Bybit Hack: Bitcoin (BTC) Price Prediction Remains Bullish Despite Short-Term Sell-Off

Bitcoin has seen a sharp decline, currently trading below $91,000, as the market reacts to multiple bearish catalysts. The latest drop comes in the wake of a $1.4 billion Bybit hack.

Bitcoin price dropped sharply on Monday, currently trading below $91,000, as the market reacts to multiple bearish catalysts. The latest drop comes in the wake of a $1.4 billion Bybit hack, which appears to have triggered significant reserve shifts within the exchange, leading to potential liquidity concerns.

However, despite the short-term price dip, CoinCodex’s Bitcoin price prediction remains bullish, forecasting BTC to surpass $100,000 next month and break $150,000 by May 2025.

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Bybit Hack: A $1.4 Billion Blow to the MarketLast Friday, Bybit suffered a massive $1.4 billion hack, primarily affecting Ethereum (ETH) and stETH reserves. While the exchange has since recovered most of its ETH, data from CryptoQuant suggests that Bitcoin and USDT reserves took a major hit instead.

Bitcoin & USDT Reserves Plummet Post-HackAfter the hack, Bybit quickly replenished its ETH holdings, bringing them back to $874 million (down from $1.1 billion). However, this recovery came at a cost—the exchange saw massive outflows in Bitcoin and USDT, leading to further downside pressure on BTC’s price.

Bybit’s Reserve Changes Post-Hack:This data suggests that Bybit may have used its BTC and USDT reserves to cover losses from the hack, causing sell pressure on Bitcoin and contributing to its price decline.

Could Bitcoin Drop Further? Or Is This a Buying Opportunity?Bitcoin’s current support level sits at $90,000, a historically strong rebound zone. While the Bybit situation has led to a short-term sell-off, this level could offer a potential buying opportunity for long-term investors.

Key Takeaways:CoinCodex Bitcoin Price Prediction: Despite the short-term volatility, our Bitcoin prediction remains bullish, as institutional interest and adoption continue to rise.

Michael Saylor’s Strategy Buys 20,356 BTC for $1.99BWhile short-term traders panic, Michael Saylor’s firm, Strategy (formerly MicroStrategy), is doubling down on Bitcoin, announcing yet another massive BTC purchase.

Strategy’s Latest Bitcoin Buy:Saylor’s aggressive accumulation suggests strong institutional confidence in Bitcoin, even during periods of volatility.

Strategy has acquired 20,356 BTC for ~$1.99B at ~$97,514 per bitcoin and has achieved BTC Yield of 6.9% YTD 2025. As of 2/23/2025, we hodl 499,096 $BTC acquired for ~$33.1 billion at ~$66,357 per bitcoin. $MSTR https://t.co/mNWDaXRE7N

Final Thoughts: Should You Buy the Dip?Bitcoin’s drop below $91,000 was driven by Bybit’s reserve depletion following the $1.4 billion hack. However, with institutional buyers like Strategy continuing to accumulate BTC, this could be a temporary correction rather than the start of a prolonged downturn.

Key Takeaways:With institutional demand still strong and historical support levels holding, could this be a prime buying opportunity before Bitcoin’s next rally?

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