Bitcoin Price May Rebound
According to economist Timothy Peterson, Bitcoin's price may recover up to 21% over the coming seven days if October's historical trends hold.
Drops of more than 5% in October are exceedingly rare. This has happened only 4 times in the past 10 years.
Peterson noted that in three out of four instances where Bitcoin fell more than 5% in October, it rebounded in the following week, with increases of 16% in 2017, 4% in 2018, and 21% in 2019.
- 2017: 16% rebound
- 2018: 4% rebound
- 2019: 21% rebound
- 2021: 3% further decline
October is often referred to as "Uptober" due to its historically strong returns.
Author's summary: Economist predicts Bitcoin rebound.
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