Rally

United

Bitcoin

Spot

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/marathon-ceo-highlights-early-bitcoin-rally-due-to-spot-etfs" rel="noopener noreferrer nofollow">Marathon CEO Highlights Early Bitcoin Rally Due to Spot ETFs</a><br></p>
<p style="text-align: justify">Marathon, the largest crypto <a href="https://en.bitcoinhaber.net/bitcoin-halving-clock-ticks-down-assessing-market-impact-and-miner-challenges" rel="noopener noreferrer nofollow">mining</a> firm in the United States, has its CEO Fred Thiel speaking on the significant effects spot <a href="https://en.bitcoinhaber.net/expectations-for-bitcoins-rally-to-continue-unabated" rel="noopener noreferrer nofollow">Bitcoin</a> Exchange-Traded Funds (ETFs) have on the crypto market. In a Bloomberg interview on April 9, Thiel conveyed that the approval of these financial instruments in the U.S. seems to be a catalyst for an early rally in Bitcoin’s price, traditionally expected to follow a block reward halving event.</p>
<h2 id="early-market-movement-and-profit-expectations">Early Market Movement and Profit Expectations</h2>
<p style="text-align: justify">According to Thiel, the market, which usually sees increased capital inflows starting from three to six months post-halving, is witnessing these developments much sooner due to the spot ETFs. He discussed the upcoming halving event, slated to slash the daily Bitcoin creation by approximately 450 units, a change likely to exert upward price pressure. Marathon, benefiting from the early rally, has its profitability hinged on Bitcoin prices remaining above $46,000.</p>
<h2 id="industry-insights-and-price-predictions">Industry Insights and Price Predictions</h2>
<p style="text-align: justify">Differing from the worries about a potential drop in mining hashrate after the halving, Bitcoin mining expert Jaran Mellerud envisages the halving as merely a pause in a long-term uptrend driven by demand increase, not supply reduction. Similarly, <a href="https://en.bitcoinhaber.net/bitcoin-soars-above-47000-as-altcoins-follow-suit-in-market-rally" rel="noopener noreferrer nofollow">cryptocurrency</a> exchange Bitfinex anticipates a possible surge in Bitcoin price, reaching as high as $150,000 post-halving. Contributing to the bullish sentiment, investor and analyst Oliver Isaacs points out the historically low BTC supplies on exchanges and the potential approval of spot-based Bitcoin products by various countries, hinting at an impending supply shock.</p>
<h2 id="implications-for-the-reader">Implications for the Reader</h2>
<ul>
 <li>The early Bitcoin rally triggered by spot ETFs could represent an advantageous period for investors to enter the market.</li>
 <li>Marathon’s profitability and the broader mining industry’s health hinge on Bitcoin’s price stability, serving as a metric for investors tracking sector performance.</li>
 <li>Upcoming block reward halving and the concomitant price predictions offer a strategic planning horizon for both individual and institutional investors.</li>
</ul>
<p style="text-align: justify">Despite these bullish forecasts, Bitcoin’s price action has been somewhat static, hovering around the $60,000 mark since mid-March, with the market appearing to be in a consolidation phase rather than on the brink of a major price movement.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/marathon-ceo-highlights-early-bitcoin-rally-due-to-spot-etfs" rel="noopener noreferrer nofollow">Marathon CEO Highlights Early Bitcoin Rally Due to Spot ETFs</a></h5>

Marathon CEO Highlights Early Bitcoin Rally Due to Spot ETFs

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