In 2023, Bitcoin bottomed out on October 6, with a bottom price of $26,200, and then rebounded to $34,668 at the end of October, with a return rate of 32.32%.
In 2022, although Bitcoin grew by 5.6% in October, the return rate after bottoming out was relatively low, only 7.2%. In addition, in October 2018, Bitcoin experienced a significant negative return rate of negative 38.3%, and the return rate from bottoming out to the end of the month was only 1.95%.
We believe that in October, Bitcoin has fallen to a low of $59,800. If it rises by 30% according to the historical average return rate, then by the end of October, Bitcoin may reach around $77,700. Of course, these are more of speculations, and history will certainly not repeat itself completely.
At least Bitcoin's performance in September exceeded most people's expectations. September's performance has not been good, whether it is the stock market or the cryptocurrency market, but in the end Bitcoin closed with a green gain.
In any case, we have optimistic expectations for the fourth quarter. Lukeno continued to tweet that if we look at Bitcoin's profit and loss ratio, we can see that Bitcoin prices seem to see a small peak in the profit and loss ratio before each round of sharp rise.
These small peaks usually appear in Bitcoin prices before he is about to enter the main bull market, indicating that some investors in the market choose to sell profits when short-term profits appear, while those long-term holders of Bitcoin will continue to hold their Bitcoin.
