"Bitcoin could rebound up to 21% within a week…October crashes are rare"

Suehyeon Lee

Summary

"Bitcoin" could rebound up to 21% within a week considering October's historical trend, despite its recent plunge.
Economist Timothy Peterson said that it is very rare for October to decline more than 5%, and it has occurred only four times in the past 10 years.
The market noted that October is traditionally a bullish period and is focusing on the possibility of the 'Uptober rally' resuming.

Bitcoin (BTC) could rebound by as much as 21% within a week considering October's historical trends, despite the recent sharp decline.

On the 11th (local time), Cointelegraph reported that economist Timothy Peterson said via X, "It is very rare for October to fall more than 5%, and in the past 10 years it has happened only four times (2017, 2018, 2019, 2021)."

He explained, "In three of those cases, it rebounded 16%, 4%, and 21% respectively over the following week," adding, "Only in 2021 did it fall an additional 3%." October is traditionally a period when Bitcoin shows strength, and the market is paying attention to the possibility of a resumption of the 'Uptober' rally this time as well.

BTC