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Home»ADOPTION NEWS»Bitcoin rise above $40,000 ‘inevitable’ after Binance agreement: Matrixport analyst
ADOPTION NEWS

Bitcoin rise above $40,000 ‘inevitable’ after Binance agreement: Matrixport analyst

By Crypto FlexsNovember 24, 20233 Mins Read
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Bitcoin rise above ,000 ‘inevitable’ after Binance agreement: Matrixport analyst
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Next year, the price could exceed $40,000. Binance’s DOJ settlement and former CEO Changpeng Zhao’s guilty plea to financial violations marked a turning point in the cryptocurrency landscape, according to Matrixport analyst Markus Thielen.

Binance’s agreement to pay a $4.3 billion fine is one of the largest corporate settlements in U.S. history. Zhao will pay a $50 million fine and a $175 million personal recognizance bond after stepping down as CEO. He also faces the possibility of being sentenced to 18 months in prison ahead of a hearing on February 23.

The analyst argued that Binance is likely to remain a top-three exchange for the next two to three years, with consequences less severe than being fined $10 billion without alleging Binance misappropriated user funds or market manipulation .

Even though the Binance news was initially perceived as a risk-off event, Bitcoin only experienced a temporary correction and bounced back from the $36,000 level in a “strong countertrend reaction,” Thielen said. “Bitcoin’s surge above $40,000 is inevitable”

“We expect Bitcoin to surpass $38,000 with an 80% chance by the end of this month, with a 90% chance of a bounce above $40,000 in December,” Thielen added.

Bitcoin Seasonality

Matrixport analysts noted that the price of Bitcoin surged 28% in October 2023, a trend that could continue amid the expected approval of a Bitcoin spot ETF in the U.S., which could bolster confidence in Bitcoin as a legitimate asset class. He said he would emphasize it even more.

Seasonality is another factor, and with an average return of 12% in December, this metric alone could push Bitcoin to $42,000, he added.

Tether’s USDT market cap increased by $5 billion.

Thielen said Tether’s USDT market cap has increased by $5 billion since September, indicating a growing trend of institutional investors switching from fiat to stablecoins, and potentially into other cryptocurrencies such as Bitcoin. I said there is.

“An additional $600 million USDT was seen minted last night, following the Binance/CZ deal with US enforcement authorities, which appears to increase the chances of a US-listed spot Bitcoin ETF being approved by January. “It was potentially signaling an influx into ,” Thielen said. Added.

USDT daily mining. Image: Matrixport.

Macro environment supporting cryptocurrency

Thielen said the macro environment also continues to support cryptocurrencies. Matrixport expects the U.S. 10-year Treasury yield to peak at 4.95, before inflation halves again to 1.6% by 2024 or 2025 and bond yields to fall to 2.60%. In this cycle it is %.

The correction in bond yields is expected to lead to a surge in stock markets, which is often correlated with cryptocurrencies, the analyst added.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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