Bitcoin Price May Rebound
According to economist Timothy Peterson, Bitcoin has fallen more than 5% in October only four times, with three instances showing a rebound 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.
Peterson noted that in the week after each drop, Bitcoin rebounded by 16% in 2017, 4% in 2018, and 21% in 2019, with 2021 being the only exception, where it fell further by 3%.
- 2017: rebounded by 16%
- 2018: rebounded by 4%
- 2019: rebounded by 21%
- 2021: fell further by 3%
Historical trends suggest Bitcoin's price may recover up to 21% over the coming seven days.
Author's summary: Economist predicts Bitcoin rebound.