Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Buy Crypto Now: Lekker Capital CIO Spotlights Prime Opportunity

Share This Post

Quinn Thompson, Chief Investment Officer (CIO) at Lekker Capital, articulated a strong buy signal for cryptocurrencies amidst a landscape fraught with bearish sentiment. In a statement released through the social media platform X, Thompson described the present market conditions as “one of the most obvious and attractive crypto buying opportunities of recent memory.”

Lekker Capital, which has carved a niche in trading cryptocurrencies based on macroeconomic cues, provides an analysis that contrasts sharply with the prevailing market mood. Thompson’s commentary comes at a time when the broader crypto community appears enmeshed in pessimism. He expressed concern over the current trend where it’s become fashionable among crypto investors to adopt a bearish stance. “In all of my 5 years in crypto, I have never seen it be so ‘cool’ amongst crypto native investors as it is right now to be bearish,” Thompson noted, reflecting on the cyclical nature of market sentiments.

Thompson pointed to the reactive nature of the market, particularly surrounding major events like ETF launches. He revisited the aftermath of the US spot Bitcoin ETF launch, which contrary to the bullish anticipation, saw Bitcoin’s price plunge from $49,000 to $38,000, marking a steep 22% decline in just 12 days. This event, he argued, should serve as a cautionary tale about the market’s tendency to move against consensus expectations.

Addressing the most recent market dynamics, Thompson highlighted the significant impact of the sell-off that dampened the spirits of market participants, discouraging the usual strategies of buying the dip with leveraged positions. “It’s clear this most recent selloff has finally stung market participants given the lack of leveraged long dip buying,” he observed.

This scenario, according to him, sets the stage for a market correction that typically follows a pattern of initial slow recovery, stabilization, and then a rapid upward movement once a catalytic event occurs. He recalled the BTC ETF leak in October as a “buy the news” event that realigned market sentiment.

Furthermore, Thompson discussed the forward-looking nature of financial markets, emphasizing that the crypto market is no exception. He believes that the market has already adjusted to past events such as the Mt. Gox saga and Bitcoin sell-offs from the US and German governments. “The key thing to remember here is markets are forward looking. Citing the Mt. Gox or US and German government supply overhangs is old news – the market has priced this in. Fear and capitulation invokes an irrational near-sightedness,” the Lekker Capital CIO remarked.

Looking ahead, he underscored several macro and microeconomic developments poised to influence the market. “On the macro front, these include a November election and additional Fed liquidity. On the micro front, they are the ETH ETF, Circle IPO, and improved BTC miner profitability thanks to AI,” he explained. These factors are expected to reduce selling pressure (e.g. Bitcoin miners) and invigorate market sentiment.

Delving deeper into market technicals, Thompson pointed out that several key indicators are at cycle lows, which historically precede upward movements. He noted, “BTC and ETH CME basis, alt open interest as a percentage of total, and macro relative value all sit at cycle lows while stablecoin supply is finally growing again.” This combination of factors, according to Thompson, signals a potential market bottom forming.

In a bold closing prediction, Thompson projected significant rallies for major cryptocurrencies in the near future. “Personally, I think ETH will reach $7,000 and BTC will make its first attempt at $100,000 by the election in November,” he stated confidently.

At press time, BTC traded at $60,766.

Bitcoin price

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

DeFi Development Corp. Acquires Solana Validator Business for $3.5M

DeFi Development Corp (Nasdaq: DFDV), a real-estate software firm and Solana-focused treasury company, announced Monday it has agreed to acquire a Solana validator business with an average delegated

Crypto Pundit Says XRP To $10 Is Just The Start

In his latest video, the market commentator known as CryptoInsightUK laid out a multi-step argument for why XRP could “very realistically go to $10 plus this cycle — and potentially into the

VanEck officially files first BNB ETF application in the US

Asset manager VanEck filed a registration statement with the Securities and Exchange Commission on May 2 to launch a BNB exchange-traded fund (ETF) The filing marks the first known attempt to bring

What Happens If The Dogecoin Price Repeats Its Legendary 68,000% Run?

Crypto analyst Glory has revealed what would happen if the Dogecoin price were to repeat its legendary 68,000% run in this market cycle Such a run would put the foremost meme coin in double digits

U.S. SEC Delays Decision on Canary Litecoin ETF: LTC Price Drops Over 3%

The post US SEC Delays Decision on Canary Litecoin ETF: LTC Price Drops Over 3% appeared first on Coinpedia Fintech News The US SEC is now seeking public comment on whether the proposal to list the

Defense Seeks Dismissal in Samourai Wallet Case After FinCEN Disclosure, DOJ Policy Shift

The legal team for Samourai Wallet co-founders Keonne Rodriguez and William Hill has requested dismissal of criminal charges, citing newly disclosed FinCEN guidance that contradicted prosecutors’