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>>Bitcoin's past performance after significant drops in October is under the spotlight, according to an expert analyst.

Bitcoin's past performance after significant drops in October is under the spotlight, according to an expert analyst.

crypthub

2 days ago

Market Reaction to Trade Tariffs

Donald Trump’s announcement of tariffs on China significantly impacted global and cryptocurrency markets. Bitcoin's price swiftly fell to $102,000, surprising investors anticipating a bullish October. The rapid decline represented a historically unusual market reaction. This event generated confusion among investors due to October’s typical market behavior.

Historical October Declines

Cryptocurrency analyst Timothy Peterson highlighted the rarity of significant October declines. Over the past decade, Bitcoin has experienced drops exceeding 5% on only four occasions. These occurrences happened on October 24, 2017, October 11, 2018, October 23, 2019, and October 21, 2021. Peterson also examined Bitcoin’s performance seven days following these dates.

Post-Decline Trends and Caveats

Following those prior October declines, Bitcoin saw increases in 2017 (16%), 2018 (4%), and 2019 (21%), with a slight 3% decrease in 2021. This pattern suggests short-term recoveries typically follow sharp October drops. However, analysts caution that the influence of Trump’s trade policies may create a unique market dynamic this time.