Despite Iran-Israel Tensions, Bitcoin Dip Viewed as a Buying Opportunity

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.

Recent news about Iran bombing Israel has caused a downturn in the cryptocurrency market, with Bitcoin prices being affected.

According to Quinn Thompson, the chief investment officer at Lekker Capital, the recent dip in Bitcoin prices, following the news of Iran bombing Israel on Sept. 30, is being viewed by some as a prime buying opportunity.

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.

Highlighting a chart from earlier this year when BTC hit a high of $73,700, Thompson pointed out that past instances of a drop from all-time highs saw prices plunging significantly, dropping well below the 200-day moving average.

However, this time around, Bitcoin has bounced back strongly from the all-time high, signaling potential upward movement.

The news of Iran bombing Israel on Sept. 30 had a significant impact on the cryptocurrency market, causing prices to fluctuate rapidly.

This news, coupled with the upcoming U.S. presidential election and the state of the economy, contributed to a pessimistic outlook in the market.

However, Thompson and other analysts believe that this lack of optimism could pave the way for a short-term rebound, especially considering that October is historically a strong month for Bitcoin's performance.

While Bitcoin prices dropped in early October, past patterns suggest that significant gains could materialize later in the month, and traders are watching closely to see if history will repeat itself.

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