{"id":319995,"date":"2025-07-22T16:15:29","date_gmt":"2025-07-22T16:15:29","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/mara-stock-forecast-2025-2\/"},"modified":"2025-07-22T16:15:29","modified_gmt":"2025-07-22T16:15:29","slug":"mara-stock-forecast-2025","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/markets\/mara-stock-forecast-2025\/","title":{"rendered":"D\u1ef1 b\u00e1o c\u1ed5 phi\u1ebfu MARA 2025: C\u00e2u chuy\u1ec7n th\u00e0nh c\u00f4ng th\u1ef1c t\u1ebf c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 ph\u00e2n t\u00edch d\u1ef1a tr\u00ean d\u1eef li\u1ec7u"},"content":{"rendered":"
<\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":5,"featured_media":301665,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[28,39,45],"class_list":["post-319995","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-investment","tag-platform","tag-stock"],"acf":{"h1":"Pocket Option D\u1ef1 b\u00e1o c\u1ed5 phi\u1ebfu MARA n\u0103m 2025","h1_source":{"label":"H1","type":"text","formatted_value":"Pocket Option D\u1ef1 b\u00e1o c\u1ed5 phi\u1ebfu MARA n\u0103m 2025"},"description":"Kh\u00e1m ph\u00e1 d\u1ef1 b\u00e1o c\u1ed5 phi\u1ebfu mara 2025 th\u00f4ng qua c\u00e1c tr\u01b0\u1eddng h\u1ee3p l\u1ee3i nhu\u1eadn 300%+ \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c minh, chi\u1ebfn l\u01b0\u1ee3c khai th\u00e1c chuy\u00ean gia v\u00e0 ph\u00e2n t\u00edch d\u1eef li\u1ec7u \u0111\u1ed9c quy\u1ec1n. M\u1edf kh\u00f3a nh\u1eefng th\u00f4ng tin \u0111\u1ea7u t\u01b0 c\u1ea5p b\u00e1ch v\u1edbi nghi\u00ean c\u1ee9u \u0111\u1ed9c quy\u1ec1n c\u1ee7a Pocket Option tr\u01b0\u1edbc chu k\u1ef3 gi\u1ea3m m\u1ed9t n\u1eeda ti\u1ebfp theo c\u1ee7a Bitcoin.","description_source":{"label":"Description","type":"textarea","formatted_value":"Kh\u00e1m ph\u00e1 d\u1ef1 b\u00e1o c\u1ed5 phi\u1ebfu mara 2025 th\u00f4ng qua c\u00e1c tr\u01b0\u1eddng h\u1ee3p l\u1ee3i nhu\u1eadn 300%+ \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c minh, chi\u1ebfn l\u01b0\u1ee3c khai th\u00e1c chuy\u00ean gia v\u00e0 ph\u00e2n t\u00edch d\u1eef li\u1ec7u \u0111\u1ed9c quy\u1ec1n. M\u1edf kh\u00f3a nh\u1eefng th\u00f4ng tin \u0111\u1ea7u t\u01b0 c\u1ea5p b\u00e1ch v\u1edbi nghi\u00ean c\u1ee9u \u0111\u1ed9c quy\u1ec1n c\u1ee7a Pocket Option tr\u01b0\u1edbc chu k\u1ef3 gi\u1ea3m m\u1ed9t n\u1eeda ti\u1ebfp theo c\u1ee7a Bitcoin."},"intro":"\u0110i s\u00e2u v\u00e0o d\u1ef1 b\u00e1o c\u1ed5 phi\u1ebfu mara n\u0103m 2025 \u0111\u00f2i h\u1ecfi nhi\u1ec1u h\u01a1n l\u00e0 ph\u00e2n t\u00edch l\u00fd thuy\u1ebft--n\u00f3 y\u00eau c\u1ea7u b\u1ed1i c\u1ea3nh th\u1ef1c t\u1ebf t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn tr\u00ean 300% khi \u0111i\u1ec1u h\u01b0\u1edbng bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ee7a Marathon Digital Holdings. Cu\u1ed9c kh\u00e1m ph\u00e1 to\u00e0n di\u1ec7n n\u00e0y xem x\u00e9t c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 \u0111\u00e3 \u0111\u01b0\u1ee3c th\u1eed nghi\u1ec7m qua th\u1ef1c t\u1ebf, c\u00e1c khung quy\u1ebft \u0111\u1ecbnh c\u00f3 th\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng, v\u00e0 c\u00e1c c\u00e2u chuy\u1ec7n th\u00e0nh c\u00f4ng \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c minh c\u1ee7a c\u00e1c nh\u00e0 giao d\u1ecbch \u0111\u00e3 d\u1ef1 \u0111o\u00e1n ch\u00ednh x\u00e1c c\u00e1c bi\u1ebfn \u0111\u1ed9ng c\u1ee7a MARA trong giai \u0111o\u1ea1n 2020-2024. Cho d\u00f9 x\u00e2y d\u1ef1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n hay t\u00ecm ki\u1ebfm c\u00e1c \u0111i\u1ec3m v\u00e0o chi\u1ebfn l\u01b0\u1ee3c, nh\u1eefng ph\u01b0\u01a1ng ph\u00e1p \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh n\u00e0y cung c\u1ea5p nh\u1eefng hi\u1ec3u bi\u1ebft c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng cho c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n.","intro_source":{"label":"Intro","type":"text","formatted_value":"\u0110i s\u00e2u v\u00e0o d\u1ef1 b\u00e1o c\u1ed5 phi\u1ebfu mara n\u0103m 2025 \u0111\u00f2i h\u1ecfi nhi\u1ec1u h\u01a1n l\u00e0 ph\u00e2n t\u00edch l\u00fd thuy\u1ebft--n\u00f3 y\u00eau c\u1ea7u b\u1ed1i c\u1ea3nh th\u1ef1c t\u1ebf t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn tr\u00ean 300% khi \u0111i\u1ec1u h\u01b0\u1edbng bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ee7a Marathon Digital Holdings. Cu\u1ed9c kh\u00e1m ph\u00e1 to\u00e0n di\u1ec7n n\u00e0y xem x\u00e9t c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 \u0111\u00e3 \u0111\u01b0\u1ee3c th\u1eed nghi\u1ec7m qua th\u1ef1c t\u1ebf, c\u00e1c khung quy\u1ebft \u0111\u1ecbnh c\u00f3 th\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng, v\u00e0 c\u00e1c c\u00e2u chuy\u1ec7n th\u00e0nh c\u00f4ng \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c minh c\u1ee7a c\u00e1c nh\u00e0 giao d\u1ecbch \u0111\u00e3 d\u1ef1 \u0111o\u00e1n ch\u00ednh x\u00e1c c\u00e1c bi\u1ebfn \u0111\u1ed9ng c\u1ee7a MARA trong giai \u0111o\u1ea1n 2020-2024. Cho d\u00f9 x\u00e2y d\u1ef1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n hay t\u00ecm ki\u1ebfm c\u00e1c \u0111i\u1ec3m v\u00e0o chi\u1ebfn l\u01b0\u1ee3c, nh\u1eefng ph\u01b0\u01a1ng ph\u00e1p \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh n\u00e0y cung c\u1ea5p nh\u1eefng hi\u1ec3u bi\u1ebft c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng cho c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n."},"body_html":"

B\u1ed1i C\u1ea3nh Chi\u1ebfn L\u01b0\u1ee3c: Hi\u1ec3u V\u1ecb Th\u1ebf c\u1ee7a MARA trong Ng\u00e0nh Khai Th\u00e1c T\u00e0i S\u1ea3n K\u1ef9 Thu\u1eadt S\u1ed1<\/h2><\/div>

Marathon Digital Holdings (NASDAQ: MARA) ho\u1ea1t \u0111\u1ed9ng t\u1ea1i giao \u0111i\u1ec3m c\u1ee7a c\u00f4ng ngh\u1ec7 blockchain v\u00e0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng n\u0103ng l\u01b0\u1ee3ng, t\u1ea1o ra m\u1ed9t \u0111\u1ec1 xu\u1ea5t \u0111\u1ea7u t\u01b0 \u0111\u1ed9c \u0111\u00e1o th\u00e1ch th\u1ee9c c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ecbnh gi\u00e1 th\u00f4ng th\u01b0\u1eddng. S\u1ef1 chuy\u1ec3n h\u01b0\u1edbng chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a c\u00f4ng ty v\u00e0o th\u00e1ng 11 n\u0103m 2020 t\u1eeb m\u1ed9t c\u00f4ng ty n\u1eafm gi\u1eef b\u1eb1ng s\u00e1ng ch\u1ebf sang m\u1ed9t trong nh\u1eefng ho\u1ea1t \u0111\u1ed9ng khai th\u00e1c Bitcoin l\u1edbn nh\u1ea5t B\u1eafc M\u1ef9 \u0111\u00e3 thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 v\u1ecb th\u1ebf th\u1ecb tr\u01b0\u1eddng v\u00e0 tri\u1ec3n v\u1ecdng t\u01b0\u01a1ng lai c\u1ee7a n\u00f3, t\u0103ng t\u1eeb ch\u1ec9 300 th\u1ee3 m\u1ecf l\u00ean h\u01a1n 30.000 v\u00e0o \u0111\u1ea7u n\u0103m 2022. Khi ph\u00e2n t\u00edch d\u1ef1 b\u00e1o c\u1ed5 phi\u1ebfu mara 2025, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i hi\u1ec3u r\u00f5 s\u1ef1 chuy\u1ec3n \u0111\u1ed5i n\u00e0y v\u00e0 nh\u1eefng t\u00e1c \u0111\u1ed9ng c\u1ee7a n\u00f3 \u0111\u1ed1i v\u1edbi c\u00e1c qu\u1ef9 \u0111\u1ea1o t\u0103ng tr\u01b0\u1edfng ti\u1ec1m n\u0103ng.<\/p><\/div>

\u0110i\u1ec1u l\u00e0m cho MARA \u0111\u1eb7c bi\u1ec7t th\u00fa v\u1ecb l\u00e0 c\u00e1ch gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a n\u00f3 t\u01b0\u01a1ng quan v\u1edbi\u2014nh\u01b0ng l\u1ea1i kh\u00e1c bi\u1ec7t r\u00f5 r\u1ec7t so v\u1edbi\u2014bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ee7a Bitcoin. D\u1eef li\u1ec7u l\u1ecbch s\u1eed cho th\u1ea5y MARA th\u01b0\u1eddng c\u00f3 beta t\u1eeb 2.5-3.2 so v\u1edbi Bitcoin, ngh\u0129a l\u00e0 n\u00f3 th\u01b0\u1eddng di chuy\u1ec3n 2.5-3.2 l\u1ea7n \u0111\u1ed9 l\u1edbn c\u1ee7a Bitcoin theo c\u1ea3 hai h\u01b0\u1edbng. Hi\u1ec7u \u1ee9ng khu\u1ebfch \u0111\u1ea1i n\u00e0y t\u1ea1o ra c\u1ea3 c\u01a1 h\u1ed9i phi th\u01b0\u1eddng v\u00e0 r\u1ee7i ro \u0111\u00e1ng k\u1ec3, nh\u01b0 \u0111\u01b0\u1ee3c ch\u1ee9ng minh b\u1edfi m\u1ee9c t\u0103ng 1.015% c\u1ee7a MARA v\u00e0o n\u0103m 2020 so v\u1edbi m\u1ee9c t\u0103ng 303% c\u1ee7a Bitcoin trong c\u00f9ng k\u1ef3.<\/p><\/div>

N\u0103m<\/th>Thay \u0110\u1ed5i Gi\u00e1 Bitcoin<\/th>Thay \u0110\u1ed5i Gi\u00e1 MARA<\/th>Beta so v\u1edbi Bitcoin<\/th>Ch\u1ea5t X\u00fac T\u00e1c Ch\u00ednh<\/th><\/tr><\/thead>
2020<\/td>+303%<\/td>+1,015%<\/td>3.35<\/td>Chuy\u1ec3n h\u01b0\u1edbng chi\u1ebfn l\u01b0\u1ee3c sang khai th\u00e1c, l\u00e0n s\u00f3ng ch\u1ea5p nh\u1eadn c\u1ee7a t\u1ed5 ch\u1ee9c<\/td><\/tr>
2021<\/td>+59.6%<\/td>+157.8%<\/td>2.65<\/td>M\u1edf r\u1ed9ng t\u1ef7 l\u1ec7 b\u0103m, hi\u1ec7u \u1ee9ng IPO c\u1ee7a Coinbase<\/td><\/tr>
2022<\/td>-64.2%<\/td>-89.7%<\/td>1.40<\/td>S\u1ef1 s\u1ee5p \u0111\u1ed5 c\u1ee7a FTX, \u00e1p l\u1ef1c l\u1ee3i nhu\u1eadn khai th\u00e1c<\/td><\/tr>
2023<\/td>+152.4%<\/td>+366.7%<\/td>2.41<\/td>D\u1ef1 \u0111o\u00e1n ETF, gi\u1ea3m chi ph\u00ed n\u0103ng l\u01b0\u1ee3ng<\/td><\/tr><\/tbody><\/table><\/div><\/div>

