Bitcoin’s Price Fluctuates as ‘Golden Week’ Comes to a Close
Bitcoin is racing against time to secure its ‘golden week’ gains that historically show a significant uptick in October. As of now, the price is below the crucial $116,000 mark, which it needs to regain by the close of Wednesday’s trading session.
Key Points:
- Bitcoin is under pressure to recover from a dip and reach the typical ‘golden week’ gainpercentage.
- Research indicates that BTC must surpass $116,000 shortly.
- The cryptocurrency market anticipates a potential boost from upcoming US interest-rate cuts.
As it stands, Bitcoin is struggling to hold onto the $113,000 level. Data shared by network economist Timothy Peterson emphasizes that BTC needs a 7% increase by the end of the trading day on Wednesday to align with past performance during October’s traditional rally.
“October 29th marks the end of one of Bitcoin’s three golden weeks when, in a typical year, Bitcoin gains 7% in a 7-day period (the others are in March and February),” Peterson stated.
Bitcoin price seasonality data. Source: Timothy Peterson/X
Golden-week gains currently sit at around 4.5%, disappointing for bullish traders who have observed modest performance in October.
Despite recent difficulties, Peterson suggests that there may still be positive developments ahead, indicating potential for Bitcoin to reach new heights above $160,000 by December. He forecasts a significant price of $162,000 based on ongoing market analysis.
In terms of broader market trends, anticipation builds around the US Federal Reserve’s meeting concerning interest rates and a potential trade deal between the US and China. The market remains hopeful as the Fed is likely to continue its policy of rate cuts.
Note: This article does not constitute investment advice. It is advised that readers perform their own research before proceeding with investments.
