Timothy Peterson, one of the well-known economists of the cryptocurrency world, shared his thoughts on Bitcoin's price movement in his statement.
In the cryptocurrency market, where October is generally known as a bullish month, the analyst stated that this rise has not historically started until October 19. However, he added that this October was the worst start for BTC in the last 10 years. He argued that this was due to this year's US elections.
According to the analyst, although BTC has experienced an increase in October, it has historically always been under pressure in this month in election years.
In addition, he argued that Bitcoin spot ETFs have somewhat delayed the growth of wallets with more than zero balances on the Bitcoin network, but added that this situation is starting to recover. According to Peterson, an all-time high in this metric could come before the BTC price breaks a record. According to the analyst, this record could be broken within 90 days.
At the time of writing, the BTC price is at $60,700 and has increased by 0.21% in the last 24 hours.
*This is not investment advice.