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Kriptoteka > Crypto News > Bitcoin Rebounds, Analyst Calls Current Price a ‘No-Brainer’
Crypto News

Bitcoin Rebounds, Analyst Calls Current Price a ‘No-Brainer’

marcel.mihalic@gmail.com
Last updated: October 4, 2024 10:42 am
By marcel.mihalic@gmail.com 5 Min Read
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Bitcoin Finds Support at Critical Level, Analyst Describes Current Price as ‘No-Brainer’

Contents
Geopolitical Tensions Contribute to Bitcoin Sell-offBitcoin Dips Indicate Potential October Surge

Bitcoin

BTC
$61,396



24h volatility:
0.9%


Market cap:
$1.21 T



Vol. 24h:
$33.78 B

has decreased 6% since September 30, 2024, falling to $61,000. Quinn Thompson, Chief Investment Officer at Lekker Capital, regards this as an excellent buying opportunity. He believes the current price presents a clear chance for investors to acquire more Bitcoin, pointing out changes in the overall economic landscape.

Bitcoin Finds Support at Critical Level, Analyst Calls Current Price 'No-Brainer'

Photo: CoinMarketCap

On October 3, Thompson shared his insights on X (formerly known as Twitter). He included a chart illustrating Bitcoin’s price fluctuations since March 5, 2024, when BTC peaked at $73,700. This chart underscored Bitcoin’s volatility and its recent downward trajectory, leading Thompson to draw comparisons with previous market behaviors.

I don't usually provide very short-term perspectives, but it seems like a no-brainer to be placing bids in this range with clear invalidation following a 180-degree shift in the macro environment comparable to the last three similar setups. https://t.co/NzqUSEvKbg pic.twitter.com/1PlviEyf5o

— Quinn Thompson (@qthomp) October 3, 2024

Thompson highlighted three past instances where Bitcoin dipped below its 200-day moving average, a crucial indicator for traders evaluating an asset’s mid-term strength. Nevertheless, in the current scenario, BTC rapidly bounced back from this level. Thompson interpreted this recovery as a signal of a significant shift in the overall economic landscape, implying that Bitcoin’s price is likely to rise soon.

Geopolitical Tensions Contribute to Bitcoin Sell-off

Thompson expressed optimism regarding the market, identifying it as an obvious opportunity to place bids despite short-term volatility. He referenced geopolitical tensions in the Middle East, particularly Iran’s military actions against Israel, which have unsettled global markets. These factors, coupled with broader economic issues, have driven a sell-off in risk assets such as Bitcoin.

Concerns regarding the robustness of the US economy and the uncertain outcomes of the upcoming November elections have heightened market volatility, undermining investor confidence. This shift has impacted the optimism surrounding “Uptober”, a term associated with October’s traditionally positive performance in the cryptocurrency realm. As the market contracts, mentions of “Uptober” have diminished on social media.

Thompson’s perspective aligns with other analysts, including Santiment’s Maksim Balashevich, who pointed out that while optimism is waning, it could indicate a potential for a short-term rebound. However, Balashevich warned that it remains unclear whether the broader downtrend has concluded, reflecting the mixed sentiments within the investment community concerning Bitcoin’s future.

🎃 Mentions of "Uptober" have significantly decreased, suggesting that traders have become much more bearish about the notion of this month being an automatic profit generator for crypto. The decrease in optimism paves the way for (at least) a short-term rebound. 📈 https://t.co/iACWMGPvSs

— Santiment (@santimentfeed) October 3, 2024

Bitcoin Dips Indicate Potential October Surge

Historically, October has demonstrated impressive performance for cryptocurrencies, averaging over 20% gains in the past 11 years, according to CoinGlass. However, most of these gains are typically concentrated in the latter half of the month. At the beginning of October 2023, Bitcoin experienced a 7% decline, reaching $26,650. Yet, within a fortnight, it rebounded nearly 30%, finishing the month at $34,500. This trend has led traders to anticipate a similar surge this October.

Currently, Bitcoin’s 6% drop, alongside signs of recovery, creates a cautiously optimistic outlook for investors. Quinn Thompson advocates for buying during this dip, a sentiment supported by historical patterns. Investors should evaluate these factors, weighing both risks and rewards in today’s market.

As the cryptocurrency landscape progresses, global events, economic indicators, and technical assessments will influence strategies. The coming weeks will be critical in determining whether Bitcoin will follow its historical October surge or take a different course in this dynamic financial environment.

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Bitcoin Finds Support at Critical Level, Analyst Describes Current Price as ‘No-Brainer’

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