Key Insights:
- BTC eyes $150K target before June amid strong breakout.
- MARA’s Bitcoin holdings jumped 175% to 47,531 BTC.
- Miner revenues fell despite Bitcoin’s recent price surge.
Bitcoin (BTC) hovered near $103,000 on May 9, extending a bullish trend that began in April. While traders speculated on a move toward $150,000 before June, mining firms like MARA Holdings (formerly Marathon Digital) rode the momentum, with their BTC stash now valued close to $5 billion.
BTC/USD rose to $103,094 on Binance before paring gains to $102,850. The price climbed within an ascending wedge pattern on the daily chart, signaling strong upward pressure despite looming overbought risks. The Stochastic RSI printed values above 84, a level that historically warns of exhaustion.
Bitcoin Price Targets $150K Ahead of Altseason Forecasts
Prominent trader @CryptoNobler added fuel to the fire, predicting that BTC could touch $150,000 within weeks. “It’s always the same pattern,” he posted on X, citing historical pre-altseason surges. He also forecasted 100x–200x rallies for selected low-cap altcoins.
This sentiment came as Bitcoin’s recent all-time high of $109,558 (hit on Jan. 20) remained a reference point for bulls. The current price action has already rebounded nearly 6% from the $97,777 bottom observed earlier this week.
However, chart data shows BTC now trading at the upper resistance band of an ascending wedge pattern. This setup could break either way. The 50-day and 200-day moving averages stand at $88,153 and $89,876, respectively, well below the current market price and supporting the broader uptrend.
MARA Holdings’ Bitcoin Stack Swells 175% Year-On-Year
Bitcoin miner MARA disclosed it now holds 47,531 BTC, up 175% from 17,320 BTC at the end of Q1 2024. The stash is now worth around $4.9 billion at current prices, according to CoinMarketCap.
MARA’s accumulation comes despite a decline in production. The firm mined 2,286 BTC in Q1 2025, a 19% drop year-over-year. The decrease stemmed from April’s halving event, which cut mining rewards to 3.125 BTC per block. Supply tightening appears to be one driver behind Bitcoin’s renewed upside.
Despite the output drop, MARA shares jumped 7.2% on May 8 before retracing 2% after hours. Market sentiment remained mixed after the firm missed revenue expectations by 0.35%, per Zacks Research. It has only surpassed consensus estimates once in the last four quarters.
MARA remains the second-largest BTC holder among public companies. Only MicroStrategy (MSTR) holds more, with a reported 555,450 BTC.
Mining Industry Grapples with Post-Halving Pressures
While Bitcoin’s price performance has strengthened miner balance sheets, most firms reported revenue misses in Q1.
Riot Platforms revealed its mining cost surged to $43,808 per BTC—up nearly 90% from a year ago. Still, Riot managed to beat its $159.8 million revenue estimate by 1%.
CleanSpark missed its $182 million estimate by 0.58%. Core Scientific dropped 8.1% below expectations, while Hut8 posted a 35% shortfall, generating only $21 million against a projected $35 million.
The cost hike reflects shrinking block rewards and rising hash rates, pushing some firms toward energy optimization. Hive, for instance, said it will shift part of its operations to Paraguay to leverage cheaper power sources.
Analysts Warn of Potential Pullback
Despite the bullish wave, technical risks remain. The ascending wedge visible on BTC’s daily chart has narrowed. Stochastic RSI above 80 suggests BTC could face short-term selling pressure. The last time BTC approached this zone, it pulled back nearly 10%.
Still, the broader structure remains intact as long as BTC stays above its 50-day and 200-day EMAs. A confirmed breakout above $105,000 may invalidate the wedge and open the path to $110,000–$120,000.
The next few days could prove pivotal. Bitcoin must hold above $100,000 to sustain bullish momentum. A break below could trigger cascade liquidations and drag MARA’s portfolio below the $5 billion mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
