Bitcoin's fall is attracting bullish investors eager for bargains.
“Seems to think nothing of auctioning off this area” Quinn Thompson saidFounder of Lecker Capital, a hedge fund that specializes in using macroeconomic data to trade crypto assets.
Bitcoin fell this week as Iran's attack on Israel and the outlook for the US economy weighed on markets. The price is just over $60,000.
Thompson posted comments on X above a Bitcoin chart that analyzed the cryptocurrency's price since March.
The chart “shows no apparent validity behind the 180-degree change in the macro backdrop relative to the previous three similar setups,” he said, referring to technical analysis of Bitcoin's moving average.
Thompson said News The recent change related to the US election in August is also affecting the price of Bitcoin.
Kamala Harris and Donald Trump are now closer in the polls than President Joe Biden was before her.
“That uncertainty affects the growth, recession concerns, the Federal Reserve and other factors that affect the price of Bitcoin, such as liquidity in the system,” Thompson said then.
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I don't normally offer too many short-term views, but bidding this area with no apparent validity against the backdrop of a 180 degree change in macro backdrop relative to the previous 3 similar setups is a no-brainer. pic.twitter.com/1PlviEyf5o
— Quinn Thompson (@qthomp) October 3, 2024
I don't normally offer too many short-term views, but bidding this area with no apparent validity against the backdrop of a 180 degree change in macro backdrop relative to the previous 3 similar setups is a no-brainer. pic.twitter.com/1PlviEyf5o
— Quinn Thompson (@qthomp) October 3, 2024
Crypto market movers
Bitcoin is down 0.8% to around $60,896 in the last 24 hours. Ethereum fell 4.1% during the same period to $2,359.
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