Bitcoin dropped to $76,000 after the $6.3 billion Binance hack, and analysts say a new all-time high is not imminent.
Since the $6.3 billion Binance hack, the largest crypto theft in history, Bitcoin has fallen to $76,000 after a month in the $80,000–$85,000 range.
Binance has not yet reopened withdrawals, which might increase market pressure once the exchange's users can sell their holdings.
Analysts on BeInCrypto's Market Intelligence Council are divided over how this will affect Bitcoin's price.
Within minutes, Charles Edwards, founder of Capriole Investments, responded.
“If the king can’t protect itself, how can any other exchange be trusted? How can ‘smart’ contracts be trusted? How can elliptic curve cryptography be trusted? The answer to all of the above is they can’t.”
Edwards contends that AI-driven exploits outrun security patches. He pointed to Tether's halting of $1.8 billion in stolen funds as proof that crypto requires human oversight.
He also renewed his call for a quantum-resistant Bitcoin roadmap.
“I said early this year, Bitcoin won’t get a new ATH until a Core governed Quantum Proof roadmap is established. ATH’s are looking more and more distant today.”
About 80 minutes later, he added more.
I own no Bitcoin.
— Charles Edwards (@caprioleio) October 29, 2026
The statement is striking: Edwards created several widely-tracked on-chain Bitcoin indicators and had backed the technology for years.
Dr. Giovanni Santostasi, the physicist who devised the Bitcoin Power Law model, rejected that view outright.
He argued that exchanges and hardware wallets are centralized points of failure, separate from the protocol. Keys derived from physical dice rolls remain safe, in his view.
Binance's findings partly support him: the attacker exploited operational security, not cryptography.
However, his rebuttal leaves the quantum challenge unaffected. A dice-derived key still depends on elliptic curve cryptography, whose quantum timeline is still debated.
Terrible take. Bitcoin never failed. Exchanges are centralized, cold wallet based on devices are centralized.
— Giovanni's BTC_POWER_LAW (@Giovann35084111) October 30, 2026
A cold wallet set using a 5 dice minute procedure is safe and it will continue to be. https://t.co/3ifcFSSQWA
Benjamin Cowen, also on the council, viewed the hack as a seasonal pattern.
In his cycle model, Q4 of a US midterm year belongs to bear-market territory, where negative shocks concentrate. Cowen says the market remains in that phase.
It would not be Q4 of a midterm year if an exchange was not getting hacked
— Benjamin Cowen (@benjamincowen) October 30, 2026
He recently warned that Bitcoin might replicate silver's crash after a false breakout.
All three experts agree that a new all-time high is not near. They differ on the cause, naming breakdown of trust, intermediary failures, or the cycle calendar.
For exchanges, the hack moves the focus from private keys to the employee devices around them. For Bitcoin, the quantum question Edwards keeps asking still lacks a Core-sanctioned solution.
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Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
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