Will Binance Deal Start a New Rally in Bitcoin? Matrixport Evaluated!

Markus Thielen, head of research at Matrixport, known for his analysis of the Bitcoin and cryptocurrency markets, evaluated the impact of the Binance-USA agreement on BTC and Binance.

According to The Block, Markus Thielen said that Binance’s agreement with the US Department of Justice and Changpeng Zhao’s resignation as Binance CEO within the scope of this agreement is a turning point in the crypto world.

Stating that what happened at this point could be a turning point for BTC and cryptocurrencies, Markus Thielen claimed that the Bitcoin price could exceed $ 40,000 this year despite the recent events.

Thielen also stated that the penalty currently payable is less severe than the feared $10 billion fine that Binance may have had to pay before the agreement, adding that “Binance will likely continue to be among the top three exchanges for the next 2 to 3 years as it has not been accused of misusing user funds or market manipulation.” said.

“BTC experienced an initial decline as the Binance US deal initially put investors in a risk-averse mode.

However, Bitcoin only experienced a temporary correction and bounced back from the $36,000 level with a strong countertrend reaction.

At this point, it is inevitable that Bitcoin will rise above $40,000 by the end of the year.

“We also expect Bitcoin to exceed $38,000 with an 80% probability by the end of November, followed by a 90% probability to exceed $40,000 in December.”

Finally, Thielen pointed out that there was an increase in the market value of Tether (USDT), adding that this increase, increasing institutional interest and the positive macro environment add weight to the upward outlook.

Bitcoin, which has surpassed $ 38,000 with the rise it has experienced in recent hours, continues to be traded at $ 37,779 at the time of writing.

*This is not investment advice.