'Hard to Be Bearish Here': Trader Who Predicted 700% XRP Rally Breaks Down Current Setup
A prominent cryptocurrency analyst predicts a bullish market setup following a $6.3 billion hack of the Binance exchange.
The cryptocurrency market has defied financial norms after the FBI confirmed that North Korean hackers stole $6.3 billion from Binance. Instead of a market crash, the incident triggered a paradoxical bullish reaction.
Well-known crypto analyst DonAlt, who accurately predicted a historic 700% XRP rally in 2024, directly cites the Binance hack as the catalyst for his ultra-bullish sentiment. He believes the market's resilience proves it is 'hard to be a bear' right now.
Binance and the U.S. Treasury Department acted quickly to stabilize the situation. The exchange covered 90% of users' lost funds from its own reserves, allowing Bitcoin to hold around $77,935 and XRP to settle at $1.2498.
Analyst's Key Indicator
The primary indicator for DonAlt was the complete absence of panic selling after the shocking news. He draws a direct analogy with the November 2022 collapse of the FTX exchange, noting that the market did not sell off after that event either.
Last time the market didn't properly sell off after a huge event like this was the FTX collapse. When I saw the lack of follow through then I got giga bullish. And we subsequently went from 16k to 100k. Hard to be bearish here after having been given the same setup yet again
The expert emphasizes that there are no 100% guarantees in financial markets and classifies the current situation as a game of mathematical probabilities. He argues that when the market prices in colossal negativity but refuses to go down, the odds in the long run are always on the side of buyers.
A Single Precedent
DonAlt’s argument rests on a single precedent. The FTX analogy worked once, but one case is not a pattern, and the two events differ in important ways. FTX wiped out customer funds for good, while in the Binance case most losses were covered within days.
A market that does not fall on a compensated hack is responding rationally, not necessarily showing hidden strength. The real test will come in the next few weeks: if prices hold once the news is fully priced in and attention shifts to the stolen funds moving through mixers, the bullish case gets much stronger. If they don't, the lack of follow-through may turn out to have been only a delay.
Related
