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Bitcoin Price Prediction as BTC’s Market Cap Reaches $1.3 Trillion – Can it Overtake Gold?

Arslan Butt
Last updated: | 4 min read
Bitcoin Price Prediction
Bitcoin Price Prediction

As Bitcoin price hovers around $66,400, witnessing a minor dip of 0.50%, market participants are keenly observing its next moves. Amidst fluctuating market conditions, a pivotal aspect to consider is the potential impact of a proposed 30% excise tax on U.S. Bitcoin mining, which could reshape the industry landscape.

This backdrop sets the stage for a nuanced Bitcoin price prediction, where technical levels and emerging fiscal policies could intertwine to influence the cryptocurrency’s trajectory significantly.

President Biden’s New Tax Proposal Threatens U.S. Bitcoin Mining Sector


President Biden’s proposal, aiming to impose a 30% excise tax on electricity used by Bitcoin miners, could severely impact the U.S. Bitcoin mining sector. This tax, reintroduced in the fiscal 2025 budget, is expected to raise $3.5 billion over ten years.

Critics like Senator Cynthia Lummis argue it could push miners out of the U.S., hampering growth. Notably, this move contradicts Biden’s commitments to promoting sustainable energy, as it might shift mining activities to countries with laxer environmental standards.

  • Key Points:
    • 30% tax on Bitcoin mining electricity.
    • Potential $3.5 billion in revenue over ten years.
    • Risk to industry growth and sustainable energy efforts.

Hut 8 Gains Competitive Edge in Bitcoin Mining with New Self-Mining Strategy


Benchmark, an investment banking firm, recently began covering Hut 8, awarding a “buy” rating and setting a target price of $12. This valuation reflects Hut 8’s strategic shift towards self-mining, which could make it more competitive post-Bitcoin halving.

Although Hut 8 has a lower hash rate compared to peers like Marathon Digital, it diversifies revenue through cloud computing and AI services. Analysts believe this could narrow the competitive gap, suggesting increased industry rivalry that may foster innovation and operational efficiency among Bitcoin miners.

  • Key Points:
    • Hut 8 receives “buy” rating with a $12 target.
    • Emphasizes growth in self-mining to stay competitive.
    • Diversifies with cloud computing and AI services.

US Crypto Stocks Surge Following Bitcoin Halving, Defying Reward Cuts


US cryptocurrency stocks, including Marathon Digital, Riot Platforms, and Hut 8, experienced gains on the first trading day after Bitcoin’s halving, despite a 50% cut in mining rewards. Leading the surge, Stronghold Digital Mining jumped by 35.3%, and the Valkyrie Bitcoin Miners ETF rose by 11%.

This uptick occurred alongside broader market advances, maintaining an optimistic outlook despite inflation concerns and rising bond yields. Since the halving, Bitcoin’s price has increased by 4.5%, with analysts predicting mixed outcomes.

The resilience of crypto stocks and Bitcoin post-halving underscores the market’s confidence in the long-term viability of cryptocurrencies.

  • Key Points:
    • Crypto stocks rise post-Bitcoin halving; Stronghold Digital up 35.3%.
    • Broader market advances despite economic concerns.
    • Continued investor confidence in long-term crypto growth.

Spot Bitcoin ETFs Experience Inflows, GBTC Nears 300,000 BTC Amid Market Dynamics


On Friday, U.S. spot Bitcoin ETFs reversed their recent trend, capturing $59.7 million in inflows after a week of declines, contrasting with Grayscale’s GBTC, which neared 300,000 Bitcoin holdings. Notably, Blackrock’s IBIT is closing in on GBTC’s holdings, with these funds managing 2.93% of Bitcoin in circulation.

Despite the preceding outflows, the influx on Friday may signal a market rebound. As market dynamics evolve, the strategic actions of these funds are pivotal. Additionally, six other spot BTC ETFs are actively acquiring Bitcoin, reflecting sustained institutional interest that could positively shape Bitcoin’s price trajectory.

  • Key Points:
    • U.S. spot Bitcoin ETFs net $59.7 million in inflows; GBTC nears 300,000 BTC.
    • Blackrock’s IBIT approaches GBTC’s Bitcoin holdings.
    • Persistent institutional interest may influence Bitcoin’s market direction.

Bitcoin Price Prediction


In today’s technical analysis of Bitcoin (BTC/USD), the cryptocurrency is currently priced at $66,406, reflecting a slight decrease of 0.52%. A look at the key price levels shows that the pivot point stands at $65,639, with immediate resistance levels upcoming at $67,687, $69,232, and $71,425.

Conversely, Bitcoin finds immediate support at $63,654, with further safety nets at $61,387 and $59,746.

Bitcoin Price Prediction
Bitcoin Price Prediction

he technical indicators provide a nuanced view. The Relative Strength Index (RSI) is at 61, hinting at a potential buying momentum. Meanwhile, the 50-day Exponential Moving Average (EMA) is at $65,122, suggesting some support below current levels.

However, a critical observation points out a downward trendline providing resistance near the $67,000 mark. The presence of a tweezers top pattern just below this trendline could cap gains, making the $67,000 level pivotal.

If Bitcoin can sustain a break above $67,000, it might confirm a shift to a more bullish outlook. Conversely, remaining below this threshold could reinforce bearish sentiments.

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