Friday’s US non-farm payrolls data significantly dragged down the cryptocurrency market, especially Bitcoin. Bitcoin fell as low as $68,000, while altcoins saw deeper declines. Could the current market declines be a buying opportunity? According to Singapore-based trading firm QCP Capital, yes, it could be a buying opportunity.

In its latest assessment, QCP Capital said, “We agree that this period is a good opportunity to buy the dip as markets will increasingly price in at least one Fed rate cut from here. It will be difficult for the US to ignore this as the rest of the world continues to cut rates.”

The company pointed out that there were bullish trades during the decline. “Our team has identified bullish trades during this decline, especially in Bitcoin, both aggressive ‘put’ sellers and ‘call spread’ buyers,” the report said.

Bitcoin, which rose to $69,580 today, is trading at $69,430 as of 06.55 p.m.