Key Points:
Time is running out for BTC, which needs to ensure the "Golden Week" rally that has been maintained since 2015.
Research indicates that the BTC price needs to return to $116,000 before the Wednesday close.
The crypto market may receive a last-minute boost due to interest rate cuts in the U.S.
BTC has only a few hours left to save its standard October "Uptober" trend, currently struggling to maintain the $113,000 level.
Network economist Timothy Peterson shared data on the X platform indicating that BTC/USD needs to achieve a 7% increase before the end of Wednesday.
BTC's seasonal performance remains a market focus as the disappointing "Uptober" is about to conclude.
Peterson believes a noteworthy area to watch is the weekly chart—especially three specific seven-day periods.
Historical data shows that since 2015, BTC prices have had three particularly strong weeks each year, one in February, one in March, and one in October.
October's "Golden Week" will end on Wednesday, a period that has historically brought a 7% increase. BTC/USD reached $116,000 on Tuesday, hitting the target early, but then retreated.
"October 29 marks the end of one of BTC's three Golden Weeks, where in a typical year, BTC rises 7% within 7 days (the other two Golden Weeks are in March and February)," Peterson noted.
At the current level, the Golden Week increase is about 4.5%, which is another blow to BTC bulls who have seen the October rally gradually fade within the month.
However, Peterson revealed that the situation may not be entirely bad news. Previous seasonal price studies suggest that a BTC bull market could still create a new historical high of over $160,000 in December.
Bitcoin seasonality, which I have been following all year, is still tracking the 30th percentile. This implies a price of $162,000 in December. pic.twitter.com/oETxhuvLBz
As Cointelegraph has continuously reported, positive factors for cryptocurrencies and risk assets are accumulating towards the end of the month.
The Federal Reserve is expected to continue cutting interest rates at Wednesday's meeting, while the U.S. and China are working to reach a last-minute agreement to avoid punitive tariffs.
Despite recent pullbacks, BTC's technical indicators remain optimistic in the short term. The Relative Strength Index (RSI) continues to rebound on the hourly timeframe, having previously shown hidden bullish divergence.
Related: Michael Saylor predicts Bitcoin (BTC) could soar to $150,000 by the end of 2025
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Bitcoin (BTC) Price Approaches 7% Gain as 'Golden Week' Ends”
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