Bitcoin price rebound forecast after October slump

Bitcoin may see a strong recovery this week if its past October trends return, an economist noted. The Bitcoin price rebound forecast suggests a possible 21% rise within seven days based on historical data.

Economist Timothy Peterson said on X that Bitcoin drops of more than 5% in October are “exceedingly rare,” occurring only four times in the last decade. He identified those instances in 2017, 2018, 2019, and 2021.

In the week following those declines, Bitcoin gained 16% in 2017, 4% in 2018, and 21% in 2019. The only exception was 2021, when the cryptocurrency fell another 3%.

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

October is often called “Uptober” for its strong average returns. Since 2013, it has been Bitcoin’s second-best month, averaging a 20.10% gain, trailing November’s 46.02% average, according to CoinGlass data.

Bitcoin may approach $124,000 if pattern holds

Peterson’s analysis followed Bitcoin’s sharp drop to $102,000 on Friday, after U.S. President Donald Trump announced a 100% tariff on Chinese goods.

By the time of publication, Bitcoin had recovered slightly to $112,468, after hitting a new record of $125,100 earlier in the week, as per CoinMarketCap.

Bitcoin is trading at $111,700 at the time of publication. Source: CoinMarketCap

If the 2019 pattern repeats, a 21% rebound from Friday’s low would place Bitcoin near $124,000 – just below its all-time high. Analysts say the next week could reveal whether October’s trend of strong recoveries continues.

Bitcoin analysts stay confident about Uptober

Many Bitcoin supporters remain optimistic. Jan3 founder Samson Mow wrote on X, “There are still 21 days left in Uptober.” MN Trading Capital’s Michael van de Poppe added, “This is the bottom of the current cycle.”

He compared the current sell-off to the COVID-19 crash that marked the previous market bottom. Meanwhile, The Bitcoin Libertarian projected that in future cycles, Bitcoin volatility will remain intense even at higher prices.

He wrote, “In a few years, Bitcoin will crash from $1M to $0.8M in a few hours, and we’ll all be talking about a new record high amount of liquidations.”