On October 11, I published an article on Medium, titled, ‘Oktoberfest For Bitcoin: Will My Prediction Come True?

I studied Bitcoin’s past price movements to predict its price target for October 2021. 

Since Bitcoin had already gone through two bull runs following its first and second halvings in November 28, 2012 and July 9, 2016 respectively, I had two time periods: October 2013 and October 2017 as my sample periods.

However, before doing that, I showed my readers whether I was on the mark or not with my Bitcoin’s price prediction for September 2021 based on its price prediction during the same month in 2013 and 2017.

Now, September is usually not a good month in the crypto space and last September was no different. 

On September 7, Bitcoin saw a flash crash sending it down by 19.04% from $52,920 to $42,843.5. A record 373,240 traders got liquidated on that day.  Ironically, this was the same day Bitcoin was adopted as legal tender in El Salvador. 

Then, on September 21, Bitcoin dropped down to $39,600 after the circulation of news that China’s second largest property developer Evergrande could possibly get liquidated. On this day, Bitcoin hit its all-time-low for the month. 

Anyway, let me walk you through my price prediction theory for Bitcoin for September 2021.

Did my Bitcoin price prediction for September come true?

This bar chart shows the opening and closing price for September 2013. As you can see, Bitcoin’s opening price was $135.14 on September 1, 2013, but its closing price was at a reduced figure of $133.

Now, let's move to 2017.

I noticed a similar pattern in 2017. The opening price for Bitcoin on the 1st of September was $4,701.76. However, the closing price on 30th September was relatively lower at $4,338.71. 

Then, I observed 2021, and this is what I found. 

Bitcoin opened September with $47,100.89 and closed the month with a lower price amount of $43,824.10.

Hence, I concluded that my Bitcoin’s price prediction for September 2021 really did come true. 

What was my prediction based on?

It was based on a pattern I saw while studying September’s price action. September’s closing price was always lower than it’s opening price. This helped me to reshuffle my portfolio for September and avoid any potential major loss. 

So, my Bitcoin price prediction for September came true!

Now, let me walk you through the main part of this article. 

My Bitcoin price prediction for October

While studying Bitcoin’s price action for the month of October, I found a different pattern than that of September. Let me share that with you.

As per this figure, Bitcoin’s opening price was $132.68 and its closing price was $199.97. The growth percentage was 50.72%.

Now, let’s move to 2017.

As you can see in this figure, Bitcoin opened October with $4,341.05 and closed the  month with $6,130.53. This led to a growth percentage of 41.22%. 

So, where does that leave us in 2021?

For the month of October, I noticed that the price of Bitcoin grows between the range of 40-50%.

As every cryptocurrency investor on the planet has turned over-optimistic as mentioned earlier, I also assumed the higher figure in the range-50%.

So, my prediction for Bitcoin’s price in October 2021 is $65,730.02, or simply put, $65,730. This signals a 50% growth from it’s opening price of $43,820.01 on October 1.

As we are about to close October, and I reflect on my analysis, I am happy to know that it turned out to not only be true but - more than true!

On October 20, 2021, Bitcoin made a new All Time High at $67,000. 

If you liked my price analysis, and would like me to write articles like this in the future, please rate this article, and leave a comment. 

(Disclaimer: I am not a financial advisor. Please use my article to educate yourself on cryptocurrencies, but not as a sole factor to influence you to blindly jump into cryptocurrencies. I highly recommend you to do your own research before making self-guided trading decisions in cryptocurrencies).