Bonk Guy: BTC May Dip Slightly Again to Form a Local Low; Most of the Downside Pressure on Altcoins Has Been Released

TechFlow reported on October 30 that Bonk Guy (@theunipcs) posted that BTC has fallen from around $79,000 to around $77,000, and most altcoins followed with slight declines but performed better than BTC overall. He believes Binance appears to have repurchased most of the stolen tokens from the theft incident, with the funds involved totaling about $6.3 billion. About half of them (approximately $3.0 billion) have been frozen and are expected to be returned to Binance, while most of the remainder is also expected to be recovered within a reasonable timeframe.

Bonk Guy assesses that BTC may dip slightly again to form a local low, after which market conditions over the coming weeks to months may turn positive. Most of the downside pressure on altcoins may already have been released, and he is inclined to go long on altcoins and make staggered DCA purchases during pullbacks.

Source: TechFlow