Cryptocurrency analyst Timothy Peterson shared his expectations for Bitcoin (BTC)’s price in October. Peterson argued that Bitcoin’s performance is determined not just by September but by the movements throughout the year.
According to Peterson’s analysis, there has been a strong correlation between January-September returns and October performance since 2015. Historically, Bitcoin, which has delivered strong returns in the first nine months of the year, has tended to continue its upward trend in October. Conversely, during periods of weakness, October has also seen limited movement.
Peterson, noting that Bitcoin saw a roughly 20% rise between January and September, described this as “the weakest bull year.” Therefore, he predicted that October could be milder than previous years. However, the analyst noted that historical data points to the potential for an additional 7% to 31% rise in October, offering a target range of $122,000 to $149,000 for Bitcoin.
On the other hand, Peterson added that August is now rivaling September among the bad months for Bitcoin, and even surpassing it in terms of frequency.
*This is not investment advice.