A decisive week.. Will the “Bull October” wave save Bitcoin prices?
Economists’ expectations indicate that Bitcoin () may be on the cusp of a strong recovery in the coming days, after the sharp decline witnessed at the end of last week.
The investing website quoted economist Timothy Peterson that the most famous digital currency in the world is likely to rise by up to 21% within one week, based on positive historical patterns of Bitcoin’s performance in a month. October.
Golden Peaks Month
Since 2013, October has been the second best performing month Bitcoin, with average gains of 20.1%, coming behind November, which led by 46%, which made investors call it the "Rising October" (Uptober).
Peterson points out that declines exceeding 5% this month are rare, as they have occurred only 4 times over the past decade, and in 3 of them, Bitcoin quickly returned to achieve gains ranging between 4% and 21%.
From decline to recovery
Regression Bitcoin finally reached the level of $102,000 after US President Donald Trump announced the imposition of 100% customs duties on Chinese imports, which led to a wide wave of selling.
But the market quickly stabilized, and the price returned to trading near $111,700, according to CoinMarketCap data. If the 2019 scenario was repeated, when Bitcoin rose by 21% in October, the price could reach $124,000, slightly below the highest level recorded this month at $125,100.
Optimism Despite Volatility
Despite the market turmoil, the general mood among investors remains positive.
Samson Mow, founder of Jan3, confirmed that "There are 21 days remaining of October Bull"While analyst Michael van de Poppe described the recent decline as… "The bottom of the current session"
They believe that the recent market fluctuations may be a prelude to a new rising wave driven by the entry of major financial institutions, and the increasing demand for Bitcoin traded funds.
100 Crucial Days
On the other hand, trader Tony “The Bull” Severino warned that the currency is approaching a decisive stage that extends 100 days. An upcoming period that may determine the fate of the current cycle, depending on the decline of the Bollinger Bands in the weekly chart.
He pointed out that this contraction usually precedes a strong price movement, but he warned of the possibility of the emergence of… "Fake breakthroughs" Before the actual launch, after the price failed to exceed the $126,000 level.
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