Altcoins Hold Firm Despite Bitcoin Drop Below $77,000; Bonk Guy Says Dip Buying Still Works
Summary
- He said altcoins were showing relative resilience even as Bitcoin fell below $77,000.
- Bonk Guy said Binance appears to have repurchased hacked assets and that frozen assets worth about $3 billion could be returned.
- He added that with downside pressure on altcoins largely exhausted, this is a favorable window for buying altcoins and using DCA.
Forecast Trend Report by Period
Altcoins are holding up relatively well even as Bitcoin (BTC) falls below $77,000, fueling the view that buying on dips may still be effective as much of the selling pressure has already been cleared.
Crypto trader Bonk Guy wrote on X on October 30 that altcoins were showing relative resilience even as Bitcoin slipped below $77,000.
He argued that Binance appears to have repurchased a substantial portion of assets affected by the hack. He also said frozen on-chain assets worth about $3 billion could ultimately be returned.
Bonk Guy added that Bitcoin could still fall further before forming a short-term bottom. Even so, he said most of the downside pressure on altcoins has likely already been absorbed.
He said the current market offers a favorable window to buy altcoins and use dollar-cost averaging, or DCA, on further declines.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.