Bitcoin’s price could potentially increase by up to 21% in the next week, according to an economist’s analysis of historical trends in October.

Historically, significant drops exceeding 5% are infrequent in October, occurring only four times within the past decade, says economist Timothy Peterson. He highlights that such price reductions took place in 2017, 2018, 2019, and 2021, with Bitcoin rebounding 16% after the first instance, 4% following the second, and 21% after the third. The only exception was in 2021, where it fell further by 3%.

October is often referred to as “Uptober” due to its historically strong price performances.

Bitcoin Price Recovery October has delivered an average return of 20.14% since 2013. Source: CoinGlass

Despite the volatility linked with President Trump’s recent tariff announcements resulting in a plunge to $102,000, Bitcoin has slightly recovered to around $112,468 according to CoinMarketCap. If Bitcoin follows the historical trend and mirrors the significant rise of 21% seen in October 2019, it could reach approximately $124,000 next week.

Several Bitcoin enthusiasts, including Jan3 founder Samson Mow and MN Trading Capital’s Michael van de Poppe, expressed optimism about ongoing bullish trends for the month, citing that there are still 21 days left in October and suggesting the current price could be a bottom for this cycle.

In summary, the prospect of a significant recovery for Bitcoin remains strong if patterns from the past are repeated.