Bull Market Phase Remains Strong as Bitcoin Sets Black Swan Bottom at $76,400

Bull market phase remains strong.
Bitcoin sets black swan bottom at $76,400.
Analysts hope to see BTC reclaim $82,000 next.

The new week begins with the crypto market showing steady signs of recovery following the major black swan event caused by the biggest crypto hack in history. Late last week, Binance was hit by a massive and cleverly disguised hack that cost the exchange $6.3 billion, of which around $3 billion was frozen on-chain. Despite this, the bull market phase remains strong as Bitcoin sets black swan bottom at $76,400.

Bull Market Phase Remains Strong

The crypto community was thoroughly impressed by how quickly industry leaders were able to minimize the impact of such a big attack. In detail, Binance, Tether, and Circle came together to freeze funds and work with relevant authorities to track the lost funds. What’s more, Binance took it upon itself to show their dedication to users and promised to make up for all lost funds.

As of yesterday, the exchange used its SAFU holdings and corporate assets to recover 90% of the losses. While deposits and trading resumed a few hours after the theft, withdrawals are just now beginning to resume as usual. Binance once again proves itself to be capable leaders in the space, setting up a prestigious industry standard, whilst keeping the interest of its users high above all else.

Following the events of the hack, the popular crypto analyst, Doctor Profit, goes on to share his expectations for what is coming next. As we can see from the post above, he begins by stating that it is clear how bullish Bitcoin is given its performance following the hack. He says in non-bullish times, the hack would have caused a 15% – 20% dip, but instead, the dip was barely just a 5% dip.

Bitcoin Sets Black Swan Bottom at $76,400

The analyst says that the fact that BTC found its low at $76,400 shows how strong Bitcoin really is, reacting to such a large hack in such a small decline. Yet, he adds, the panic of short term holders reached extreme high volume, and even the Coinbase Premium reached levels, last seen at the bottom of 2022 during the FTX crash. As per on-chain data 36,600 BTC from short term holders were sent to exchanges below their purchase cost.

Thus, the expert concludes that the market is reacting with pure emotion. The BTC sent to exchanges during the hack tells that holders are selling into the panic, potentially accepting losses just to get out. Meanwhile, the Fear & Greed Index shows ‘Fear’, but the analyst believes that many inexperienced investors missed the bottom. Lastly, he states that $76,000 is the line that must be held, followed by $82,000 to maintain the bull market.