Bonk Guy: BTC may dip slightly further to form a local low, with most of the downward pressure on altcoins already released.

According to TechFlow, on October 30, Bonk Guy (@theunipcs) noted that BTC has fallen from around $79,000 to roughly $77,000. Most altcoins have followed with minor declines but are overall performing stronger than BTC. He believes that Binance appears to have repurchased most of the stolen tokens in connection with the hack. The total involved funds amount to approximately $6.3 billion, with about half (~$3 billion) already frozen and expected to be returned to Binance. The remainder is also likely to be largely recovered within a reasonable timeframe.

Bonk Guy suggests that BTC may dip slightly further to form a local bottom, after which market dynamics over the coming weeks to months could turn positive. Since much of the downward pressure on altcoins may have already been exhausted, he favors taking long positions on altcoins and dollar-cost averaging during pullbacks.