Bitcoin (BTC) Price Stumbles After Bybit Hack, But Analysts Eye $130,000 Rally

The cryptocurrency market stumbled after the recent hack of Bybit exchange by the infamous North Korea-linked Lazarus Group. Still, market analysts aren’t worried

The recent hack of cryptocurrency exchange Bybit has caused a setback in the crypto market. However, market analysts remain optimistic, believing that this downturn will be short-lived and the market is preparing for a rebound.

Several cryptocurrencies are expected to lead this recovery, according to the analysts.

One analysis highlights the ongoing bullish outlook for Bitcoin (BTC), indicating that the crypto bull cycle is still strong.

According to the expert, key indicators such as the stochastic and hash ribbons support BTC’s bullish narrative, especially as the cryptocurrency trades above the $90,000 level.

The analyst suggests that a breakout above $102,000 will begin the next leg of the crypto market rally.

Bitcoin’s Bullish Momentum and Price Targets

In terms of price targets, the analyst anticipates that the next rally will push BTC’s price toward the $120,000 zone, with a potential to reach $130,000.

The expert notes that crypto traders are eyeing this range for potential profit-taking.

However, the analysis also acknowledges the ongoing battle between Bitcoin bulls and bears. If the rally is rejected around the $102,000 level, it could lead to another period of price decline, according to the expert.

Bybit Closes ETH Gap After Billion Dollar Hack, Proof of Reserves Coming

Altcoins Primed for Growth: ETH, SOL, SUI, and S Highlighted

The analyst identifies ETH, SOL, SUI, and S (previously known as FTM) as altcoins that are expected to perform exceptionally well when the bull run resumes.

However, ETH may experience price weakness if the Bybit hackers begin to sell the large amount of ETH that was stolen, according to the analysis.

The analyst anticipates that these hackers will likely trade the stolen ETH for stablecoins in the near future.

Solana’s Potential Reversal and Bullish Outlook

The SOL/BTC pair has fallen out of a long-established trading range. Despite this, the analysis suggests that the drop could be a market tactic to shake out weaker traders.

According to the expert, a re-entry into the trading range will likely ignite SOL’s bullish momentum and begin a sustained rally.

SUI and S: Top Altcoin Picks for Outperformance

The analysis highlights a particularly strong outlook for SUI and S, especially SUI, among the selected altcoins.

According to the expert, SUI is expected to outperform even Bitcoin within this group of altcoins.

Despite S’s current downturn, the analysis anticipates a future price surge once the altcoin establishes a trend reversal.

The article concludes by emphasizing that the provided information is solely for educational and informational purposes and does not constitute financial advice.