Bitcoin Price Prediction: Marathon Digital’s Record Mining Boosts BTC Amid ETF Hopes

Arslan Butt
Last updated: | 3 min read
Bitcoin Recap

In the dynamic world of cryptocurrencies, Bitcoin stands at a pivotal juncture, trading at $43,631 with a notable increase of 0.96% on Friday. This upswing is partly attributed to Marathon Digital’s record-breaking achievement in December, mining an impressive 1,853 Bitcoins.

Amidst regulatory changes, like India’s tightening grip on exchange sites, there’s growing optimism in the crypto market, especially with talks of a potential approval for a Bitcoin spot ETF.

Adding to the buzz, influential author Robert Kiyosaki of “Rich Dad Poor Dad” fame advises investors to stay informed about Bitcoin’s upcoming halving, a key event that could significantly impact its value.

Marathon Digital’s Record Mining: 1,853 Bitcoins in December

Marathon Digital Holdings, a notable Bitcoin miner, had a record-breaking month in December, mining an incredible 1,853 Bitcoin, a 56% rise over November and a remarkable 290% increase over the same period last year.

Marathon ascribed the feat to an 18.4% monthly increase in hash rate, which reached 22.4 exahashes per second. Fried Thiel, the company’s CEO, indicated plans for significant growth, aiming for a 30% rise in energized hash rate in 2024 and 50 exahashes within the following 18 to 24 months.

Marathon’s exceptional success is consistent with a broader trend among Bitcoin mining operations, which includes greater operational expansions, which could have an impact on Bitcoin’s supply and demand dynamics.

India’s Exchange Restrictions Fuel Bitcoin ETF Optimism

The crypto market has started 2024 on a high note, with news and ETF analysts predicting that a spot Bitcoin ETF will be approved in the United States soon. As the expectation rises, Bitcoin’s price soared beyond $45,000, its highest since April 2022, before falling slightly to $44,000.

The total market capitalization of cryptocurrencies has surpassed $1.68 trillion, the biggest since May 2022. Meanwhile, India’s Financial Intelligence Unit issued notifications to nine worldwide cryptocurrency exchanges, including Binance and Kraken, accusing them of “illegal” operations and shutting their websites.

The most recent developments concerning spot Bitcoin ETF applications involve 14 asset management firms, including BlackRock and Fidelity, which are seeking SEC clearance, potentially influencing investor mood and Bitcoin prices while the market awaits regulatory decisions.

Robert Kiyosaki Highlights Importance of Bitcoin Halving

Renowned novelist and “Rich Dad Poor Dad” author Robert Kiyosaki recommends investors to keep a careful eye on the approaching Bitcoin halving in April. Kiyosaki, who recently acknowledged being $1 billion in debt, recommends investors to pay attention to Bitcoin, gold, and silver in January, February, and March. He advocates for alternative assets and is skeptical of the US dollar, using loans to acquire appreciating assets such as Bitcoin.

Kiyosaki’s alternative financial approach, which emphasizes wealth creation through assets rather than traditional savings, corresponds with his fondness for gold, silver, and Bitcoin.

The anticipation of Bitcoin’s halving, as well as the anticipated SEC approval of spot ETFs, leads to greater predictions for a BTC price explosion, with industry leaders predicting increased demand post-halving and price projections exceeding $148,000.

BTC Price Prediction

Bitcoin is currently trading around $43,800, positioned at a decisive point. The pivot point at $43,393 is critical for its immediate direction. It faces resistance at $44,235, $44,877, and $45,966, which are significant barriers for further upward movement. On the flip side, support levels at $42,009, $41,285, and $40,497 are essential to prevent a downward trend.

The Relative Strength Index (RSI) at 53 indicates a slightly bullish sentiment. Bitcoin hovers around its 50-Day Exponential Moving Average (EMA) of $43,395, suggesting a potential bullish shift. A sustained rise above this level could reinforce a positive trend.

Bitcoin Price Chart - Source: Tradingview
Bitcoin Price Chart – Source: Tradingview

The recent bullish crossover above $43,415 further supports this view. However, given the inherent volatility of cryptocurrencies, the market’s direction could change rapidly, making the next few days crucial for Bitcoin’s trajectory.

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