Bitcoin Price Rebound Prediction
According to economist Timothy Peterson, Bitcoin's slump may rebound up to 21% in 7 days if history repeats.
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 three out of four instances where Bitcoin fell more than 5% in October, it rebounded over the following seven days. The rebounds were 16% in 2017, 4% in 2018, and 21% in 2019.
- 2017: 16% rebound
- 2018: 4% rebound
- 2019: 21% rebound
- 2021: 3% further decline
October is often referred to as "Uptober" due to its historically strong returns.
Author's summary: Bitcoin may rebound up to 21% in 7 days.