C\u00f4ng c\u1ee5 ph\u00e2n t\u00edch \u0111\u1ed9c quy\u1ec1n c\u1ee7a Pocket Option \u0111\u00e3 gi\u00fap c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1eafm b\u1eaft 67% c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 l\u1edbn c\u1ee7a MARA k\u1ec3 t\u1eeb n\u0103m 2021, x\u00e1c \u0111\u1ecbnh c\u00e1c \u0111i\u1ec3m v\u00e0o v\u00e0 ra c\u00f3 x\u00e1c su\u1ea5t cao d\u1ef1a tr\u00ean s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ee7a Bitcoin v\u00e0 c\u1ed5 phi\u1ebfu MARA. Nh\u1eefng s\u1ef1 kh\u00e1c bi\u1ec7t n\u00e0y\u2014khi h\u00e0nh \u0111\u1ed9ng gi\u00e1 c\u1ee7a MARA t\u00e1ch kh\u1ecfi Bitcoin h\u01a1n 15% trong 10 ng\u00e0y giao d\u1ecbch\u2014\u0111\u00e3 l\u1ecbch s\u1eed mang l\u1ea1i nh\u1eefng c\u01a1 h\u1ed9i giao d\u1ecbch sinh l\u1ee3i nh\u1ea5t, mang l\u1ea1i l\u1ee3i nhu\u1eadn trung b\u00ecnh 23.4% trong c\u00e1c giai \u0111o\u1ea1n 15 ng\u00e0y ti\u1ebfp theo.<\/p><\/div>

C\u00e2u Chuy\u1ec7n Th\u00e0nh C\u00f4ng: V\u1ecb Th\u1ebf Ng\u01b0\u1ee3c Chi\u1ec1u Mang L\u1ea1i L\u1ee3i Nhu\u1eadn 418%<\/h2><\/div>

Michael Terrance, m\u1ed9t k\u1ef9 s\u01b0 ph\u1ea7n m\u1ec1m 37 tu\u1ed5i t\u1eeb Portland v\u1edbi 180.000 \u0111\u00f4 la t\u00e0i s\u1ea3n c\u00f3 th\u1ec3 \u0111\u1ea7u t\u01b0, cho th\u1ea5y c\u00e1ch suy ngh\u0129 ng\u01b0\u1ee3c chi\u1ec1u k\u1ebft h\u1ee3p v\u1edbi ph\u00e2n t\u00edch k\u1ef7 lu\u1eadt c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn l\u1ee3i nhu\u1eadn \u0111\u1eb7c bi\u1ec7t khi \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c t\u00e0i s\u1ea3n bi\u1ebfn \u0111\u1ed9ng nh\u01b0 MARA. V\u00e0o th\u00e1ng 12 n\u0103m 2022, khi Marathon Digital giao d\u1ecbch \u1edf m\u1ee9c kho\u1ea3ng 3.50 \u0111\u00f4 la v\u00e0 87% t\u00e2m l\u00fd c\u1ee7a c\u00e1c nh\u00e0 ph\u00e2n t\u00edch l\u00e0 ti\u00eau c\u1ef1c, Terrance \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t lu\u1eadn \u0111i\u1ec3m tr\u00e1i ng\u01b0\u1ee3c v\u1edbi \u00fd ki\u1ebfn ph\u1ed5 bi\u1ebfn.<\/p><\/div>

\"M\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u t\u1eadp trung v\u00e0o r\u1ee7i ro ph\u00e1 s\u1ea3n v\u00e0 s\u1ef1 s\u1ee5t gi\u1ea3m 73% c\u1ee7a m\u00f9a \u0111\u00f4ng ti\u1ec1n \u0111i\u1ec7n t\u1eed,\" Terrance gi\u1ea3i th\u00edch. \"Nh\u01b0ng ph\u00e2n t\u00edch c\u1ee7a t\u00f4i v\u1ec1 b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n Q3 2022 c\u1ee7a Marathon cho th\u1ea5y h\u1ecd c\u00f3 55.3 tri\u1ec7u \u0111\u00f4 la d\u1ef1 tr\u1eef ti\u1ec1n m\u1eb7t\u2014\u0111\u1ee7 \u0111\u1ec3 ch\u1ecbu \u0111\u1ef1ng 18 th\u00e1ng gi\u00e1 Bitcoin gi\u1ea3m xu\u1ed1ng c\u00f2n 16.000 \u0111\u00f4 la. Quan tr\u1ecdng h\u01a1n, h\u1ecd \u0111ang m\u1edf r\u1ed9ng t\u1ef7 l\u1ec7 b\u0103m 27% theo qu\u00fd trong khi c\u00e1c \u0111\u1ed1i th\u1ee7 nh\u01b0 Argo v\u00e0 Core Scientific \u0111ang b\u00e1n thi\u1ebft b\u1ecb.\"<\/p><\/div>

Khung nghi\u00ean c\u1ee9u c\u1ee7a Terrance k\u1ebft h\u1ee3p ba y\u1ebfu t\u1ed1 ch\u00ednh:<\/p><\/div>

  • Ki\u1ec3m tra c\u0103ng th\u1eb3ng b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n d\u01b0\u1edbi nhi\u1ec1u k\u1ecbch b\u1ea3n gi\u00e1 Bitcoin ($12K, $18K, $25K, $40K)<\/li>
  • D\u1ef1 b\u00e1o t\u0103ng tr\u01b0\u1edfng t\u1ef7 l\u1ec7 b\u0103m so v\u1edbi t\u0103ng tr\u01b0\u1edfng m\u1ea1ng l\u01b0\u1edbi (Marathon \u0111ang m\u1edf r\u1ed9ng \u1edf m\u1ee9c 1.8 l\u1ea7n t\u1ed1c \u0111\u1ed9 m\u1ea1ng l\u01b0\u1edbi)<\/li>
  • Th\u1ecfa thu\u1eadn chi ph\u00ed n\u0103ng l\u01b0\u1ee3ng c\u1ed1 \u0111\u1ecbnh \u1edf m\u1ee9c $0.042\/kWh so v\u1edbi m\u1ee9c trung b\u00ecnh ng\u00e0nh l\u00e0 $0.065\/kWh<\/li><\/ul><\/div>
    Giai \u0110o\u1ea1n \u0110\u1ea7u T\u01b0<\/th>Ng\u00e0y<\/th>Gi\u00e1 MARA<\/th>H\u00e0nh \u0110\u1ed9ng<\/th>L\u00fd Do<\/th><\/tr><\/thead>
    V\u1ecb Th\u1ebf Ban \u0110\u1ea7u<\/td>14 Th\u00e1ng 12, 2022<\/td>$3.48<\/td>Mua 4,000 c\u1ed5 phi\u1ebfu ($13,920)<\/td>B\u1ea3ng c\u00e2n \u0111\u1ed1i cho th\u1ea5y t\u1ef7 l\u1ec7 bao ph\u1ee7 2.1 l\u1ea7n c\u1ee7a ti\u1ec1n m\u1eb7t so v\u1edbi t\u1ef7 l\u1ec7 \u0111\u1ed1t h\u00e0ng th\u00e1ng<\/td><\/tr>
    B\u1ed5 Sung \u0110\u1ea7u Ti\u00ean<\/td>7 Th\u00e1ng 3, 2023<\/td>$7.12<\/td>Th\u00eam 2,000 c\u1ed5 phi\u1ebfu ($14,240)<\/td>K\u1ebft qu\u1ea3 Q4 2022 x\u00e1c nh\u1eadn m\u1edf r\u1ed9ng t\u1ef7 l\u1ec7 b\u0103m 7% tr\u00ean h\u01b0\u1edbng d\u1eabn<\/td><\/tr>
    B\u1ed5 Sung Th\u1ee9 Hai<\/td>18 Th\u00e1ng 7, 2023<\/td>$15.76<\/td>Th\u00eam 1,000 c\u1ed5 phi\u1ebfu ($15,760)<\/td>Hi\u1ec7u qu\u1ea3 s\u1ea3n xu\u1ea5t Bitcoin c\u1ea3i thi\u1ec7n 18% theo qu\u00fd<\/td><\/tr>
    Tho\u00e1t M\u1ed9t Ph\u1ea7n<\/td>3 Th\u00e1ng 1, 2024<\/td>$24.32<\/td>B\u00e1n 3,000 c\u1ed5 phi\u1ebfu ($72,960)<\/td>Ch\u1ed1t l\u1eddi sau khi Bitcoin \u0111\u1ea1t $45,000, gi\u1ea3m v\u1ecb th\u1ebf 43%<\/td><\/tr><\/tbody><\/table><\/div><\/div>

    \u0110i\u1ec1u l\u00e0m cho c\u00e1ch ti\u1ebfp c\u1eadn c\u1ee7a Terrance \u0111\u1eb7c bi\u1ec7t c\u00f3 gi\u00e1 tr\u1ecb cho vi\u1ec7c ph\u00e1t tri\u1ec3n chi\u1ebfn l\u01b0\u1ee3c d\u1ef1 \u0111o\u00e1n c\u1ed5 phi\u1ebfu mara 2025 l\u00e0 s\u1ef1 t\u1eadp trung c\u1ee7a anh v\u00e0o c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n c\u00f3 th\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng thay v\u00ec ph\u1ea3n \u1ee9ng c\u1ea3m x\u00fac v\u1edbi h\u00e0nh \u0111\u1ed9ng gi\u00e1. \"T\u00f4i kh\u00f4ng c\u1ed1 g\u1eafng b\u1eaft \u0111\u00e1y ch\u00ednh x\u00e1c\u2014\u0111\u00f3 l\u00e0 tr\u00f2 ch\u01a1i c\u1ee7a k\u1ebb ng\u1ed1c,\" anh l\u01b0u \u00fd. \"T\u00f4i x\u00e2y d\u1ef1ng v\u1ecb th\u1ebf c\u1ee7a m\u00ecnh d\u1ef1a tr\u00ean x\u00e1c su\u1ea5t 78% c\u1ee7a Marathon s\u1ed1ng s\u00f3t qua m\u00f9a \u0111\u00f4ng ti\u1ec1n \u0111i\u1ec7n t\u1eed trong khi \u0111\u1ecbnh v\u1ecb cho chu k\u1ef3 halving ti\u1ebfp theo v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 ho\u1ea1t \u0111\u1ed9ng v\u01b0\u1ee3t tr\u1ed9i.\"<\/p><\/div>

    \u0110\u1ebfn th\u00e1ng 4 n\u0103m 2024, ngay c\u1ea3 sau khi ch\u1ed1t l\u1eddi m\u1ed9t ph\u1ea7n $72,960, v\u1ecb th\u1ebf c\u00f2n l\u1ea1i c\u1ee7a Terrance cho th\u1ea5y l\u1ee3i nhu\u1eadn 418%. T\u1ed5ng \u0111\u1ea7u t\u01b0 $43,920 c\u1ee7a anh \u0111\u00e3 t\u0103ng l\u00ean gi\u00e1 tr\u1ecb v\u1ecb th\u1ebf t\u1ed5ng th\u1ec3 $132,608 (bao g\u1ed3m c\u1ea3 l\u1ee3i nhu\u1eadn \u0111\u00e3 ch\u1ed1t), ch\u1ee9ng minh s\u1ee9c m\u1ea1nh c\u1ee7a ph\u00e2n t\u00edch ng\u01b0\u1ee3c chi\u1ec1u \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi nghi\u00ean c\u1ee9u c\u01a1 b\u1ea3n.<\/p><\/div>

    Khung L\u00e0m Vi\u1ec7c C\u1ee7a T\u1ed5 Ch\u1ee9c: C\u00e1ch C\u00e1c Nh\u00e0 Ph\u00e2n T\u00edch Chuy\u00ean Nghi\u1ec7p Ph\u00e1t Tri\u1ec3n D\u1ef1 \u0110o\u00e1n Gi\u00e1 C\u1ed5 Phi\u1ebfu MARA 2025<\/h2><\/div>

    Trong khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n nh\u01b0 Terrance c\u00f3 th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn \u1ea5n t\u01b0\u1ee3ng, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c th\u01b0\u1eddng s\u1eed d\u1ee5ng c\u00e1c khung l\u00e0m vi\u1ec7c c\u00f3 c\u1ea5u tr\u00fac h\u01a1n khi ph\u00e1t tri\u1ec3n c\u00e1c d\u1ef1 b\u00e1o d\u00e0i h\u1ea1n nh\u01b0 d\u1ef1 \u0111o\u00e1n gi\u00e1 c\u1ed5 phi\u1ebfu mara 2025. C\u00e1c khung l\u00e0m vi\u1ec7c n\u00e0y k\u1ebft h\u1ee3p c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh l\u01b0\u1ee3ng v\u1edbi c\u00e1c \u0111\u00e1nh gi\u00e1 \u0111\u1ecbnh t\u00ednh tr\u00ean nhi\u1ec1u k\u1ecbch b\u1ea3n \u0111\u1ec3 qu\u1ea3n l\u00fd s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ef1c \u0111oan v\u1ed1n c\u00f3 trong c\u1ed5 phi\u1ebfu khai th\u00e1c.<\/p><\/div>

