Bitcoin Price Prediction: BTC Dips to $42,475 Amid Big ETF Moves and Pre-Halving Mining Surge

Arslan Butt
Last updated: | 3 min read

In a market where change is the only constant, Bitcoin (BTC) has witnessed a notable dip, currently trading at $42,471, down by nearly 1.50% on Wednesday.

This movement comes amid significant developments in the crypto space, including the largest Wall Street evolution for Bitcoin ETFs in three decades, as highlighted by industry stalwart Michael Saylor.

Adding to the dynamic landscape is Marathon’s strategic investment of $179 million in two mining sites, a proactive step in anticipation of Bitcoin’s upcoming halving event.

Furthermore, the crypto community is abuzz with the impending ‘Flipping of Bitcoin Fees,’ signaling a pivotal shift in the asset’s transactional framework.

Michael Saylor Highlights Historic Bitcoin ETF Milestone


The establishment of a spot Bitcoin exchange-traded fund (ETF) could be the biggest Wall Street event in thirty years, according to MicroStrategy co-founder and bitcoin advocate Michael Saylor.

In an interview with Bloomberg, Saylor compared the potential impact of a spot Bitcoin ETF to the development of the S&P 500 index fund in the early 1990s.

He emphasized that approval would grant regular investors access to Bitcoin through a ‘high bandwidth compliant channel,’ potentially increasing demand and leading to a supply shock coinciding with the Bitcoin halving event in April.

According to Saylor, there could be a significant upswing in the price of Bitcoin by 2024, driven by increased institutional and retail participation

Marathon Invests $179M in Mining Sites Pre-Bitcoin Halving


Bitcoin mining company Marathon Digital plans to spend $178.6 million to partner with Generate Capital for the acquisition of two operating mining sites, aiming to double its hash rate over the next two years. This investment positions Marathon to enhance its mining capabilities ahead of the 2024 Bitcoin halving.

The two sites, located in Texas and Nebraska, will increase Marathon’s total mining capacity to 910 megawatts, 45 percent of which it will own. This strategic move is expected to reduce the cost of mining a single Bitcoin by thirty percent.

The acquisition is anticipated to bolster Marathon’s competitive stance in the Bitcoin mining industry, positively impacting its financial and operational capabilities.

The report, highlighting further expansion and investment in mining infrastructure, could influence Bitcoin’s market price.

Imminent Shift in Bitcoin Transaction Fees on Horizon


By 2024, Bitcoin is expected to attract developers to build smart contract applications, potentially challenging Ethereum’s dominance. There are predictions of Ethereum’s use cases migrating to Bitcoin due to its perceived superior proof-of-work consensus and fee structure.

Ethereum’s shift to a proof-of-stake model is seen as a vulnerability, reflecting issues of wealth disparity prevalent in traditional finance. The fact that Bitcoin’s transaction fees have overtaken mining subsidies has alleviated long-term security concerns.

Notably, Bitcoin’s foray into the NFT sector with the introduction of BRC-20 tokens and Ordinals has spurred adoption, putting Ethereum’s NFT platforms under significant pressure.

Countries like El Salvador and Argentina are increasingly adopting Bitcoin, spurred by its growing global acceptance and geopolitical interest. This has led to a surge in Bitcoin fees, surpassing those of Ethereum, prompting questions about its sustainability and impact on Bitcoin’s wider adoption.

Bitcoin Price Prediction

This recent change places Bitcoin just below the pivotal mark of $43,865. The cryptocurrency now faces immediate resistance at $44,715 and $45,965, with significant support levels positioned at $41,615, $40,660, and $39,725.

From a technical perspective, the Relative Strength Index (RSI) is currently at 52, reflecting a market sentiment that is neutral yet leaning towards the bullish side.

Bitcoin Price Chart

Bitcoin Price Chart – Source: Tradingview

The 50-Day Exponential Moving Average (EMA) for Bitcoin stands at $42,200, suggesting that the cryptocurrency is hovering just above a significant support level, hinting at a maintained short-term bullish inclination. A closer look at the chart patterns corroborates a sustained bullish trend above this EMA threshold.

In summary, the overall trend for Bitcoin seems to be bullish as long as it stays above the $42,200 mark. In the near future, the digital currency is poised to test higher resistance levels, assuming it continues to trade above the 50 EMA.

This scenario paints a picture of guarded optimism among investors as Bitcoin continues to navigate the often unpredictable waters of the cryptocurrency market.

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