{"id":17518,"date":"2024-10-04T11:54:17","date_gmt":"2024-10-04T08:54:17","guid":{"rendered":"https:\/\/forklog.com\/en\/expert-advocates-buying-bitcoin-amidst-decline\/"},"modified":"2024-10-04T11:54:17","modified_gmt":"2024-10-04T08:54:17","slug":"expert-advocates-buying-bitcoin-amidst-decline","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/expert-advocates-buying-bitcoin-amidst-decline\/","title":{"rendered":"Expert Advocates Buying Bitcoin Amidst Decline"},"content":{"rendered":"<p>The current correction in Bitcoin is &#8220;insubstantial&#8221; compared to previous price pullbacks and should be seen as an opportunity to increase long positions, according to Quinn Thompson, CEO of Lekker Capital.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I don&#8217;t usually give very short-term views, but seems like a no-brainer to be bidding this area with clear invalidation on the back of a 180 degree shift in the macro backdrop from the relative to the 3 previous similar setups. <a href=\"https:\/\/t.co\/NzqUSEvKbg\">https:\/\/t.co\/NzqUSEvKbg<\/a> <a href=\"https:\/\/t.co\/1PlviEyf5o\">pic.twitter.com\/1PlviEyf5o<\/a><\/p>\n<p>\u2014 Quinn Thompson (@qthomp) <a href=\"https:\/\/twitter.com\/qthomp\/status\/1841666810791198787?ref_src=twsrc%5Etfw\">October 3, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Buying Bitcoin at $61,000 is a no-brainer. The macroeconomic backdrop has significantly changed compared to previous similar episodes,&#8221;<\/em> the expert explained.<\/p>\n<\/blockquote>\n<p>Thompson highlighted three previous &#8220;similar situations&#8221; where the price sharply fell well below the 200 <span data-descr=\"day moving average \" class=\"old_tooltip\">DMA<\/span>. This time, the quotes bounced off the moving average.<\/p>\n<p>The CEO of Lekker Capital&#8217;s position was supported by Santiment founder Maksim Balashevich.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;The enthusiasm from <span data-descr=\"term formed from two English words: up and October\" class=\"old_tooltip\">Uptober<\/span> is waning as the market falls, opening up the possibility for a rebound. Whether the larger downtrend has ended remains to be seen,&#8221;<\/em> the expert noted.<\/p>\n<\/blockquote>\n<p>Historically, October is one of the best months for Bitcoin. Since 2013, the average return has been 20.74%.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-1238.webp\" alt=\"1-1238\" class=\"wp-image-242503\"\/><figcaption class=\"wp-element-caption\">Data:\u00a0<a href=\"https:\/\/www.coinglass.com\/today\" target=\"_blank\" rel=\"noreferrer noopener\">Coinglass<\/a>.<\/figcaption><\/figure>\n<p>Co-founder of Arbelos Markets Joshua Lim warned of expected increased volatility in the coming days.<\/p>\n<p>In an interview with <a href=\"https:\/\/www.coindesk.com\/markets\/2024\/10\/04\/bitcoin-set-for-unusually-volatile-weekend-after-fridays-payrolls-data-volatility-kink-indicates\/\">CoinDesk<\/a>, the specialist referred to the nature of the implied volatility curve, which indicates that options market participants are preparing for turbulence following labor market data on October 4 at 15:30 (Kyiv\/MSK) and potential retaliatory strikes from Israel.<\/p>\n<p>CoinMarketCap has predicted an early end to the cryptocurrency bull market.<\/p>\n<p>Earlier, Canaccord noted that a Bitcoin rally is inevitable.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The current correction in Bitcoin is &#8220;insubstantial&#8221; compared to previous price pullbacks and should be seen as an opportunity to increase long positions, according to Quinn Thompson, CEO of Lekker Capital. I don&#8217;t usually give very short-term views, but seems like a no-brainer to be bidding this area with clear invalidation on the back of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1168,1146,1224,1145],"class_list":["post-17518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crypto-derivatives","tag-cryptocurrency-market-forecasts","tag-macroeconomics","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"61","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/17518","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=17518"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/17518\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/17517"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=17518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=17518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=17518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}