Hedge fund manager calls Bitcoin dip a buying opportunity

Bitcoin’s (CRYPTO:BTC) recent 6% price decline since September 30 has been labeled as a potential buying opportunity by Quinn Thompson, the chief investment officer at Lekker Capital.

According to Thompson, the current price dip to around $61,000 should be seen as a "no-brainer" for investors looking to add more Bitcoin to their portfolios.

In an October 3 post on X, Thompson explained that the macroeconomic backdrop has shifted significantly compared to previous price drops, signaling that this could be a temporary setback before another upward movement.

He attached a chart showing Bitcoin’s price action since it hit an all-time high of $73,700 in March of this year.

Thompson pointed out that Bitcoin’s price had previously fallen below its 200-day moving average, but the current price bounce off this level indicates a "clear invalidation" of further declines, suggesting that prices could rise again soon.

“I don't usually give very short-term views, but seems like a no-brainer to be bidding this area,” Thompson said.

The sell-off came amid rising geopolitical tensions in the Middle East, as well as broader market concerns over the U.S. economy and the outcome of the upcoming election.

Despite these challenges, some analysts are predicting a potential rebound later in October.

Maksim Balashevich, founder of Santiment, echoed this sentiment, noting that the reduced optimism around “Uptober” presents a possible opportunity for a market rebound.

Historically, October has been one of the best-performing months for Bitcoin, with an average gain of over 20% in the last 11 years.

According to CoinGlass, Bitcoin’s performance typically improves as the month progresses, potentially leading to a sharp upward move by the end of October.

At the time of writing, the Bitcoin price was $61,191.26.