- Bitcoin traded near $78,000 on Monday, showing resilience despite a $6 billion hack on Binance.
- Analyst Michaël van de Poppe said the U.S. midterm elections are a non-event and “we’re at the end stage of the correction.”
- Galaxy’s Alex Thorn noted Bitcoin closed above its 50-week moving average for a seventh straight week after the breach.
- Willy Woo said Bitcoin edged out Gold last week, while Ted Pillows argued “we are only in the first correction of this bull run.”
Bitcoin (BTC) traded near $78,000 on Monday, brushing aside the impact of the more than $6 billion Binance hack, with analysts pointing to signs the cryptocurrency’s latest correction may be ending. Political uncertainty also could be priced in, as analyst Michaël Van de Poppe said Tuesday’s U.S. midterm elections were “going to be a non-event.”
Van de Poppe, founder of MN Fund, said he believed “we’re at the end stage of the correction,” though Bitcoin “might still see another sweep of the low” in the coming weeks. He noted that crypto sentiment had “quickly changed into an extremely bearish outlook,” but said he doesn’t think that “is warranted.”
Bitcoin’s price action has backed up that view so far, as Galaxy Digital‘s Alex Thorn said Bitcoin had closed above its 50-week moving average for a seventh straight week “despite $6b+ hack on world’s biggest crypto exchange.” Thorn put Sunday’s weekly close at $78,229, about 3.3% above the 50-week average.
On Stocktwits, retail sentiment around BTC remained in the ‘extremely bullish’ zone, while chatter stayed at ‘normal’ levels. The FBI said on Saturday that north korea was behind the theft from Binance, which took place on or about October 29.
Analyst Willy Woo pointed to Bitcoin’s performance against gold, noting Bitcoin fell 2.9% last week while gold dropped 3.0%, even as “ETF holders dumped $643M.” He stated, “BTC is in a bull market.”
Meanwhile, crypto analyst Ted Pillows explained that Bitcoin had five drops of more than 30% during its 2019 to 21 bull run. He concluded, “We are only in the first correction of this bull run.”
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