Bitcoin slump may rebound up to 21% in 7 days if history repeats: Economist
An economist said Bitcoin declining more than 5% in October is “exceedingly rare,” and historically, the asset has usually rebounded within the following week.
Bitcoin’s price may recover up to 21% over the coming seven days if October’s historical trends hold, an economist suggests.
“Drops of more than 5% in October are exceedingly rare. This has happened only 4 times in the past 10 years,” economist Timothy Peterson said in an X post on Friday.’
He said those instances occurred in October 2017, 2018, 2019, and 2021. In the week following each drop, Bitcoin (BTC) rebounded by 16% in 2017, 4% in 2018, and 21% in 2019. The only exception was 2021, when the crypto asset fell a further 3%.