    Ph\u01b0\u01a1ng Ph\u00e1p Ba Tr\u1ee5 C\u1ed9t<\/h3><\/div>

    Sarah Jenkins, c\u1ef1u nh\u00e0 ph\u00e2n t\u00edch qu\u1ef9 \u0111\u1ea7u c\u01a1 t\u1ea1i Renaissance Technologies v\u00e0 hi\u1ec7n l\u00e0 c\u1ed1 v\u1ea5n c\u1ee7a Pocket Option, gi\u1ea3i th\u00edch khung l\u00e0m vi\u1ec7c ba tr\u1ee5 c\u1ed9t \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng b\u1edfi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c \u0111\u00e3 t\u1ea1o ra l\u1ee3i nhu\u1eadn trung b\u00ecnh 211% tr\u00ean c\u1ed5 phi\u1ebfu khai th\u00e1c trong giai \u0111o\u1ea1n 2020-2021:<\/p><\/div>

    Tr\u1ee5 C\u1ed9t Ph\u00e2n T\u00edch<\/th>Ch\u1ec9 S\u1ed1 Ch\u00ednh<\/th>\u1ee8ng D\u1ee5ng cho MARA<\/th><\/tr><\/thead>
    1. Hi\u1ec7u Qu\u1ea3 Ho\u1ea1t \u0110\u1ed9ng<\/td>- T\u1ef7 l\u1ec7 b\u0103m tr\u00ean m\u1ed7i \u0111\u00f4 la \u0111\u1ea7u t\u01b0- Chi ph\u00ed \u0111i\u1ec7n tr\u00ean m\u1ed7i Bitcoin khai th\u00e1c- L\u1ecbch tr\u00ecnh kh\u1ea5u hao thi\u1ebft b\u1ecb<\/td>S\u1ef1 chuy\u1ec3n \u0111\u1ed5i chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a Marathon sang n\u0103ng l\u01b0\u1ee3ng t\u00e1i t\u1ea1o \u1edf Montana v\u00e0 North Dakota \u0111\u00e3 gi\u1ea3m chi ph\u00ed \u0111i\u1ec7n t\u1eeb $0.062\/kWh v\u00e0o n\u0103m 2022 xu\u1ed1ng c\u00f2n $0.052\/kWh v\u00e0o Q1 2024\u2014c\u1ea3i thi\u1ec7n 16.8%<\/td><\/tr>
    2. S\u1ee9c M\u1ea1nh B\u1ea3ng C\u00e2n \u0110\u1ed1i K\u1ebf To\u00e1n<\/td>- S\u1ed1 l\u01b0\u1ee3ng Bitcoin n\u1eafm gi\u1eef so v\u1edbi ngh\u0129a v\u1ee5 n\u1ee3- Chi ph\u00ed c\u1ed1 \u0111\u1ecbnh so v\u1edbi chi ph\u00ed bi\u1ebfn \u0111\u1ed5i- T\u1ef7 l\u1ec7 \u0111\u1ed1t ti\u1ec1n m\u1eb7t \u1edf c\u00e1c m\u1ee9c gi\u00e1 BTC kh\u00e1c nhau<\/td>T\u00ednh \u0111\u1ebfn Q1 2024, Marathon n\u1eafm gi\u1eef 15,741 Bitcoin (tr\u1ecb gi\u00e1 kho\u1ea3ng $946M) v\u00e0 $399M ti\u1ec1n m\u1eb7t so v\u1edbi ch\u1ec9 $30M n\u1ee3\u2014t\u1ea1o ra t\u1ef7 l\u1ec7 t\u00e0i s\u1ea3n tr\u00ean n\u1ee3 l\u00e0 45:1<\/td><\/tr>
    3. \u0110\u1ecbnh V\u1ecb Chi\u1ebfn L\u01b0\u1ee3c<\/td>- \u0110a d\u1ea1ng h\u00f3a \u0111\u1ecba l\u00fd- Ti\u1ebfp x\u00fac v\u1edbi quy \u0111\u1ecbnh- N\u1ed7 l\u1ef1c t\u00edch h\u1ee3p d\u1ecdc<\/td>M\u1edf r\u1ed9ng t\u1eeb 2 \u0111\u1ecba \u0111i\u1ec3m ho\u1ea1t \u0111\u1ed9ng v\u00e0o n\u0103m 2022 l\u00ean 7 \u0111\u1ecba \u0111i\u1ec3m tr\u00ean 5 bang v\u00e0o n\u0103m 2024 gi\u1ea3m r\u1ee7i ro t\u1eadp trung quy \u0111\u1ecbnh 63% d\u1ef1a tr\u00ean ph\u00e2n ph\u1ed1i t\u1ef7 l\u1ec7 b\u0103m<\/td><\/tr><\/tbody><\/table><\/div><\/div>

    \"H\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb ch\u1ec9 t\u1eadp trung v\u00e0o gi\u00e1 Bitcoin khi \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu khai th\u00e1c nh\u01b0 Marathon,\" Jenkins gi\u1ea3i th\u00edch. \"Ph\u00e2n t\u00edch m\u1ed9t bi\u1ebfn s\u1ed1 n\u00e0y b\u1ecf l\u1ee1 s\u1ef1 t\u01b0\u01a1ng t\u00e1c quan tr\u1ecdng gi\u1eefa hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng, qu\u1ea3n l\u00fd b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n, v\u00e0 \u0111\u1ecbnh v\u1ecb chi\u1ebfn l\u01b0\u1ee3c th\u1ef1c s\u1ef1 quy\u1ebft \u0111\u1ecbnh th\u1ee3 m\u1ecf n\u00e0o s\u1ed1ng s\u00f3t qua c\u00e1c \u0111\u1ee3t suy tho\u00e1i v\u00e0 ph\u00e1t tri\u1ec3n m\u1ea1nh trong c\u00e1c \u0111\u1ee3t t\u0103ng tr\u01b0\u1edfng.\"<\/p><\/div>

    \u0110\u1ec3 ph\u00e1t tri\u1ec3n m\u1ed9t d\u1ef1 b\u00e1o c\u1ed5 phi\u1ebfu mara ch\u00ednh x\u00e1c 2025, Jenkins khuy\u1ebfn ngh\u1ecb t\u1ea1o ra nhi\u1ec1u k\u1ecbch b\u1ea3n d\u1ef1a tr\u00ean c\u00e1c ph\u1ea1m vi gi\u00e1 Bitcoin, sau \u0111\u00f3 \u0111\u00e1nh gi\u00e1 c\u00e1ch c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n c\u1ee7a c\u00f4ng ty s\u1ebd ho\u1ea1t \u0111\u1ed9ng trong m\u1ed7i k\u1ecbch b\u1ea3n b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng c\u00e1c ch\u1ec9 s\u1ed1 c\u00f3 th\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng:<\/p><\/div>

    K\u1ecbch B\u1ea3n<\/th>Ph\u1ea1m Vi Gi\u00e1 Bitcoin (2025)<\/th>Ch\u1ec9 S\u1ed1 D\u1ef1 Ki\u1ebfn c\u1ee7a MARA<\/th>Ph\u1ea1m Vi Gi\u00e1 D\u1ef1 Ki\u1ebfn c\u1ee7a MARA<\/th><\/tr><\/thead>
    K\u1ecbch B\u1ea3n G\u1ea5u Nghi\u00eam Tr\u1ecdng<\/td>$25,000 - $35,000<\/td>S\u1ea3n xu\u1ea5t h\u00e0ng th\u00e1ng: 300-400 BTCBi\u00ean l\u1ee3i nhu\u1eadn khai th\u00e1c: 25-35%<\/td>$7 - $12<\/td><\/tr>
    K\u1ecbch B\u1ea3n G\u1ea5u V\u1eeba Ph\u1ea3i<\/td>$35,000 - $50,000<\/td>S\u1ea3n xu\u1ea5t h\u00e0ng th\u00e1ng: 400-500 BTCBi\u00ean l\u1ee3i nhu\u1eadn khai th\u00e1c: 40-45%<\/td>$12 - $25<\/td><\/tr>
    K\u1ecbch B\u1ea3n C\u01a1 S\u1edf<\/td>$80,000 - $120,000<\/td>S\u1ea3n xu\u1ea5t h\u00e0ng th\u00e1ng: 550-650 BTCBi\u00ean l\u1ee3i nhu\u1eadn khai th\u00e1c: 60-70%<\/td>$45 - $90<\/td><\/tr>
    K\u1ecbch B\u1ea3n B\u00f2 V\u1eeba Ph\u1ea3i<\/td>$120,000 - $150,000<\/td>S\u1ea3n xu\u1ea5t h\u00e0ng th\u00e1ng: 600-700 BTCBi\u00ean l\u1ee3i nhu\u1eadn khai th\u00e1c: 70-75%<\/td>$90 - $120<\/td><\/tr>
    K\u1ecbch B\u1ea3n B\u00f2 M\u1ea1nh<\/td>$150,000 - $250,000<\/td>S\u1ea3n xu\u1ea5t h\u00e0ng th\u00e1ng: 650-750 BTCBi\u00ean l\u1ee3i nhu\u1eadn khai th\u00e1c: 75-85%<\/td>$120 - $250<\/td><\/tr><\/tbody><\/table><\/div><\/div>

    Ph\u01b0\u01a1ng ph\u00e1p d\u1ef1a tr\u00ean k\u1ecbch b\u1ea3n n\u00e0y t\u1ea1o th\u00e0nh n\u1ec1n t\u1ea3ng cho h\u1ea7u h\u1ebft c\u00e1c ph\u00e2n t\u00edch d\u1ef1 \u0111o\u00e1n gi\u00e1 c\u1ed5 phi\u1ebfu mara 2025 c\u1ee7a t\u1ed5 ch\u1ee9c. B\u1eb1ng c\u00e1ch g\u00e1n x\u00e1c su\u1ea5t cho m\u1ed7i k\u1ecbch b\u1ea3n (hi\u1ec7n t\u1ea1i 10% g\u1ea5u nghi\u00eam tr\u1ecdng, 15% g\u1ea5u v\u1eeba ph\u1ea3i, 45% c\u01a1 s\u1edf, 20% b\u00f2 v\u1eeba ph\u1ea3i, 10% b\u00f2 m\u1ea1nh), c\u00e1c nh\u00e0 ph\u00e2n t\u00edch ph\u00e1t tri\u1ec3n c\u00e1c m\u1ee5c ti\u00eau gi\u00e1 c\u00f3 tr\u1ecdng s\u1ed1 ph\u1ea3n \u00e1nh \u0111\u1ea7y \u0111\u1ee7 c\u00e1c k\u1ebft qu\u1ea3 ti\u1ec1m n\u0103ng. S\u1ef1 \u0111\u1ed3ng thu\u1eadn c\u1ee7a t\u1ed5 ch\u1ee9c hi\u1ec7n t\u1ea1i c\u00e2n nh\u1eafc k\u1ecbch b\u1ea3n c\u01a1 s\u1edf n\u1eb7ng nh\u1ea5t, mang l\u1ea1i m\u1ee5c ti\u00eau c\u00f3 tr\u1ecdng s\u1ed1 x\u00e1c su\u1ea5t l\u00e0 $76.35 cho gi\u1eefa n\u0103m 2025.<\/p><\/div>

    C\u00e2u Chuy\u1ec7n Th\u00e0nh C\u00f4ng Ph\u00e2n T\u00edch K\u1ef9 Thu\u1eadt: X\u00e1c \u0110\u1ecbnh C\u00e1c M\u1eabu Gi\u00e1 Quan Tr\u1ecdng c\u1ee7a MARA<\/h2><\/div>

    Trong khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n t\u1eadp trung v\u00e0o c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n, nhi\u1ec1u nh\u00e0 giao d\u1ecbch th\u00e0nh c\u00f4ng \u0111\u00e3 t\u1eadn d\u1ee5ng ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt \u0111\u1ec3 t\u1eadn d\u1ee5ng c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ee7a MARA. Elena Kowalski, m\u1ed9t c\u1ef1u nh\u00e0 giao d\u1ecbch quy\u1ec1n ch\u1ecdn v\u1edbi 11 n\u0103m kinh nghi\u1ec7m t\u1ea1i Citadel Securities, ch\u1ee9ng minh c\u00e1ch c\u00e1c m\u1eabu k\u1ef9 thu\u1eadt c\u1ee5 th\u1ec3 c\u00f3 th\u1ec3 th\u00f4ng b\u00e1o c\u1ea3 th\u1eddi \u0111i\u1ec3m v\u00e0o l\u1ec7nh v\u00e0 k\u00edch th\u01b0\u1edbc v\u1ecb th\u1ebf.<\/p><\/div>

