Bitcoin (BTC) took a trip below $54,000 during October. 7 as traders waited to meet how far a retracement of Wednesday'southward $5,000 gains could get.

BTC/USD i-hour candle chart (Bitstamp). Source: TradingView

BTC flirts with $1-trillion asset back up

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD looking decidedly less confident Thursday, downwards 3% while taking aim at $53,000 — and its $i-trillion marketplace capitalization — before recovering.

The pair had hit local highs of $55,800 — its best since before the May miner rout — but information technology did not take long for over-optimistic markets to show signs of fatigue.

With volatility still in show, analysts were taking the opportunity to zoom out from spot price action once again.

"Historically, BTC tends to savor an average positive monthly return of +32% in the calendar month of Oct," Rekt Capital noted.

"This October, $BTC has already rallied +29% and information technology'due south only the first week of the calendar month."

While impressive, such a operation could yet signal the start of consolidation, positioning Bitcoin to form college back up before powering through to a projected $63,000 by month-end.

Such a monthly close, dubbed the "worst-case scenario," would notwithstanding far outpace average historical gains for October. Currently, the best year on record is 2022, during which BTC/USD added 47%.

Bitcoin historical returns by month. Source: Bybt

Dogecoin beats the pack amidst altcoins

Altcoins continued to drag their feet in the wake of Bitcoin'south gains on the day — something which was not lost even on mainstream media.

Related: Bitcoin bears risk getting trapped if BTC price remains in a higher place $50K — Here's why

Weekly gains on BTC/USD were matched only past Dogecoin (DOGE), echoing familiar activity from Q1 this year. Both were upwardly 25% over seven days at the time of writing.

Largest altcoin Ether (ETH) was quieter, however, posting 20% weekly returns and circumvoluted $3,575.

ETH/USD 1-hr candle chart (Bitstamp). Source: TradingView