongest October-21% increase in 2019-Low Low Friday of $ 102,000 would set a crypto curly just below the latest maximum, about $ 124,000 within a week.
Bitcoiners emphasize that it is still in early October
Several other promoters of Bitcoin remains convinced that the aforeption will continue.
UX Post on Friday, founder Jan3 Samson Mow said“It’s still 21 days left.” Capital founder Mn Michael van de Poppe said“This is the bottom of the current cycle.”
Related: Bitcoin price of $ 150,000 probably after BTC anchor in “High Values”: analyst
“The biggest decline in liquidation in history. The Covid-19 was the bottom of the previous cycle,” he said.
Some analysts have taken a long -term view. Bitcoin libertarian said“In a few years, Bitcoin will collapse from a million to $ 0.8 million in a few hours, and we will all talk about a new record large amount of liquidation.”
“Let history repeat,” he said.
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