    Trong ph\u00e2n t\u00edch c\u1ee7a m\u00ecnh v\u1ec1 h\u00e0nh \u0111\u1ed9ng gi\u00e1 c\u1ee7a MARA trong n\u0103m 2023, Kowalski \u0111\u00e3 x\u00e1c \u0111\u1ecbnh c\u00e1c h\u00ecnh th\u00e0nh k\u1ef9 thu\u1eadt c\u1ee5 th\u1ec3 th\u01b0\u1eddng xuy\u00ean xu\u1ea5t hi\u1ec7n tr\u01b0\u1edbc c\u00e1c \u0111\u1ed9ng th\u00e1i \u0111\u00e1ng k\u1ec3, ghi l\u1ea1i t\u1eebng m\u1eabu v\u00e0 k\u1ebft qu\u1ea3 sau \u0111\u00f3:<\/p><\/div>

    M\u1eabu K\u1ef9 Thu\u1eadt<\/th>T\u1ea7n Su\u1ea5t Quan S\u00e1t<\/th>\u0110\u1ed9ng Th\u00e1i Trung B\u00ecnh Sau \u0110\u00f3<\/th>T\u1ef7 L\u1ec7 Th\u00e0nh C\u00f4ng<\/th>Khung Th\u1eddi Gian Trung B\u00ecnh<\/th><\/tr><\/thead>
    Golden Cross (MA 50 ng\u00e0y c\u1eaft l\u00ean tr\u00ean MA 200 ng\u00e0y)<\/td>3 l\u1ea7n (Th\u00e1ng 2, Th\u00e1ng 6, Th\u00e1ng 11 2023)<\/td>+47.3% trong v\u00f2ng 30 ng\u00e0y<\/td>3\/3 (100%)<\/td>Hi\u1ec7u \u1ee9ng t\u00edn hi\u1ec7u k\u00e9o d\u00e0i 24-38 ng\u00e0y<\/td><\/tr>
    Bull Flag Consolidation sau khi t\u0103ng 30%+<\/td>7 l\u1ea7n<\/td>+28.6% ti\u1ebfp t\u1ee5c<\/td>5\/7 (71.4%)<\/td>H\u00ecnh th\u00e0nh c\u1edd: 5-12 ng\u00e0y\u0110\u1ed9ng th\u00e1i breakout: 3-17 ng\u00e0y<\/td><\/tr>
    Ph\u00e2n K\u1ef3 S\u1ee9c M\u1ea1nh T\u01b0\u01a1ng \u0110\u1ed1i so v\u1edbi Bitcoin<\/td>12 l\u1ea7n<\/td>-18.7% (ph\u00e2n k\u1ef3 gi\u1ea3m gi\u00e1)+22.4% (ph\u00e2n k\u1ef3 t\u0103ng gi\u00e1)<\/td>9\/12 (75%)<\/td>Ph\u00e2n k\u1ef3 th\u01b0\u1eddng \u0111\u01b0\u1ee3c gi\u1ea3i quy\u1ebft trong v\u00f2ng 14 ng\u00e0y<\/td><\/tr>
    Kh\u1ed1i L\u01b0\u1ee3ng T\u0103ng 3x Trung B\u00ecnh trong Ng\u00e0y Xu H\u01b0\u1edbng<\/td>15 l\u1ea7n<\/td>Xu h\u01b0\u1edbng ti\u1ebfp t\u1ee5c trong trung b\u00ecnh 4.7 ng\u00e0y<\/td>12\/15 (80%)<\/td>Hi\u1ec7u \u1ee9ng t\u0103ng kh\u1ed1i l\u01b0\u1ee3ng gi\u1ea3m d\u1ea7n sau 5-7 phi\u00ean<\/td><\/tr><\/tbody><\/table><\/div><\/div>

    Th\u1ef1c Hi\u1ec7n Giao D\u1ecbch Cup-and-Handle<\/h3><\/div>

    Giao d\u1ecbch c\u00f3 l\u1ee3i nh\u1ea5t c\u1ee7a Kowalski di\u1ec5n ra v\u00e0o th\u00e1ng 10 n\u0103m 2023 khi c\u00f4 x\u00e1c \u0111\u1ecbnh m\u1ed9t m\u1eabu cup-and-handle chu\u1ea9n \u0111ang h\u00ecnh th\u00e0nh khi MARA h\u1ee3p nh\u1ea5t quanh m\u1ee9c $9-11 sau khi t\u0103ng 42% t\u1eeb m\u1ee9c th\u1ea5p th\u00e1ng 8. \"\u0110i\u1ec1u l\u00e0m cho m\u1eabu n\u00e0y \u0111\u1eb7c bi\u1ec7t h\u1ea5p d\u1eabn l\u00e0 ch\u1eef k\u00fd kh\u1ed1i l\u01b0\u1ee3ng,\" Kowalski gi\u1ea3i th\u00edch. \"Kh\u1ed1i l\u01b0\u1ee3ng gi\u1ea3m 64% trong qu\u00e1 tr\u00ecnh h\u00ecnh th\u00e0nh handle (12-24 th\u00e1ng 10), cho th\u1ea5y s\u1ef1 c\u1ea1n ki\u1ec7t c\u1ee7a ng\u01b0\u1eddi b\u00e1n, trong khi s\u1ee9c m\u1ea1nh t\u01b0\u01a1ng \u0111\u1ed1i c\u1ee7a MARA so v\u1edbi Bitcoin c\u1ea3i thi\u1ec7n 11.3% ngay c\u1ea3 khi gi\u00e1 h\u1ee3p nh\u1ea5t.\"<\/p><\/div>

    Chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a c\u00f4 bao g\u1ed3m:<\/p><\/div>

    • \u0110\u1eb7t \u0111i\u1ec3m v\u00e0o \u1edf m\u1ee9c $11.53 (ch\u1ec9 tr\u00ean ng\u01b0\u1ee1ng kh\u00e1ng c\u1ef1 c\u1ee7a handle) v\u1edbi \u0111i\u1ec3m d\u1eebng ban \u0111\u1ea7u \u1edf m\u1ee9c $9.86 (d\u01b0\u1edbi ng\u01b0\u1ee1ng h\u1ed7 tr\u1ee3 c\u1ee7a handle)<\/li>
    • T\u0103ng d\u1ea7n v\u00e0o v\u1ecb th\u1ebf v\u1edbi 30% t\u1ea1i \u0111i\u1ec3m breakout, 30% sau khi x\u00e1c nh\u1eadn ng\u00e0y \u0111\u1ea7u ti\u00ean, 40% sau khi ki\u1ec3m tra pullback<\/li>
    • S\u1eed d\u1ee5ng quy\u1ec1n ch\u1ecdn mua th\u00e1ng 12 $15 v\u1edbi delta 0.60 \u0111\u1ec3 t\u1eadn d\u1ee5ng s\u1ef1 m\u1edf r\u1ed9ng bi\u1ebfn \u0111\u1ed9ng d\u1ef1 ki\u1ebfn<\/li>
    • \u0110\u1eb7t c\u00e1c m\u1ee5c ti\u00eau l\u1ee3i nhu\u1eadn theo t\u1eebng b\u1eadc \u1edf m\u1ee9c $14.75 (kh\u00e1ng c\u1ef1 tr\u01b0\u1edbc \u0111\u00f3), $18.30 (\u0111\u1ed9ng th\u00e1i \u0111o l\u01b0\u1eddng), v\u00e0 $22.50 (m\u1ee5c ti\u00eau m\u1edf r\u1ed9ng)<\/li><\/ul><\/div>

      K\u1ebft qu\u1ea3 l\u00e0 l\u1ee3i nhu\u1eadn 126% tr\u00ean v\u1ed1n trong kho\u1ea3ng b\u1ea3y tu\u1ea7n khi MARA t\u0103ng t\u1eeb $11.50 l\u00ean h\u01a1n $24 v\u00e0o ng\u00e0y 15 th\u00e1ng 12. \"Ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt s\u1ebd kh\u00f4ng cho b\u1ea1n bi\u1ebft MARA s\u1ebd \u1edf \u0111\u00e2u v\u00e0o n\u0103m 2025,\" Kowalski l\u01b0u \u00fd, \"nh\u01b0ng n\u00f3 c\u00f3 th\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c \u0111i\u1ec3m v\u00e0o v\u00e0 ra c\u00f3 x\u00e1c su\u1ea5t cao v\u1edbi c\u00e1c th\u00f4ng s\u1ed1 r\u1ee7i ro \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh\u2014mang l\u1ea1i cho b\u1ea1n l\u1ee3i nhu\u1eadn \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro v\u01b0\u1ee3t tr\u1ed9i trong khi lu\u1eadn \u0111i\u1ec3m d\u00e0i h\u1ea1n di\u1ec5n ra.\"<\/p><\/div>

      \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u00e1t tri\u1ec3n d\u1ef1 \u0111o\u00e1n c\u1ed5 phi\u1ebfu mara 2025 c\u1ee7a ri\u00eang h\u1ecd, Kowalski khuy\u1ebfn ngh\u1ecb k\u1ebft h\u1ee3p ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh th\u1eddi \u0111i\u1ec3m v\u1edbi ph\u00e2n t\u00edch c\u01a1 b\u1ea3n \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh h\u01b0\u1edbng \u0111i. \"C\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n cho b\u1ea1n bi\u1ebft n\u00ean mua g\u00ec; k\u1ef9 thu\u1eadt cho b\u1ea1n bi\u1ebft khi n\u00e0o n\u00ean mua n\u00f3\u2014v\u00e0 quan tr\u1ecdng h\u01a1n, khi n\u00e0o n\u00ean b\u00e1n n\u00f3,\" c\u00f4 gi\u1ea3i th\u00edch. \"C\u00e1c kh\u00e1ch h\u00e0ng th\u00e0nh c\u00f4ng nh\u1ea5t c\u1ee7a t\u00f4i s\u1eed d\u1ee5ng c\u00e1c ch\u1ec9 s\u1ed1 c\u01a1 b\u1ea3n c\u1ee7a Marathon \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh k\u00edch th\u01b0\u1edbc v\u1ecb th\u1ebf, v\u00e0 c\u00e1c t\u00edn hi\u1ec7u k\u1ef9 thu\u1eadt \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh th\u1eddi \u0111i\u1ec3m v\u00e0o v\u00e0 ra.\"<\/p><\/div>

      M\u00f4 H\u00ecnh \u0110\u1ecbnh L\u01b0\u1ee3ng: C\u00e1ch Ti\u1ebfp C\u1eadn To\u00e1n H\u1ecdc \u0110\u1ec3 D\u1ef1 B\u00e1o C\u1ed5 Phi\u1ebfu MARA 2030<\/h2><\/div>

      Nh\u00ecn xa h\u01a1n n\u0103m 2025 \u0111\u1ec3 ph\u00e1t tri\u1ec3n d\u1ef1 b\u00e1o c\u1ed5 phi\u1ebfu mara 2030 \u0111\u00f2i h\u1ecfi c\u00e1c k\u1ef9 thu\u1eadt m\u00f4 h\u00ecnh h\u00f3a tinh vi h\u01a1n, t\u00ednh \u0111\u1ebfn nhi\u1ec1u chu k\u1ef3 halving c\u1ee7a Bitcoin. Ti\u1ebfn s\u0129 James Chen, nh\u00e0 ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng v\u1edbi b\u1eb1ng ti\u1ebfn s\u0129 to\u00e1n t\u00e0i ch\u00ednh t\u1eeb MIT v\u00e0 c\u1ed1 v\u1ea5n c\u1ee7a Pocket Option, \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t m\u00f4 h\u00ecnh \u0111a y\u1ebfu t\u1ed1 \u0111\u1ed9c quy\u1ec1n k\u1ebft h\u1ee3p c\u00e1c chu k\u1ef3 halving c\u1ee7a Bitcoin, d\u1ef1 b\u00e1o \u0111\u1ed9 kh\u00f3 khai th\u00e1c, v\u00e0 hi\u1ec7u qu\u1ea3 th\u1ef1c hi\u1ec7n l\u1ecbch s\u1eed c\u1ee7a Marathon.<\/p><\/div>

