2 weeks Ago By Carol Kay
The Bitcoin price started October on a bearish note, plunging by 10% from $66,000 to $60,000, dampening the optimistic “Uptober” sentiment as selling pressure increased. However, the weekend brought a positive turn for Bitcoin, reversing its losses and pushing the cryptocurrency back into the green. This bodes well not just for the short term but also for the long-term outlook.
Crypto analyst @0xjaypeg took to social media platform X to dissect Bitcoin’s price movements in October. He emphasized that the early-month decline isn’t necessarily negative, pointing out that Bitcoin has historically hit a low in the first few days of October. According to Jay, it typically takes 3-4 days for Bitcoin to bottom out during October, especially in months that eventually show a positive return.
The recent stabilization by the 6th day of the month aligns with this historical trend. Taking these patterns into account, the rest of October could turn bullish for Bitcoin. Jay suggests that if the cryptocurrency performs positively throughout the month, it could see an average return of +31.
72%, with a possible peak return of 36.62%. These percentages imply that Bitcoin could attain a new all-time high, potentially surpassing $80,000 if the bullish momentum continues.
On the flip side, while October has often been a positive month for Bitcoin, there have been exceptions where it ended in the red. Jay projects an average drawdown of -8.10% or a slightly smaller -6.
37% if the month trends positive but underperforms against historical data. The resurgence in Bitcoin’s price is particularly significant if October ends in the green, as historical data from Coinglass indicates. Over the last 13 years, five years have seen strong Q4 rallies for Bitcoin, each beginning with a robust October.
Should this pattern hold, the bullish performance in October could signal similarly positive trends for November and December, making the final quarter of the year favorable for Bitcoin investors..
