Quinn Thompson, chief investment officer of hedge fund Lekker Capital, said that Bitcoin's decline this week was just a "short-term correction" and would not last long. He believed that this was an excellent time for investors to "buy without thinking."

Bitcoin has fallen 6% since September 30. Quinn Thompson posted on the social platform He also added that compared with previous declines, the "macro background" of Bitcoin's trend has undergone significant changes.

I don'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. https://t.co/NzqUSEvKbg pic.twitter.com/1PlviEyf5o

— Quinn Thompson (@qthomp) October 3, 2024

He explained that Bitcoin has experienced "three similar situations" in the past, and each time the price fell sharply and fell below the 200-day moving average (an important technical indicator used to evaluate the mid-term trend of an asset). However, this time Bitcoin rebounded quickly at this technical level. Quinn Thompson pointed out that this indicates a 180-degree change in the "macro background" and Bitcoin may recover quickly next.

I usually don't express opinions on short-term trends, but this buying point seems to be really "no-brainer".

In recent days, as tensions in the Middle East have intensified, market panic has increased rapidly, causing the prices of risky assets such as Bitcoin to fall sharply. In addition, concerns about the performance of the U.S. economy and uncertainty about the U.S. election in November also weighed on risk assets.

Consistent with Quinn Thompson's view, other analysts also believe that the current "lack of interest" in the market may instead create opportunities for a short-term rebound. Maksim Balashevich, founder of Santiment said:

The craze surrounding “Uptober” faded as the cryptocurrency market corrected, but it also opened the door for a rebound. Whether a deeper decline will follow remains to be seen.

Looking back at historical data, October is usually a strong month for Bitcoin. The average increase in October in the past 11 years has exceeded 20%, with most of the gains occurring from "mid-to-end of the month."

Taking last October as an example, Bitcoin fell 7% to $26,650 in the first half of the month, but then surged nearly 30% in two weeks to end at $34,500.

"Bitcoin's decline is just a "short-term correction"! Expert: Just "Buy Without Brains" This article was first published on (Block Guest).