Like Charles Hoskinson, Markus Thielen, analyst at Matrixport also thinks that CZ’s resignation as CEO represents a real turning point for the crypto ecosystem. However, if the co-founder of Cardano preaches the end of an era, Thielen focuses on the impact of this historic event on the price of bitcoin. According to the analyst, we should expect an “inevitable” rise in bitcoin above the $40,000 mark. Details below.
90% probability of bitcoin over $40,000 in December?
CZ’s departure from Binance is currently making crypto headlines. Ex-Binance boss CZ has agreed to plead guilty to money laundering charges. He will have to pay a personal bond of $175 million in addition to a fine of $50 million. If luck does not favor him during his hearing set for February 23, he could have to spend 18 months in prison.
This agreement, unprecedented in US history, could allow Binance to maintain its competitive position in the crypto market for a few years. In an analysis published this November 23Markus Thielen noted that the correction suffered by the price of bitcoin, after the announcement, was only temporary.
Indeed, the king of cryptocurrencies displayed a counter-trend reaction by rebounding from $36,000. The analyst predicts, “with a probability of 80%”, that “bitcoin will exceed $38,000 by the end of the month”. He also predicts, with a 90% probability, that this rise will be “followed” by a rally above $40,000 in December.”
Bitcoin ETFs and seasonality could push bitcoin to $42,000
Last October, bitcoin saw a surprising 28% increase. Markus Thielen believes that this trend can continue, with the approval of Bitcoin ETFs which would then increase the trust capital of bitcoin.
Also based on the seasonality of bitcoin, the crypto analyst points out that the month of December is characterized by an average return of around 12%. The crypto could therefore rise to $42,000. If these predictions come true, it would not be surprising to see bitcoin rise to the ranks of traditional assets in the hearts of investors.
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