US President Donald Trump’s announcement of 100% tariffs on China severely shook the cryptocurrency market, together with world markets. Bitcoin’s value shortly plummeted to $102,000, leaving traders confused by the notion that October is often a bullish month.
Cryptocurrency analyst Timothy Peterson shared a placing evaluation, noting that this decline is traditionally uncommon. In keeping with Peterson, drops of greater than 5% in October have solely occurred 4 occasions within the final 10 years:
- October 24, 2017
- October 11, 2018
- October 23, 2019
- October 21, 2021
Peterson additionally shared how the Bitcoin value trended 7 days after these dates:
- 2017: 16% enhance
- 2018: 4% enhance
- 2019: 21% enhance
- 2021: 3% decline
This knowledge means that traditionally, sharp declines in October are sometimes adopted by short-term recoveries. Nonetheless, analysts warn that the influence of Trump’s commerce insurance policies in the marketplace this time round could possibly be totally different than in earlier years.
*This isn’t funding recommendation.
