- Historical data suggests October could bring a recovery for Bitcoin.
- Bitcoin has closed October with significant gains eight times in the past decade.
- However, some community members remain skeptical, noting the unpredictability of future outcomes.
Members of the Bitcoin community are arguing the new month could see Bitcoin investors recovering from the losses of the past months based on historical data. In a recent tweet, notable crypto influencer Crypto Tony reasoned that October has historically been a bullish period for Bitcoin.
Tony shared a chart of Bitcoin’s performance over the past ten years to cement his conviction in the October bullish outlook. According to the chart, eight times since 2013, Bitcoin ended October with significant positive price gains.
8/10 OUT OF 10 OCTOBERS HAVE BEEN BULLISH FOR THE MARKETS We are still only 4 days in, plenty of time to see a nice bounce in the month and close green pic.twitter.com/xM4EhD7Jrs— Crypto Tony (@CryptoTony__) October 4, 2023
Moreover, Tony argued that while BTC’s price of $27,592 may not be that appealing, the market is only four days into the bullish month. “… plenty of time to see a nice bounce in the month and close green,” he added.
Notably, the Bitcoin 10-year chart illustrated that BTC closed October with double digital gains more often than not. Specifically, it indicated Bitcoin ended October of 2021 with 39.93%, while in 2020 with 27.7% and 47.81% in 2017. Besides, BTC saw the most significant October gains of 60.79% in 2013.
While some other crypto enthusiasts agreed with Tony’s sentiment that Bitcoin could perform wonders this month, others argued the trend could change. An X user doubted predicting future outcomes solely based on past performance.
“Skeptical about predicting the future based solely on past results. The future often rhymes with the past but isn’t an exact repeat,” the X user remarked.
Notably, Bitcoin had started this month by breaking a two-month high above $28k. However, the leading digital asset has yet to sustain the tempo as it has slipped back to the $27k zone.
The post BTC Bulls Hopeful for October Reversal Based on Historical Correlation appeared first on Coin Edition.