• MARA stock price surged to the highest level since November, driven by Bitcoin’s bullish breakout and a TradFi trend.
• Other bitcoin mining companies in the industries like Riot Platform and Hut 8 Mining also saw strong gains.
• Future price action will depend on whether Bitcoin moves above $31,000.
Bitcoin Price Rally
The main reason why MARA stock price soared is that Bitcoin price neared the highest point this year. This rebound happened as the crypto fear and greed index soared to the greed area. Most analysts believe that the ongoing trend of TradFi is the main driving factor for Bitcoin prices. TradFi refers to a situation where traditional finance companies move to the crypto industry. On Friday, Blackrock, the biggest asset manager in the world, announced that it had applied for the iShares Bitcoin Trust with the SEC. This will be an ETF tracking the spot Bitcoin price and will be similar to Vanguard Gold Trust. Other large companies in the industry also unveiled their Bitcoin ETF filings including Invesco and WisdomTree.
Analysts believe that due to pressure from traditional finance players, SEC will come under pressure and allow these funds this time. Another TradFi news was that Deutsche Bank applied for a crypto custody license in Germany while Credit Agricole, a large French bank, received its custody license already. These banks hope to take care of wealthy Europeans seeking access to cryptocurrencies or digital assets industry.
MARA Stock Price Forecast
The daily chart shows that Marathon Digital stock price has been in a slow bullish trend since early 2021 when it tested support at $3 per share before jumping by more than 319% from its first low point in December 2022 . The future price action of MARA shares will depend on whether Bitcoin moves above $31,000 as it is considered an important level since it is the upper side of double-top pattern which if invalidated suggests more upside potential for both BTC & MARA stocks.
In conclusion , MARA stock price soared because its business thrived in a period when Bitcoin prices were thriving . Its future performance depends on whether or not BTC manages to break past $ 31K , which would indicate further upside potential for both BTC & MARA shares .