Bitcoin (BTC) traveled below $ 54,000 during October 7 as traders waited for the return of Wednesday’s $ 5,000 profit to go.
1-hour candlestick chart BTC / USD (Bitstamp). Source: TradingView
BTC flirts with a trillion dollars in assets
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD looked less confident on Thursday, falling 3% with a target price of $ 53,000 and a market value of $ 1 trillion before recovering.
The pair reached a local high of $ 55,800 – the best level since the miners’ defeat in May – but it was not long before overly optimistic markets showed signs of fatigue.
As volatility continued to rise, analysts again seized the opportunity to reduce momentum in the spot price.
Rekt Capital notes: “Historically, BTC has a positive monthly average return of + 32% in October.”
“October, $ BTC has already increased by 29%, and this is only the first week of the month.”
While this performance is impressive, it could signal the start of a consolidation by setting Bitcoin to form higher support before it reaches the $ 63,000 expected at the end of the month.
However, the end of this month, called the “worst case scenario”, will far exceed the historical average gain for October. So far, the best year in history is 2017, when BTC / USD gained 47%.
Historic Bitcoin returns month by month. Source: Bybt
Dogecoin outperforms the rest of the altcoins
Altcoins continued to slow down after Bitcoin gathered in one day – something the mainstream media has not even overlooked.
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The weekly gain in BTC / USD was only comparable to Dogecoin (DOGE), reflecting the well-known actions in the first quarter of this year. At the time of writing, both are up by 25% in seven days.
However, the largest coin Ether (ETH) was calmer, with a weekly return of 20% and around $ 3,575.