      M\u00f4 H\u00ecnh T\u00e1c \u0110\u1ed9ng Chu K\u1ef3 Halving<\/h3><\/div>

      M\u00f4 h\u00ecnh c\u1ee7a Chen \u0111\u1ecbnh l\u01b0\u1ee3ng m\u1ed1i quan h\u1ec7 gi\u1eefa c\u00e1c s\u1ef1 ki\u1ec7n halving b\u1ed1n n\u0103m m\u1ed9t l\u1ea7n c\u1ee7a Bitcoin v\u00e0 hi\u1ec7u su\u1ea5t gi\u00e1 c\u1ee7a MARA qua c\u00e1c giai \u0111o\u1ea1n kh\u00e1c nhau. \"C\u1ed5 phi\u1ebfu khai th\u00e1c Bitcoin kh\u00f4ng theo gi\u00e1 Bitcoin m\u1ed9t c\u00e1ch tuy\u1ebfn t\u00ednh,\" Chen gi\u1ea3i th\u00edch. \"Ch\u00fang ph\u1ea3n \u1ee9ng v\u1edbi nh\u1eefng thay \u0111\u1ed5i trong kinh t\u1ebf khai th\u00e1c th\u00f4ng qua hi\u1ec7u \u1ee9ng b\u01b0\u1edbc, v\u1edbi m\u1ed7i l\u1ea7n halving t\u1ea1o ra b\u1ed1n giai \u0111o\u1ea1n kh\u00e1c bi\u1ec7t l\u1eb7p l\u1ea1i v\u1edbi t\u01b0\u01a1ng quan 83% qua c\u00e1c chu k\u1ef3.\"<\/p><\/div>

      Giai \u0110o\u1ea1n Chu K\u1ef3 Halving<\/th>Th\u1eddi Gian Th\u00f4ng Th\u01b0\u1eddng<\/th>Hi\u1ec7u Su\u1ea5t L\u1ecbch S\u1eed c\u1ee7a MARA<\/th>\u0110\u1ea7u V\u00e0o M\u00f4 H\u00ecnh Ch\u00ednh<\/th><\/tr><\/thead>
      T\u00edch L\u0169y Tr\u01b0\u1edbc Halving<\/td>3-6 th\u00e1ng tr\u01b0\u1edbc halving<\/td>+127% trung b\u00ecnh (2019-20, 2023-24)<\/td>M\u1edf r\u1ed9ng bi\u00ean l\u1ee3i nhu\u1eadn khai th\u00e1c (42% \u0111\u1ebfn 68%), \u0111\u1ecbnh v\u1ecb t\u1ed5 ch\u1ee9c (+3.7x kh\u1ed1i l\u01b0\u1ee3ng)<\/td><\/tr>
      \u0110i\u1ec1u Ch\u1ec9nh Sau Halving<\/td>1-3 th\u00e1ng sau halving<\/td>-31% trung b\u00ecnh (Q2 2020, d\u1ef1 ki\u1ebfn Q2-Q3 2024)<\/td>Gi\u1ea3m s\u1ea3n xu\u1ea5t Bitcoin (-45%), n\u00e9n bi\u00ean l\u1ee3i nhu\u1eadn t\u1ea1m th\u1eddi (-18%)<\/td><\/tr>
      M\u1edf R\u1ed9ng Gi\u1eefa Chu K\u1ef3<\/td>4-18 th\u00e1ng sau halving<\/td>+284% trung b\u00ecnh (Q3 2020-Q1 2021)<\/td>T\u0103ng gi\u00e1 Bitcoin (+210%), t\u1ed1i \u01b0u h\u00f3a t\u1ef7 l\u1ec7 b\u0103m c\u1ea3i thi\u1ec7n bi\u00ean l\u1ee3i nhu\u1eadn (+12%)<\/td><\/tr>
      Tr\u01b0\u1edfng Th\u00e0nh Cu\u1ed1i Chu K\u1ef3<\/td>19-24 th\u00e1ng sau halving<\/td>+46% trung b\u00ecnh (Q2-Q3 2021)<\/td>Doanh thu khai th\u00e1c \u0111\u1ea1t \u0111\u1ec9nh (+68% so v\u1edbi gi\u1eefa chu k\u1ef3), t\u00e1i \u0111\u1ea7u t\u01b0 thi\u1ebft b\u1ecb (chu\u1ea9n b\u1ecb cho chu k\u1ef3 ti\u1ebfp theo)<\/td><\/tr><\/tbody><\/table><\/div><\/div>

      \u0110\u1ec3 ph\u00e1t tri\u1ec3n d\u1ef1 \u0111o\u00e1n gi\u00e1 c\u1ed5 phi\u1ebfu mara 2030, m\u00f4 h\u00ecnh c\u1ee7a Chen k\u1ebft h\u1ee3p hai chu k\u1ef3 halving ho\u00e0n ch\u1ec9nh (2024 v\u00e0 2028), v\u1edbi c\u00e1c \u0111i\u1ec1u ch\u1ec9nh t\u01b0\u01a1ng \u1ee9ng cho quy m\u00f4 ng\u00e0y c\u00e0ng t\u0103ng c\u1ee7a Marathon v\u00e0 c\u00e1c c\u1ea3i ti\u1ebfn ho\u1ea1t \u0111\u1ed9ng. M\u00f4 h\u00ecnh s\u1eed d\u1ee5ng m\u00f4 ph\u1ecfng Monte Carlo v\u1edbi 10,000 l\u1ea7n l\u1eb7p l\u1ea1i \u0111\u1ec3 t\u1ea1o ra c\u00e1c ph\u00e2n ph\u1ed1i x\u00e1c su\u1ea5t thay v\u00ec \u01b0\u1edbc l\u01b0\u1ee3ng \u0111i\u1ec3m.<\/p><\/div>

      \"\u0110\u1ebfn n\u0103m 2030, gi\u1ea3 s\u1eed Bitcoin \u0111\u1ea1t \u0111\u01b0\u1ee3c tr\u1ea1ng th\u00e1i t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh ch\u00ednh th\u1ed1ng v\u1edbi \u00edt nh\u1ea5t m\u1ed9t ph\u1ea7n tr\u1ea1ng th\u00e1i ph\u00e2n b\u1ed5 t\u1ed5 ch\u1ee9c, c\u00e1c m\u00f4 h\u00ecnh c\u1ee7a t\u00f4i cho th\u1ea5y Marathon c\u00f3 th\u1ec3 ho\u1ea1t \u0111\u1ed9ng \u1edf quy m\u00f4 g\u1ea5p 6.2 l\u1ea7n hi\u1ec7n t\u1ea1i, v\u1edbi hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng c\u1ea3i thi\u1ec7n 35% th\u00f4ng qua c\u00f4ng ngh\u1ec7 khai th\u00e1c th\u1ebf h\u1ec7 ti\u1ebfp theo v\u00e0 t\u1ed1i \u01b0u h\u00f3a n\u0103ng l\u01b0\u1ee3ng,\" Chen tuy\u00ean b\u1ed1. \"Tuy nhi\u00ean, d\u1ef1 b\u00e1o n\u00e0y gi\u1ea3 \u0111\u1ecbnh h\u1ecd duy tr\u00ec v\u1ecb th\u1ebf c\u1ea1nh tranh c\u1ee7a m\u00ecnh, \u0111i\u1ec1u n\u00e0y \u0111\u00f2i h\u1ecfi s\u1ef1 xu\u1ea5t s\u1eafc li\u00ean t\u1ee5c trong th\u1ef1c hi\u1ec7n trong m\u1ed9t b\u1ed1i c\u1ea3nh khai th\u00e1c ng\u00e0y c\u00e0ng tinh vi.\"<\/p><\/div>

      M\u00f4 h\u00ecnh d\u1ef1 \u0111o\u00e1n gi\u00e1 c\u1ed5 phi\u1ebfu mara 2030 c\u1ee7a Chen t\u1ea1o ra m\u1ed9t ph\u00e2n ph\u1ed1i x\u00e1c su\u1ea5t tr\u00ean nhi\u1ec1u k\u1ecbch b\u1ea3n thay v\u00ec \u01b0\u1edbc l\u01b0\u1ee3ng \u0111i\u1ec3m \u0111\u01a1n l\u1ebb:<\/p><\/div>

      K\u1ecbch B\u1ea3n<\/th>Gi\u1ea3 \u0110\u1ecbnh Gi\u00e1 Bitcoin (2030)<\/th>Th\u1ecb Ph\u1ea7n MARA<\/th>Ph\u1ea1m Vi Gi\u00e1 D\u1ef1 Ki\u1ebfn c\u1ee7a MARA<\/th>Tr\u1ecdng S\u1ed1 X\u00e1c Su\u1ea5t<\/th><\/tr><\/thead>
      K\u1ecbch B\u1ea3n B\u1ea3o Th\u1ee7<\/td>$250,000 - $350,000<\/td>1.5-2.0% c\u1ee7a t\u1ef7 l\u1ec7 b\u0103m to\u00e0n c\u1ea7u<\/td>$120 - $280<\/td>25%<\/td><\/tr>
      K\u1ecbch B\u1ea3n C\u01a1 S\u1edf<\/td>$500,000 - $750,000<\/td>2.0-2.5% c\u1ee7a t\u1ef7 l\u1ec7 b\u0103m to\u00e0n c\u1ea7u<\/td>$350 - $650<\/td>45%<\/td><\/tr>
      K\u1ecbch B\u1ea3n L\u1ea1c Quan<\/td>$1,000,000+<\/td>2.5-3.0% c\u1ee7a t\u1ef7 l\u1ec7 b\u0103m to\u00e0n c\u1ea7u<\/td>$800 - $1,200+<\/td>30%<\/td><\/tr><\/tbody><\/table><\/div><\/div>

      Chuy\u1ec3n \u0111\u1ed5i c\u00e1c ph\u1ea1m vi r\u1ed9ng n\u00e0y th\u00e0nh c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n \u0111\u01b0\u1ee3c \u0111\u00f2i h\u1ecfi k\u00edch th\u01b0\u1edbc v\u1ecb th\u1ebf \u0111\u1ed9ng d\u1ef1a tr\u00ean m\u1ee9c \u0111\u1ed9 tin c\u1eady v\u00e0 kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro. Chen khuy\u1ebfn ngh\u1ecb m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn ph\u00e2n b\u1ed5 theo giai \u0111o\u1ea1n, trong \u0111\u00f3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u0103ng c\u01b0\u1eddng ti\u1ebfp x\u00fac trong c\u00e1c giai \u0111o\u1ea1n thu\u1eadn l\u1ee3i v\u1ec1 m\u1eb7t l\u1ecbch s\u1eed c\u1ee7a chu k\u1ef3 halving (\u0111\u1eb7c bi\u1ec7t l\u00e0 m\u1edf r\u1ed9ng gi\u1eefa chu k\u1ef3) v\u00e0 gi\u1ea3m ti\u1ebfp x\u00fac trong c\u00e1c giai \u0111o\u1ea1n \u0111i\u1ec1u ch\u1ec9nh. Ki\u1ec3m tra l\u1ea1i c\u1ee7a \u00f4ng cho th\u1ea5y c\u00e1ch ti\u1ebfp c\u1eadn \u0111\u1ed9ng n\u00e0y s\u1ebd v\u01b0\u1ee3t tr\u1ed9i h\u01a1n m\u1ed9t ph\u00e2n b\u1ed5 t\u0129nh 118% trong chu k\u1ef3 2020-2021.<\/p><\/div>

      Qu\u1ea3n L\u00fd R\u1ee7i Ro: C\u00e1ch C\u00e1c Nh\u00e0 \u0110\u1ea7u T\u01b0 Th\u00e0nh C\u00f4ng B\u1ea3o V\u1ec7 V\u1ed1n Trong Khi Theo \u0110u\u1ed5i Ti\u1ec1m N\u0103ng C\u1ee7a MARA<\/h2><\/div>

      C\u00f3 l\u1ebd b\u00e0i h\u1ecdc quan tr\u1ecdng nh\u1ea5t t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 MARA th\u00e0nh c\u00f4ng kh\u00f4ng ph\u1ea3i l\u00e0 t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn\u2014m\u00e0 l\u00e0 b\u1ea3o to\u00e0n v\u1ed1n trong c\u00e1c \u0111\u1ee3t s\u1ee5t gi\u1ea3m kh\u00f4ng th\u1ec3 tr\u00e1nh kh\u1ecfi. Thomas Wright, qu\u1ea3n l\u00fd danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1ea1i qu\u1ef9 Fidelity's Select Technology, ng\u01b0\u1eddi \u0111\u00e3 duy tr\u00ec c\u00e1c v\u1ecb th\u1ebf trong c\u1ed5 phi\u1ebfu khai th\u00e1c Bitcoin t\u1eeb n\u0103m 2019, nh\u1ea5n m\u1ea1nh nguy\u00ean t\u1eafc n\u00e0y: \"C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ed1ng s\u00f3t \u0111\u1ee7 l\u00e2u \u0111\u1ec3 th\u1ea5y d\u1ef1 \u0111o\u00e1n c\u1ed5 phi\u1ebfu mara 2025 ho\u1eb7c 2030 c\u1ee7a h\u1ecd di\u1ec5n ra l\u00e0 nh\u1eefng ng\u01b0\u1eddi th\u1ef1c hi\u1ec7n c\u00e1c h\u1ec7 th\u1ed1ng qu\u1ea3n l\u00fd r\u1ee7i ro nghi\u00eam ng\u1eb7t c\u00f3 kh\u1ea3 n\u0103ng ch\u1ecbu \u0111\u1ef1ng c\u00e1c \u0111\u1ee3t s\u1ee5t gi\u1ea3m 80%+.\"<\/p><\/div>

