Cryptocurrency expert Timothy Peterson has shared his insights on Bitcoin’s (BTC) price trajectory for October. He believes that Bitcoin’s value is influenced by the entire year’s trends, not just the fluctuations in September.
Peterson’s research highlights a significant link between returns from January to September and how Bitcoin performs in October since 2015. Historically, when Bitcoin has shown strong gains during the first nine months, it often continues to rise in October. In contrast, if there have been periods of weakness earlier in the year, October tends to see minimal changes.
Peterson pointed out that with a roughly 20% increase from January through September this year, it’s considered “the weakest bull year.” Consequently, he anticipates that this October might be less dynamic compared to previous years. Nonetheless, historical patterns suggest a potential additional rise of 7% to 31%, projecting Bitcoin’s value could reach between $122,000 and $149,000.
Furthermore, Peterson mentioned that August is now competing with September as one of the challenging months for Bitcoin and may even surpass it in terms of frequency.
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