Bitcoin started October on a bearish note, dropping 10% from $66,000 to $60,000, dampening the “Uptober” sentiment. However, the weekend saw a bullish turnaround, moving the price back into positive territory, which bodes well for both short-term and long-term prospects.

Crypto trader @0xjaypeg shared insights suggesting that the initial decline may not be detrimental, as Bitcoin historically bottoms in the first few days of October. Typically, BTC takes 3-4 days to find its low, and the recent recovery aligns with this trend. If this bullish momentum continues, there could be an average return of +31.72% for the month, potentially pushing Bitcoin toward $80,000 or higher.

While October has a history of positive performance, it has also experienced downturns. @0xjaypeg anticipates an average drawdown of -8.10%. However, a strong finish in October could indicate a bullish trend for the following months, as historical data shows that when October ends positively, November and December often follow suit.