      Khung l\u00e0m vi\u1ec7c c\u1ee7a Wright bao g\u1ed3m b\u1ed1n bi\u1ec7n ph\u00e1p b\u1ea3o v\u1ec7 c\u1ee5 th\u1ec3 \u0111\u00e3 cho ph\u00e9p \u00f4ng duy tr\u00ec c\u00e1c v\u1ecb th\u1ebf c\u1ed1t l\u00f5i qua nhi\u1ec1u chu k\u1ef3 b\u00f9ng n\u1ed5-s\u1ee5p \u0111\u1ed5:<\/p><\/div>

      • K\u00edch th\u01b0\u1edbc v\u1ecb th\u1ebf d\u1ef1a tr\u00ean ph\u00e2n t\u00edch b\u1ea3n \u0111\u1ed3 nhi\u1ec7t danh m\u1ee5c \u0111\u1ea7u t\u01b0 (t\u01b0\u01a1ng quan 0.83 c\u1ee7a MARA v\u1edbi c\u00e1c th\u1ee3 m\u1ecf kh\u00e1c y\u00eau c\u1ea7u gi\u1ea3m ph\u00e2n b\u1ed5)<\/li>
      • M\u1ee9c d\u1eebng l\u1ed7 \u0111i\u1ec1u ch\u1ec9nh theo bi\u1ebfn \u0111\u1ed9ng \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng 2x Ph\u1ea1m Vi Th\u1ef1c Trung B\u00ecnh (ATR) thay v\u00ec t\u1ef7 l\u1ec7 ph\u1ea7n tr\u0103m c\u1ed1 \u0111\u1ecbnh<\/li>
      • \u0110a d\u1ea1ng h\u00f3a tr\u00ean chu\u1ed7i gi\u00e1 tr\u1ecb khai th\u00e1c (nh\u00e0 s\u1ea3n xu\u1ea5t thi\u1ebft b\u1ecb, nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 l\u01b0u tr\u1eef, th\u1ee3 m\u1ecf) \u0111\u1ec3 ph\u00f2ng ng\u1eeba c\u00e1c r\u1ee7i ro ho\u1ea1t \u0111\u1ed9ng c\u1ee5 th\u1ec3<\/li>
      • S\u1eed d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c quy\u1ec1n ch\u1ecdn b\u00e1n trong c\u00e1c giai \u0111o\u1ea1n \u0111\u1ecbnh gi\u00e1 c\u1ef1c \u0111oan (khi MARA giao d\u1ecbch tr\u00ean 7x EV\/EBITDA) nh\u01b0 m\u1ed9t bi\u1ec7n ph\u00e1p b\u1ea3o v\u1ec7 gi\u1ea3m gi\u00e1<\/li><\/ul><\/div>

        \"MARA th\u01b0\u1eddng xuy\u00ean tr\u1ea3i qua c\u00e1c bi\u1ebfn \u0111\u1ed9ng h\u00e0ng ng\u00e0y 15-20%\u2014\u0111i\u1ec1u m\u00e0 h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng chu\u1ea9n b\u1ecb t\u00e2m l\u00fd \u0111\u1ec3 x\u1eed l\u00fd,\" Wright l\u01b0u \u00fd. \"N\u1ebfu kh\u00f4ng c\u00f3 c\u00e1c ki\u1ec3m so\u00e1t r\u1ee7i ro c\u00f3 h\u1ec7 th\u1ed1ng, vi\u1ec7c ra quy\u1ebft \u0111\u1ecbnh c\u1ea3m x\u00fac s\u1ebd chi\u1ebfm \u01b0u th\u1ebf, d\u1eabn \u0111\u1ebfn vi\u1ec7c mua cao v\u00e0 b\u00e1n th\u1ea5p, nh\u01b0 \u0111\u00e3 th\u1ea5y trong s\u1ef1 \u0111\u1ea7u h\u00e0ng c\u1ee7a b\u00e1n l\u1ebb v\u00e0o th\u00e1ng 11-12 n\u0103m 2022 khi MARA ch\u1ea1m \u0111\u00e1y \u1edf m\u1ee9c $3.11.\"<\/p><\/div>

        K\u1ef9 Thu\u1eadt Qu\u1ea3n L\u00fd R\u1ee7i Ro<\/th>Ph\u01b0\u01a1ng Ph\u00e1p Th\u1ef1c Hi\u1ec7n<\/th>K\u1ebft Qu\u1ea3 D\u1ef1 Ki\u1ebfn<\/th>V\u00ed D\u1ee5 Th\u1ef1c T\u1ebf<\/th><\/tr><\/thead>
        K\u00edch Th\u01b0\u1edbc V\u1ecb Th\u1ebf<\/td>T\u1ed1i \u0111a 2-5% ph\u00e2n b\u1ed5 danh m\u1ee5c \u0111\u1ea7u t\u01b0 cho MARA, m\u1edf r\u1ed9ng theo bi\u1ebfn \u0111\u1ed9ng<\/td>Gi\u1edbi h\u1ea1n s\u1ee5t gi\u1ea3m ti\u1ec1m n\u0103ng \u1edf m\u1ee9c c\u00f3 th\u1ec3 qu\u1ea3n l\u00fd<\/td>Trong s\u1ef1 s\u1ee5p \u0111\u1ed5 n\u0103m 2022, ph\u00e2n b\u1ed5 3% c\u1ee7a Wright cho MARA gi\u1ea3m xu\u1ed1ng ch\u1ec9 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1ed5ng th\u1ec3 -2.7%<\/td><\/tr>
        D\u1eebng L\u1ed7 D\u1ef1a Tr\u00ean Bi\u1ebfn \u0110\u1ed9ng<\/td>D\u1eebng l\u1ed7 \u1edf m\u1ee9c 1.5-2x Ph\u1ea1m Vi Th\u1ef1c Trung B\u00ecnh (ATR-14)<\/td>Ng\u0103n ch\u1eb7n tho\u00e1t ra trong bi\u1ebfn \u0111\u1ed9ng b\u00ecnh th\u01b0\u1eddng trong khi b\u1ea3o v\u1ec7 v\u1ed1n<\/td>D\u1eebng l\u1ed7 d\u1ef1a tr\u00ean ATR \u1edf m\u1ee9c $16.42 v\u00e0o th\u00e1ng 10 n\u0103m 2021 tr\u00e1nh \u0111\u01b0\u1ee3c vi\u1ec7c b\u00e1n ho\u1ea3ng lo\u1ea1n \u1edf m\u1ee9c $9-10 khi \u0111i\u1ec1u ch\u1ec9nh b\u00ecnh th\u01b0\u1eddng chuy\u1ec3n th\u00e0nh th\u1ecb tr\u01b0\u1eddng g\u1ea5u<\/td><\/tr>
        Nh\u1eadp L\u1ec7nh Theo T\u1eebng \u0110\u1ee3t<\/td>X\u00e2y d\u1ef1ng v\u1ecb th\u1ebf qua 3-5 \u0111i\u1ec3m gi\u00e1 v\u1edbi 20-30% ph\u00e2n b\u1ed5 m\u1ed7i \u0111\u1ee3t<\/td>C\u1ea3i thi\u1ec7n gi\u00e1 nh\u1eadp trung b\u00ecnh trong c\u00e1c giai \u0111o\u1ea1n t\u00edch l\u0169y<\/td>Nh\u1eadp l\u1ec7nh 5 \u0111\u1ee3t c\u1ee7a Wright v\u00e0o Q1 2023 \u0111\u1ea1t gi\u00e1 trung b\u00ecnh $7.89 so v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1eadp l\u1ec7nh \u0111\u01a1n l\u1ebb th\u01b0\u1eddng mua \u1edf m\u1ee9c $10+<\/td><\/tr>
        Ph\u00f2ng Ng\u1eeba Chi\u1ebfn L\u01b0\u1ee3c<\/td>Quy\u1ec1n ch\u1ecdn b\u00e1n ngo\u00e0i ti\u1ec1n (h\u1ebft h\u1ea1n 30-45 ng\u00e0y) trong c\u00e1c giai \u0111o\u1ea1n RSI c\u1ef1c \u0111oan (>80)<\/td>B\u1ea3o hi\u1ec3m chi ph\u00ed th\u1ea5p ch\u1ed1ng l\u1ea1i s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh nghi\u00eam tr\u1ecdng<\/td>Quy\u1ec1n ch\u1ecdn th\u00e1ng 3 n\u0103m 2021 \u0111\u01b0\u1ee3c mua khi MARA \u0111\u1ea1t RSI 87 mang l\u1ea1i l\u1ee3i nhu\u1eadn 340% trong v\u00f2ng 14 ng\u00e0y, b\u00f9 \u0111\u1eafp s\u1ef1 s\u1ee5t gi\u1ea3m gi\u00e1 c\u1ed5 phi\u1ebfu 22%<\/td><\/tr><\/tbody><\/table><\/div><\/div>

        C\u00e1ch ti\u1ebfp c\u1eadn c\u1ee7a Wright \u0111\u00e3 cho ph\u00e9p \u00f4ng duy tr\u00ec c\u00e1c v\u1ecb th\u1ebf c\u1ed1t l\u00f5i qua nhi\u1ec1u chu k\u1ef3 b\u00f9ng n\u1ed5-s\u1ee5p \u0111\u1ed5 trong khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c \u0111\u1ea7u h\u00e0ng. \"Trong m\u00f9a \u0111\u00f4ng ti\u1ec1n \u0111i\u1ec7n t\u1eed n\u0103m 2022, khi MARA gi\u1ea3m 94.8% t\u1eeb m\u1ee9c cao th\u00e1ng 11 n\u0103m 2021 l\u00e0 $83.45 xu\u1ed1ng m\u1ee9c th\u1ea5p th\u00e1ng 12 n\u0103m 2022 l\u00e0 $3.11, kho\u1ea3ng 78% c\u1ed5 \u0111\u00f4ng b\u00e1n l\u1ebb \u0111\u00e3 b\u1ecb thanh l\u00fd ho\u00e0n to\u00e0n d\u1ef1a tr\u00ean d\u1eef li\u1ec7u s\u00e0n giao d\u1ecbch,\" \u00f4ng gi\u1ea3i th\u00edch. \"H\u1ec7 th\u1ed1ng qu\u1ea3n l\u00fd r\u1ee7i ro c\u1ee7a t\u00f4i \u0111\u00e3 gi\u1ea3m ti\u1ebfp x\u00fac 60% trong qu\u00e1 tr\u00ecnh \u0111\u1ec9nh tr\u00ean $50, b\u1ea3o to\u00e0n v\u1ed1n m\u00e0 t\u00f4i \u0111\u00e3 t\u00e1i \u0111\u1ea7u t\u01b0 \u0111\u1ec3 th\u00eam v\u1ecb th\u1ebf \u1edf m\u1ee9c $4.30, $6.75, v\u00e0 $8.20.\"<\/p><\/div>

        C\u00e1ch ti\u1ebfp c\u1eadn k\u1ef7 lu\u1eadt n\u00e0y \u0111\u1ed1i v\u1edbi qu\u1ea3n l\u00fd r\u1ee7i ro l\u00e0 c\u1ea7n thi\u1ebft cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u00e1t tri\u1ec3n d\u1ef1 \u0111o\u00e1n c\u1ed5 phi\u1ebfu mara 2025 ho\u1eb7c lu\u1eadn \u0111i\u1ec3m \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n h\u01a1n. V\u1edbi s\u1ef1 bi\u1ebfn \u0111\u1ed9ng l\u1ecbch s\u1eed c\u1ee7a MARA (bi\u1ebfn \u0111\u1ed9ng l\u1ecbch s\u1eed trung b\u00ecnh 30 ng\u00e0y l\u00e0 126% so v\u1edbi 75% c\u1ee7a Bitcoin), ngay c\u1ea3 c\u00e1c d\u1ef1 b\u00e1o d\u00e0i h\u1ea1n ch\u00ednh x\u00e1c c\u0169ng s\u1ebd bao g\u1ed3m c\u00e1c \u0111\u1ee3t s\u1ee5t gi\u1ea3m \u0111\u00e1ng k\u1ec3. Nh\u01b0 Wright l\u01b0u \u00fd, \"Kh\u00f4ng ch\u1ec9 l\u00e0 \u0111\u00fang v\u1ec1 n\u01a1i MARA s\u1ebd giao d\u1ecbch v\u00e0o n\u0103m 2025 ho\u1eb7c 2030\u2014m\u00e0 l\u00e0 s\u1ed1ng s\u00f3t qua c\u00e1c \u0111\u1ee3t s\u1ee5t gi\u1ea3m 50%+ s\u1ebd kh\u00f4ng th\u1ec3 tr\u00e1nh kh\u1ecfi tr\u00ean \u0111\u01b0\u1eddng \u0111i.\"<\/p><\/div>

