Bitcoin Rebound Possibility
Economist Timothy Peterson suggests that Bitcoin's price may recover up to 21% over the coming seven days if October's historical trends hold.
According to Peterson, Bitcoin has fallen more than 5% in October only four times, and in three of those instances, it rebounded over the following seven days.
Drops of more than 5% in October are exceedingly rare. This has happened only 4 times in the past 10 years.
- 2017: rebounded by 16%
- 2018: rebounded by 4%
- 2019: rebounded by 21%
- 2021: fell a further 3%
October is often dubbed “Uptober” for its historically strong returns.
Author's summary: Bitcoin may rebound up to 21% in 7 days.