- Bitcoin’s price decline in October is rare, and historical patterns suggest potential for a strong rebound.
- Economist Timothy Peterson cites past October drops followed by rebounds as high as 21% within one week.
- Since 2013, October averages a 20% gain for Bitcoin, making it the second-best performing month historically.
- Bitcoin fell to approximately $102,000 on Friday but recovered to around $112,000; a 21% rebound could push it near its all-time high.
- Industry figures remain optimistic, highlighting time left in October for further gains and pointing to the asset’s cyclical patterns.
Bitcoin’s price could rise as much as 21% over the next seven days if it follows the historical patterns seen in past Octobers, according to economist Timothy Peterson. This comes after Bitcoin’s price fell sharply to about $102,000 on Friday following an announcement that the United States will impose a 100% tariff on China.
Peterson noted that in the last decade, Bitcoin has only experienced a drop of more than 5% in October four times: in 2017, 2018, 2019, and 2021. In three of those years, the price rebounded within the next week by 16% in 2017, 4% in 2018, and 21% in 2019. The one exception was 2021, when Bitcoin saw a further 3% decline.
Peterson stated in an X post that these patterns could indicate another sharp rebound this month. According to data from CoinGlass, October has delivered an average return of just over 20% for Bitcoin since 2013, making it the second-best month after November’s average gain of 46%.
If Bitcoin mirrors its largest October rebound of 21% from a recent low of $102,000, its price would approach $124,000 within a week, just below the recent all-time high of $125,100 reported by CoinMarketCap. As of publication, Bitcoin was trading around $111,700.
Several figures in the Bitcoin industry, including JAN3 founder Samson Mow and MN Trading Capital founder Michael van de Poppe, voiced continued confidence about October’s outlook. Mow said in an X post that there were still 21 days left in “Uptober,” a term used to describe historically strong Bitcoin performance this month. Van de Poppe called the recent drop “the bottom of the current cycle” in a separate X post.
Other analysts pointed to Bitcoin’s history of major liquidation events, adding that even larger price swings are possible in future cycles, as noted by The Bitcoin Libertarian in his post referencing potential future surges and corrections.
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