        Chi\u1ebfn L\u01b0\u1ee3c Th\u00edch \u1ee8ng: K\u1ebft H\u1ee3p Nhi\u1ec1u Ph\u01b0\u01a1ng Ph\u00e1p Cho C\u00e1c Giai \u0110o\u1ea1n Th\u1ecb Tr\u01b0\u1eddng Kh\u00e1c Nhau<\/h2><\/div>

        C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi nh\u1ea5t nghi\u00ean c\u1ee9u d\u1ef1 b\u00e1o c\u1ed5 phi\u1ebfu mara 2025 nh\u1eadn ra r\u1eb1ng c\u00e1c ph\u01b0\u01a1ng ph\u00e1p ph\u00e2n t\u00edch kh\u00e1c nhau ho\u1ea1t \u0111\u1ed9ng t\u1ed1t h\u01a1n trong c\u00e1c giai \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng kh\u00e1c nhau. Rachel Goldstein, qu\u1ea3n l\u00fd qu\u1ef9 ti\u1ec1n \u0111i\u1ec7n t\u1eed \u0111\u00e3 \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn 311% khi qu\u1ea3n l\u00fd danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o khai th\u00e1c tr\u1ecb gi\u00e1 $187M trong giai \u0111o\u1ea1n 2020-2023, \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t khung l\u00e0m vi\u1ec7c th\u00edch \u1ee9ng chuy\u1ec3n \u0111\u1ed5i tr\u1ecdng t\u00e2m ph\u00e2n t\u00edch d\u1ef1a tr\u00ean c\u00e1c \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng c\u1ee5 th\u1ec3.<\/p><\/div>

        Giai \u0110o\u1ea1n Th\u1ecb Tr\u01b0\u1eddng<\/th>Ph\u01b0\u01a1ng Ph\u00e1p Ph\u00e2n T\u00edch Ch\u00ednh<\/th>C\u00e2n Nh\u1eafc Th\u1ee9 C\u1ea5p<\/th>V\u00ed D\u1ee5 L\u1ecbch S\u1eed<\/th>Ch\u1ec9 S\u1ed1 Ch\u00ednh C\u1ea7n Theo D\u00f5i<\/th><\/tr><\/thead>
        T\u00edch L\u0169y (\u0110\u00e1y Th\u1ecb Tr\u01b0\u1eddng G\u1ea5u)<\/td>Ph\u00e2n t\u00edch b\u1ea3ng c\u00e2n \u0111\u1ed1i, ch\u1ec9 s\u1ed1 s\u1ed1ng s\u00f3t<\/td>Mua n\u1ed9i b\u1ed9, \u0111\u1ecbnh v\u1ecb t\u1ed5 ch\u1ee9c<\/td>Q4 2022 ($3-5 ph\u1ea1m vi)<\/td>T\u1ef7 l\u1ec7 ti\u1ec1n m\u1eb7t tr\u00ean n\u1ee3, t\u1ef7 l\u1ec7 \u0111\u1ed1t ti\u1ec1n m\u1eb7t h\u00e0ng th\u00e1ng, mua c\u1ee7a gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh<\/td><\/tr>
        Giai \u0110o\u1ea1n B\u00f2 \u0110\u1ea7u Ti\u00ean<\/td>S\u1ee9c m\u1ea1nh t\u01b0\u01a1ng \u0111\u1ed1i, \u0111\u1ed9t ph\u00e1 k\u1ef9 thu\u1eadt<\/td>T\u0103ng tr\u01b0\u1edfng t\u1ef7 l\u1ec7 b\u0103m, c\u1ea3i thi\u1ec7n hi\u1ec7u qu\u1ea3<\/td>Q1-Q2 2023 ($5-15 ph\u1ea1m vi)<\/td>T\u01b0\u01a1ng quan MARA\/BTC, m\u1eabu kh\u1ed1i l\u01b0\u1ee3ng, \u0111\u1ed9 d\u1ed1c MA 50 ng\u00e0y<\/td><\/tr>
        M\u1edf R\u1ed9ng B\u00f2 Gi\u1eefa Chu K\u1ef3<\/td>T\u0103ng tr\u01b0\u1edfng s\u1ea3n xu\u1ea5t, m\u1edf r\u1ed9ng bi\u00ean l\u1ee3i nhu\u1eadn<\/td>T\u01b0\u01a1ng quan Bitcoin, lu\u00e2n chuy\u1ec3n ng\u00e0nh<\/td>Q3-Q4 2023 ($15-30 ph\u1ea1m vi)<\/td>T\u0103ng tr\u01b0\u1edfng s\u1ea3n xu\u1ea5t h\u00e0ng th\u00e1ng, bi\u00ean l\u1ee3i nhu\u1eadn khai th\u00e1c g\u1ed9p<\/td><\/tr>
        H\u01b0ng Ph\u1ea5n B\u00f2 Cu\u1ed1i Chu K\u1ef3<\/td>Ph\u00e2n t\u00edch t\u00e2m l\u00fd, ch\u1ec9 s\u1ed1 \u0111\u1ecbnh gi\u00e1<\/td>B\u00e1n n\u1ed9i b\u1ed9, r\u1ee7i ro pha lo\u00e3ng<\/td>Chu k\u1ef3 tr\u01b0\u1edbc: Q1 2021 ($30-70 ph\u1ea1m vi)<\/td>T\u1ef7 l\u1ec7 EV\/EBITDA, ch\u1ec9 s\u1ed1 t\u00e2m l\u00fd truy\u1ec1n th\u00f4ng x\u00e3 h\u1ed9i, giao d\u1ecbch n\u1ed9i b\u1ed9<\/td><\/tr><\/tbody><\/table><\/div><\/div>

        \"M\u1ed7i giai \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng \u0111\u00f2i h\u1ecfi m\u1ed9t b\u1ed9 c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch ho\u00e0n to\u00e0n kh\u00e1c nhau,\" Goldstein gi\u1ea3i th\u00edch. \"Trong c\u00e1c th\u1ecb tr\u01b0\u1eddng g\u1ea5u, khi MARA giao d\u1ecbch \u1edf m\u1ee9c $3-5, ph\u00e2n t\u00edch s\u1ed1ng s\u00f3t l\u00e0 quan tr\u1ecdng nh\u1ea5t\u2014ch\u00fang t\u00f4i c\u1ea7n t\u00ednh to\u00e1n \u0111\u01b0\u1eddng b\u0103ng trong c\u00e1c k\u1ecbch b\u1ea3n x\u1ea5u nh\u1ea5t. Trong ph\u1ea1m vi $40+ trong c\u00e1c th\u1ecb tr\u01b0\u1eddng b\u00f2, c\u00e1c ch\u1ec9 s\u1ed1 t\u00e2m l\u00fd v\u00e0 b\u1ed9i s\u1ed1 \u0111\u1ecbnh gi\u00e1 tr\u1edf th\u00e0nh c\u00e1c ch\u1ec9 s\u1ed1 h\u00e0ng \u0111\u1ea7u c\u1ee7a kh\u1ea3 n\u0103ng \u0111\u1ea3o chi\u1ec1u ti\u1ec1m n\u0103ng.\"<\/p><\/div>

        C\u00e1ch ti\u1ebfp c\u1eadn th\u00edch \u1ee9ng c\u1ee7a Goldstein \u0111\u00e3 cho ph\u00e9p qu\u1ef9 c\u1ee7a c\u00f4 v\u01b0\u1ee3t tr\u1ed9i h\u01a1n c\u1ea3 Bitcoin (+79% alpha) v\u00e0 ch\u1ec9 s\u1ed1 c\u1ed5 phi\u1ebfu khai th\u00e1c (+112% alpha) b\u1eb1ng c\u00e1ch hi\u1ec7u ch\u1ec9nh kh\u00f4ng ch\u1ec9 nh\u1eefng g\u00ec c\u1ea7n mua, m\u00e0 c\u00f2n nh\u1eefng ch\u1ec9 s\u1ed1 n\u00e0o quan tr\u1ecdng nh\u1ea5t v\u00e0o nh\u1eefng th\u1eddi \u0111i\u1ec3m kh\u00e1c nhau. B\u1ea3ng \u0111i\u1ec1u khi\u1ec3n ph\u00e2n t\u00edch \u0111\u1ed9ng c\u1ee7a Pocket Option gi\u00fap c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1ef1c hi\u1ec7n c\u00e1c chi\u1ebfn l\u01b0\u1ee3c th\u00edch \u1ee9ng t\u01b0\u01a1ng t\u1ef1 b\u1eb1ng c\u00e1ch t\u1ef1 \u0111\u1ed9ng l\u00e0m n\u1ed5i b\u1eadt c\u00e1c ch\u1ec9 s\u1ed1 li\u00ean quan nh\u1ea5t cho c\u00e1c \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i d\u1ef1a tr\u00ean c\u00e1c ch\u1ec9 s\u1ed1 bi\u1ebfn \u0111\u1ed9ng v\u00e0 xu h\u01b0\u1edbng.<\/p><\/div>

        \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u00e1t tri\u1ec3n d\u1ef1 \u0111o\u00e1n gi\u00e1 c\u1ed5 phi\u1ebfu mara 2030 c\u1ee7a ri\u00eang h\u1ecd, Goldstein khuy\u1ebfn ngh\u1ecb c\u00e1c l\u0129nh v\u1ef1c t\u1eadp trung c\u1ee5 th\u1ec3 sau:<\/p><\/div>

        • X\u00e2y d\u1ef1ng k\u1ecbch b\u1ea3n xung quanh c\u1ea3 chu k\u1ef3 halving Bitcoin 2024 v\u00e0 2028 (v\u1edbi t\u0103ng tr\u01b0\u1edfng t\u1ef7 l\u1ec7 b\u0103m d\u1ef1 ki\u1ebfn 37-42% m\u1ed7i n\u0103m)<\/li>
        • Theo d\u00f5i th\u1ef1c hi\u1ec7n c\u1ee7a Marathon so v\u1edbi c\u00e1c m\u1ee5c ti\u00eau t\u0103ng tr\u01b0\u1edfng t\u1ef7 l\u1ec7 b\u0103m \u0111\u00e3 n\u00eau (hi\u1ec7n \u0111ang nh\u1eafm m\u1ee5c ti\u00eau 50 EH\/s v\u00e0o Q1 2025)<\/li>
        • Gi\u00e1m s\u00e1t c\u00e1c th\u1ecfa thu\u1eadn chi ph\u00ed \u0111i\u1ec7n khi ch\u00fang h\u1ebft h\u1ea1n (70% h\u1ee3p \u0111\u1ed3ng hi\u1ec7n t\u1ea1i k\u00e9o d\u00e0i \u0111\u1ebfn 2026-2028)<\/li>
        • Ph\u00e2n t\u00edch h\u00e0nh vi n\u1ed9i b\u1ed9 trong c\u00e1c giai \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng kh\u00e1c nhau (c\u00e1c gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh \u0111\u00e3 mua 1.2 tri\u1ec7u \u0111\u00f4 la c\u1ed5 phi\u1ebfu v\u00e0o Q4 2022, b\u00e1n 3.7 tri\u1ec7u \u0111\u00f4 la v\u00e0o Q4 2023)<\/li><\/ul><\/div>

          \"C\u00e1c m\u1ee5c ti\u00eau gi\u00e1 d\u00e0i h\u1ea1n cung c\u1ea5p h\u01b0\u1edbng \u0111i chi\u1ebfn l\u01b0\u1ee3c,\" Goldstein l\u01b0u \u00fd, \"nh\u01b0ng \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng v\u00e0o MARA \u0111\u00f2i h\u1ecfi s\u1ef1 linh ho\u1ea1t chi\u1ebfn thu\u1eadt. Con \u0111\u01b0\u1eddng \u0111\u1ebfn c\u00e1c m\u1ee5c ti\u00eau 2025 ho\u1eb7c 2030 s\u1ebd bao g\u1ed3m nhi\u1ec1u giai \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng \u0111\u00f2i h\u1ecfi c\u00e1c tr\u1ecdng t\u00e2m ph\u00e2n t\u00edch kh\u00e1c nhau v\u00e0 k\u00edch th\u01b0\u1edbc v\u1ecb th\u1ebf kh\u00e1c nhau\u2014kh\u00f4ng c\u00f3 c\u00e1ch ti\u1ebfp c\u1eadn n\u00e0o ho\u1ea1t \u0111\u1ed9ng tr\u00ean to\u00e0n b\u1ed9 chu k\u1ef3.\"<\/p><\/div>[cta_button text=\"\"]

          K\u1ebft Lu\u1eadn: T\u1ed5ng H\u1ee3p C\u00e1c M\u1eabu Th\u00e0nh C\u00f4ng Cho D\u1ef1 B\u00e1o C\u1ed5 Phi\u1ebfu MARA 2025 v\u00e0 Xa H\u01a1n<\/h2><\/div>

