Originally published on: October 04, 2024
Amid Bitcoin’s recent 6% drop in value, Quinn Thompson, the chief investment officer at Lekker Capital, is urging investors to view this as a prime chance to acquire more BTC. In a recent statement, Thompson described buying Bitcoin at its current price of $61,000 as a “no-brainer,” noting significant changes in the macro backdrop of the cryptocurrency’s price action.
Thompson illustrated his point by referring to Bitcoin’s price movement on March 5, when it hit a new all-time high of $73,700. He highlighted three past instances of sharp price declines followed by drops below the 200-day moving average. However, this time around, Bitcoin rebounded strongly from this level, indicating a reversal in the market sentiment.
Recent geopolitical tensions, economic concerns, and uncertainties surrounding the upcoming US elections have led to market volatility, causing risk assets like Bitcoin to sell off. Despite this, Thompson remains optimistic about a potential upward swing in prices.
As social media chatter around “Uptober” diminishes, analysts like Thompson and Santiment founder Maksim Balashevich see this as an opportunity for a short-term rebound in Bitcoin’s price. Historically, October and November have been strong months for Bitcoin price performance, with the possibility of significant gains later in the month.
With October shaping up to be a pivotal period for Bitcoin, investors may find themselves at a crucial juncture to capitalize on market movements. As the market dynamics shift, the decision to buy Bitcoin at its current dip could prove to be a lucrative move in the long run.
