[Digital Today intern reporter Seung-a Yoo] As the cryptocurrency market did not plunge despite the negative shock from a major hack, analyst DonAlt, who predicted a 700 percent rise in XRP in 2024, presented a strongly optimistic view.

On Nov. 1 (local time), blockchain outlet U.Today reported that DonAlt assessed that "it is hard to turn bearish right now" based on price action after the Binance hack.

Behind the call was price support that the market did not expect. The U.S. Federal Bureau of Investigation said a North Korean hacking group stole more than $6 billion worth of virtual assets from Binance. Binance announced it covered 90 percent of the losses using its own funds and other resources, and later raised the coverage to about 95 percent.

At the time, bitcoin held around $77,935 despite heavy selling pressure, and XRP traded around $1.2498. DonAlt viewed the lack of follow-on selling even after major bad news as a key signal.

He compared the current situation with the November 2022 collapse of FTX. DonAlt said, "The last time the market did not properly fall after an event this big was the FTX collapse," adding, "I became very optimistic when I saw there was no additional decline, and bitcoin later rose from $16,000 to $100,000." He added, "Since the same setup is appearing again, it is hard to turn bearish right now."

DonAlt said there is no 100 percent guarantee in financial markets. He also said that if the market does not fall even after absorbing huge bad news, the odds can become favorable to buyers over the long term. He said what matters is how prices move afterward, not the size of the bad news.

Still, the analysis has the limitation of being based on a single case, the FTX collapse. The nature of the two events is also different. In the FTX collapse, customer funds effectively disappeared permanently, but in the Binance hack the exchange covered most of the losses using its own funds and other resources.

Therefore, it is hard to conclude that hidden bullishness has emerged solely because the market did not fall sharply after a hack in which losses were covered. It could also be the result of the market reacting rationally to the situation.

Price action over the next few weeks is expected to be the test for the bullish case. If prices hold even as the bad news is fully reflected and the stolen funds move through mixers and other channels, the bullish scenario could gain support. If prices fall again, the lack of follow-on selling may have been only a temporary delay rather than a trend reversal.