Bonk Guy said altcoins have shown relative strength against Bitcoin even as BTC fell from about $79,000 to around $77,000. In his view, many tokens did decline, but their losses were comparatively limited. He also said Binance appears to have bought back most of the tokens sold during the hacking incident, while roughly $3 billion in assets has been frozen and could be returned.
He added that of the $6.3 billion tied to the incident, about half has already been frozen, and the remaining portion may also be recovered within what he described as a reasonable timeframe. Based on that setup, Bonk Guy said Bitcoin could still move lower and form a local bottom, but most of the selling pressure in altcoins may already have played out. He said the market could improve over the coming weeks to months and argued that the current environment is more favorable for long altcoin positions, with buying done in tranches on pullbacks.
Bonk Guy said altcoins have remained relatively resilient versus Bitcoin even after BTC fell from about $79,000 to around $77,000.
According to his post, some tokens also moved lower, but their declines were relatively limited. He added that Binance appears to have repurchased most of the tokens sold during the hacking incident, and that about $3 billion in assets has been frozen and may be returned.
He also said that of the $6.3 billion in losses tied to the incident, about half has already been frozen, while the rest could also be recovered within a reasonable period of time.
Based on those factors, Bonk Guy said Bitcoin may still fall further and form a local bottom. At the same time, he believes most of the selling pressure in altcoins may already have been released, with market conditions potentially improving over the next few weeks to months. He added that the current setup is more suitable for taking long positions in altcoins and buying in batches during pullbacks.
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