An economist estimates that the price of Bitcoin (BTC) could rebound and increase by 21% this week, with October indicating a possibility of recovery.

Bitcoin could see a strong recovery after the sharp wave of selling that occurred at the end of last week, according to economist Timothy Peterson, who believes that the price of the world’s leading digital currencies will see a strong rebound that will push it to rise by 21% over the next seven days if the previous positive trends from October are repeated.

“Drops of more than 5% in October are extremely rare,” Peterson wrote on Friday in his review on the In three of them, Bitcoin’s value recovered immediately afterwards, making gains of 16%, 4% and 21% respectively, while October 2021 was the only month to see a slight decline of 3%.

October deserves the title of “bull month” because it is the second best performing month for Bitcoin.

The good reputation of October and its description by many as “Uptober” continues to attract attention. Since 2013, it remains the second best performing month for Bitcoin, with average gains of 20.1%, behind November’s average gain of 46%.

Peterson’s comments come after crypto markets saw a sharp decline last Friday, with the price of Bitcoin briefly falling below $102,000 after US President Donald Trump confirmed plans to impose 100% tariffs on Chinese imports.

But the market then stabilized, with Bitcoin currently trading near the $111,700 level, leading to a further recovery in its price after its recent decline from the $125,100 level recorded last Monday, according to the website CoinMarketCap.

If the price of Bitcoin repeats its strongest rally in October, a 21% rise in 2019, a similar recovery from its lowest levels recorded last Friday could push its price to around $124,000, slightly below its highest levels recorded recently.

Despite last week’s turmoil, many Bitcoin supporters remained optimistic, including Samson Mow, founder of Jan3, who reminded traders of “21 days left in bullish October,” as described by Michael van de Poppe, founder of MN Trading. Capital- the recent decline as “the bottom of the current cycle”.

On the other hand, other observers view the issue from a more global perspective, as account owner The Bitcoin Libertarian sees the huge wave of liquidations as part of the natural evolution of the currency, predicting that even when the price of Bitcoin (Bitcoin) hits the million-dollar mark, we will still be subject to similar extreme fluctuations.

Analyst Warns Bitcoin Faces Critical 100 Day Period

Bitcoin could be on the verge of a critical turning point according to trader Tony “The Bull” Severino, who believes the next 100 days could determine whether the currency sees a strong rally or ends the current bull cycle.

Severino cited the Bollinger Bands for Bitcoin price on the weekly chart, noting that the range is retreating towards all-time highs, which often portends an imminent strong price launch in either direction.

Severino warned that “false breakouts” would become possible in such scenarios, noting that Bitcoin price recently failed to break above the upper bound of the range after touching the $126,000 level for a short time, making it likely to decline before getting off to a strong and sustained start.

Currently, Bitcoin is trading around $111,222 as it continues to fluctuate below its recent highs as volatility increases. While some analysts fear an imminent collapse, others believe that Bitcoin market cycles have lengthened, indicating that there is room for price increases.

The post Economic Expert Believes in Bitcoin (BTC) Price’s Ability to Rebound and Rise 21% This Week, Possibility of Recovery Likely appeared first on Cryptonews Arabic.