How will the Binance hack impact the market outlook? Many insiders view this as a bear market bottom signal, making it difficult for short-term selling pressure on Bitcoin to form.

October 30th, following today's security incident at Binance, several well-known figures and traders in the crypto space have made predictions about the market's future direction, including:

Renowned trader DonAlt stated that at the time of the incident, he estimated the market would drop around 30%, but it actually only fell about 3%. If prices do not significantly decline by next Monday, the bottom of this bear market may have already formed. The market will experience a period of hellish volatility to digest this theft incident.

Benson Sun, founder of Coinkarma, stated that Bitcoin lacks a deep mixing pool similar to Tornado Cash, and related addresses will be flagged by trading platforms and on-chain analysis firms, making it far more difficult to cash out than ETH, with short-term selling pressure nearly zero. If Binance uses SAFU to compensate and replenish Bitcoin, it could instead create buying pressure. Market confidence will be impacted, but the direct selling pressure on Bitcoin is not as large as imagined.

Trader Cryptobull believes that the BTC bottom is very close or has already formed, and this hacking incident may be the event that marks the bottom. Reasons include: leverage has been significantly washed out (nearly $600 million in liquidations within 1 hour, 97% of which were longs), some funds have been frozen, and the daily structure still maintains higher lows. Compared to the 2019 Binance hot wallet theft incident, when BTC only fell about 4% and then surged 138% within 7 weeks.

Yi Lihua, founder of Liquid Capital, stated that the strong support level of $79,000 being broken by a black swan event was not part of the plan. After the impact of the black swan and the end of the midterm elections, the best time to buy the dip will arrive.

Bonk Guy stated that after the Binance hacking incident, he does not believe the market is out of danger yet. After previous large-scale CEX thefts, Bitcoin continued to plummet 21% within a week, reminiscent of the October 11 incident, when everyone thought the bottom would arrive immediately after such a massive washout, but instead experienced one of the worst crypto winters in the industry. He still advises users to be cautious about buying the dip and guard against a second decline.

Jeff Ko, Chief Analyst at ViaBTC, stated that market selling pressure is limited, and he does not believe the stolen BTC will bring much selling pressure. Bitcoin addresses cannot be frozen, but every coin is traceable, and there is no deep, liquid mixing tool like Tornado Cash. In reality, this batch of BTC will likely be "locked up" and may take years to enter the market. Binance is capable of comfortably absorbing this loss."

Renowned trader Killa stated that this Binance hacking incident is very likely to be the last significant low point for crypto before a major rally. He still holds a BTC long position opened at $76,400 and does not believe Bitcoin will drop 20%.

Jiang Zhuoer believes that the current BTC drop to around $76,600 may be a short-term bottom, close to the approximately 4.5% decline triggered by the previous Bybit hack, with this drop reaching a maximum of about 4.6%, and he has already completed buying the dip in batches.

Well-known crypto investor VirtualBacon stated that today's decline triggered by the security incident is a shakeout rather than a trend reversal. Bitcoin can briefly fall below the bottom of the bull market support band at $76,000, washing out panicked sellers, and then strengthen again on the weekly chart. Still bullish on the outlook. Unless the weekly close falls below $75,000, a rebound is imminent."

Rick Maeda, head of Laevitas Markets, said the current market reaction is "relatively contained." For what may be the largest exchange theft in history, BNB's decline is "quite moderate."