Is Bitcoin’s Recent Dip the Perfect Buying Opportunity?

Bitcoin and the whole cryptocurrency market has been through a significant decline since news broke about Iran bombing Israel.

Bitcoin’s recent dip since Sept. 30 is being viewed as a prime buying opportunity, according to Quinn Thompson, chief investment officer at Lekker Capital.

In an Oct. 3 post on X, Thompson described purchasing Bitcoin in the current $61,000 range as a “no-brainer” due to a shift in the macroeconomic landscape.

Thompson referenced a chart from earlier this year when BTC hit a high of $73,700 and pointed out that similar drops in the past pushed prices well below the 200-day moving average. This time, however, Bitcoin has bounced back strongly, signaling potential upward movement.

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Recent market volatility has been driven by geopolitical tensions in the Middle East and uncertainty surrounding the U.S. economy and elections.

Despite the gloomy atmosphere, Thompson and other analysts believe that the current lack of optimism could pave the way for a short-term rebound, especially as October is historically a strong month for Bitcoin’s performance.

Although Bitcoin fell in early October, past patterns suggest that significant gains could materialize later in the month. Traders are closely watching to see if history will repeat itself.

Alexander Stefanov