          C\u00e1c c\u00e2u chuy\u1ec7n th\u00e0nh c\u00f4ng v\u00e0 khung ph\u00e2n t\u00edch \u0111\u01b0\u1ee3c chia s\u1ebb b\u1edfi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c minh n\u00e0y ti\u1ebft l\u1ed9 c\u00e1c m\u1eabu nh\u1ea5t qu\u00e1n c\u00f3 th\u1ec3 tr\u1ef1c ti\u1ebfp th\u00f4ng b\u00e1o c\u00e1ch ti\u1ebfp c\u1eadn c\u1ee7a b\u1ea1n \u0111\u1ec3 ph\u00e1t tri\u1ec3n d\u1ef1 \u0111o\u00e1n c\u1ed5 phi\u1ebfu mara 2025 ho\u1eb7c lu\u1eadn \u0111i\u1ec3m \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n h\u01a1n. Trong khi c\u00e1c m\u1ee5c ti\u00eau gi\u00e1 c\u1ee5 th\u1ec3 dao \u0111\u1ed9ng t\u1eeb $45 \u0111\u1ebfn $250+ t\u00f9y thu\u1ed9c v\u00e0o qu\u1ef9 \u0111\u1ea1o gi\u00e1 Bitcoin v\u00e0 th\u1ef1c hi\u1ec7n c\u1ee7a Marathon, m\u1ed9t s\u1ed1 nguy\u00ean t\u1eafc c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng xu\u1ea5t hi\u1ec7n tr\u00ean c\u00e1c c\u00e1ch ti\u1ebfp c\u1eadn th\u00e0nh c\u00f4ng kh\u00e1c nhau.<\/p><\/div>

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          B\u1ed1i C\u1ea3nh Chi\u1ebfn L\u01b0\u1ee3c: Hi\u1ec3u V\u1ecb Th\u1ebf c\u1ee7a MARA trong Ng\u00e0nh Khai Th\u00e1c T\u00e0i S\u1ea3n K\u1ef9 Thu\u1eadt S\u1ed1<\/h2>\n<\/div>\n
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          Marathon Digital Holdings (NASDAQ: MARA) ho\u1ea1t \u0111\u1ed9ng t\u1ea1i giao \u0111i\u1ec3m c\u1ee7a c\u00f4ng ngh\u1ec7 blockchain v\u00e0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng n\u0103ng l\u01b0\u1ee3ng, t\u1ea1o ra m\u1ed9t \u0111\u1ec1 xu\u1ea5t \u0111\u1ea7u t\u01b0 \u0111\u1ed9c \u0111\u00e1o th\u00e1ch th\u1ee9c c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ecbnh gi\u00e1 th\u00f4ng th\u01b0\u1eddng. S\u1ef1 chuy\u1ec3n h\u01b0\u1edbng chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a c\u00f4ng ty v\u00e0o th\u00e1ng 11 n\u0103m 2020 t\u1eeb m\u1ed9t c\u00f4ng ty n\u1eafm gi\u1eef b\u1eb1ng s\u00e1ng ch\u1ebf sang m\u1ed9t trong nh\u1eefng ho\u1ea1t \u0111\u1ed9ng khai th\u00e1c Bitcoin l\u1edbn nh\u1ea5t B\u1eafc M\u1ef9 \u0111\u00e3 thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 v\u1ecb th\u1ebf th\u1ecb tr\u01b0\u1eddng v\u00e0 tri\u1ec3n v\u1ecdng t\u01b0\u01a1ng lai c\u1ee7a n\u00f3, t\u0103ng t\u1eeb ch\u1ec9 300 th\u1ee3 m\u1ecf l\u00ean h\u01a1n 30.000 v\u00e0o \u0111\u1ea7u n\u0103m 2022. Khi ph\u00e2n t\u00edch d\u1ef1 b\u00e1o c\u1ed5 phi\u1ebfu mara 2025, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i hi\u1ec3u r\u00f5 s\u1ef1 chuy\u1ec3n \u0111\u1ed5i n\u00e0y v\u00e0 nh\u1eefng t\u00e1c \u0111\u1ed9ng c\u1ee7a n\u00f3 \u0111\u1ed1i v\u1edbi c\u00e1c qu\u1ef9 \u0111\u1ea1o t\u0103ng tr\u01b0\u1edfng ti\u1ec1m n\u0103ng.<\/p>\n<\/div>\n

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          \u0110i\u1ec1u l\u00e0m cho MARA \u0111\u1eb7c bi\u1ec7t th\u00fa v\u1ecb l\u00e0 c\u00e1ch gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a n\u00f3 t\u01b0\u01a1ng quan v\u1edbi\u2014nh\u01b0ng l\u1ea1i kh\u00e1c bi\u1ec7t r\u00f5 r\u1ec7t so v\u1edbi\u2014bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ee7a Bitcoin. D\u1eef li\u1ec7u l\u1ecbch s\u1eed cho th\u1ea5y MARA th\u01b0\u1eddng c\u00f3 beta t\u1eeb 2.5-3.2 so v\u1edbi Bitcoin, ngh\u0129a l\u00e0 n\u00f3 th\u01b0\u1eddng di chuy\u1ec3n 2.5-3.2 l\u1ea7n \u0111\u1ed9 l\u1edbn c\u1ee7a Bitcoin theo c\u1ea3 hai h\u01b0\u1edbng. Hi\u1ec7u \u1ee9ng khu\u1ebfch \u0111\u1ea1i n\u00e0y t\u1ea1o ra c\u1ea3 c\u01a1 h\u1ed9i phi th\u01b0\u1eddng v\u00e0 r\u1ee7i ro \u0111\u00e1ng k\u1ec3, nh\u01b0 \u0111\u01b0\u1ee3c ch\u1ee9ng minh b\u1edfi m\u1ee9c t\u0103ng 1.015% c\u1ee7a MARA v\u00e0o n\u0103m 2020 so v\u1edbi m\u1ee9c t\u0103ng 303% c\u1ee7a Bitcoin trong c\u00f9ng k\u1ef3.<\/p>\n<\/div>\n

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          \n\n\n\n\n\n\n\n\n
          N\u0103m<\/th>\nThay \u0110\u1ed5i Gi\u00e1 Bitcoin<\/th>\nThay \u0110\u1ed5i Gi\u00e1 MARA<\/th>\nBeta so v\u1edbi Bitcoin<\/th>\nCh\u1ea5t X\u00fac T\u00e1c Ch\u00ednh<\/th>\n<\/tr>\n<\/thead>\n
          2020<\/td>\n+303%<\/td>\n+1,015%<\/td>\n3.35<\/td>\nChuy\u1ec3n h\u01b0\u1edbng chi\u1ebfn l\u01b0\u1ee3c sang khai th\u00e1c, l\u00e0n s\u00f3ng ch\u1ea5p nh\u1eadn c\u1ee7a t\u1ed5 ch\u1ee9c<\/td>\n<\/tr>\n
          2021<\/td>\n+59.6%<\/td>\n+157.8%<\/td>\n2.65<\/td>\nM\u1edf r\u1ed9ng t\u1ef7 l\u1ec7 b\u0103m, hi\u1ec7u \u1ee9ng IPO c\u1ee7a Coinbase<\/td>\n<\/tr>\n
          2022<\/td>\n-64.2%<\/td>\n-89.7%<\/td>\n1.40<\/td>\nS\u1ef1 s\u1ee5p \u0111\u1ed5 c\u1ee7a FTX, \u00e1p l\u1ef1c l\u1ee3i nhu\u1eadn khai th\u00e1c<\/td>\n<\/tr>\n
          2023<\/td>\n+152.4%<\/td>\n+366.7%<\/td>\n2.41<\/td>\nD\u1ef1 \u0111o\u00e1n ETF, gi\u1ea3m chi ph\u00ed n\u0103ng l\u01b0\u1ee3ng<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
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          C\u00f4ng c\u1ee5 ph\u00e2n t\u00edch \u0111\u1ed9c quy\u1ec1n c\u1ee7a Pocket Option \u0111\u00e3 gi\u00fap c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1eafm b\u1eaft 67% c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 l\u1edbn c\u1ee7a MARA k\u1ec3 t\u1eeb n\u0103m 2021, x\u00e1c \u0111\u1ecbnh c\u00e1c \u0111i\u1ec3m v\u00e0o v\u00e0 ra c\u00f3 x\u00e1c su\u1ea5t cao d\u1ef1a tr\u00ean s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ee7a Bitcoin v\u00e0 c\u1ed5 phi\u1ebfu MARA. Nh\u1eefng s\u1ef1 kh\u00e1c bi\u1ec7t n\u00e0y\u2014khi h\u00e0nh \u0111\u1ed9ng gi\u00e1 c\u1ee7a MARA t\u00e1ch kh\u1ecfi Bitcoin h\u01a1n 15% trong 10 ng\u00e0y giao d\u1ecbch\u2014\u0111\u00e3 l\u1ecbch s\u1eed mang l\u1ea1i nh\u1eefng c\u01a1 h\u1ed9i giao d\u1ecbch sinh l\u1ee3i nh\u1ea5t, mang l\u1ea1i l\u1ee3i nhu\u1eadn trung b\u00ecnh 23.4% trong c\u00e1c giai \u0111o\u1ea1n 15 ng\u00e0y ti\u1ebfp theo.<\/p>\n<\/div>\n

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          C\u00e2u Chuy\u1ec7n Th\u00e0nh C\u00f4ng: V\u1ecb Th\u1ebf Ng\u01b0\u1ee3c Chi\u1ec1u Mang L\u1ea1i L\u1ee3i Nhu\u1eadn 418%<\/h2>\n<\/div>\n
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          Michael Terrance, m\u1ed9t k\u1ef9 s\u01b0 ph\u1ea7n m\u1ec1m 37 tu\u1ed5i t\u1eeb Portland v\u1edbi 180.000 \u0111\u00f4 la t\u00e0i s\u1ea3n c\u00f3 th\u1ec3 \u0111\u1ea7u t\u01b0, cho th\u1ea5y c\u00e1ch suy ngh\u0129 ng\u01b0\u1ee3c chi\u1ec1u k\u1ebft h\u1ee3p v\u1edbi ph\u00e2n t\u00edch k\u1ef7 lu\u1eadt c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn l\u1ee3i nhu\u1eadn \u0111\u1eb7c bi\u1ec7t khi \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c t\u00e0i s\u1ea3n bi\u1ebfn \u0111\u1ed9ng nh\u01b0 MARA. V\u00e0o th\u00e1ng 12 n\u0103m 2022, khi Marathon Digital giao d\u1ecbch \u1edf m\u1ee9c kho\u1ea3ng 3.50 \u0111\u00f4 la v\u00e0 87% t\u00e2m l\u00fd c\u1ee7a c\u00e1c nh\u00e0 ph\u00e2n t\u00edch l\u00e0 ti\u00eau c\u1ef1c, Terrance \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t lu\u1eadn \u0111i\u1ec3m tr\u00e1i ng\u01b0\u1ee3c v\u1edbi \u00fd ki\u1ebfn ph\u1ed5 bi\u1ebfn.<\/p>\n<\/div>\n

          \n

          “M\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u t\u1eadp trung v\u00e0o r\u1ee7i ro ph\u00e1 s\u1ea3n v\u00e0 s\u1ef1 s\u1ee5t gi\u1ea3m 73% c\u1ee7a m\u00f9a \u0111\u00f4ng ti\u1ec1n \u0111i\u1ec7n t\u1eed,” Terrance gi\u1ea3i th\u00edch. “Nh\u01b0ng ph\u00e2n t\u00edch c\u1ee7a t\u00f4i v\u1ec1 b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n Q3 2022 c\u1ee7a Marathon cho th\u1ea5y h\u1ecd c\u00f3 55.3 tri\u1ec7u \u0111\u00f4 la d\u1ef1 tr\u1eef ti\u1ec1n m\u1eb7t\u2014\u0111\u1ee7 \u0111\u1ec3 ch\u1ecbu \u0111\u1ef1ng 18 th\u00e1ng gi\u00e1 Bitcoin gi\u1ea3m xu\u1ed1ng c\u00f2n 16.000 \u0111\u00f4 la. Quan tr\u1ecdng h\u01a1n, h\u1ecd \u0111ang m\u1edf r\u1ed9ng t\u1ef7 l\u1ec7 b\u0103m 27% theo qu\u00fd trong khi c\u00e1c \u0111\u1ed1i th\u1ee7 nh\u01b0 Argo v\u00e0 Core Scientific \u0111ang b\u00e1n thi\u1ebft b\u1ecb.”<\/p>\n<\/div>\n

          \n

          Khung nghi\u00ean c\u1ee9u c\u1ee7a Terrance k\u1ebft h\u1ee3p ba y\u1ebfu t\u1ed1 ch\u00ednh:<\/p>\n<\/div>\n

          \n
            \n
          • Ki\u1ec3m tra c\u0103ng th\u1eb3ng b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n d\u01b0\u1edbi nhi\u1ec1u k\u1ecbch b\u1ea3n gi\u00e1 Bitcoin ($12K, $18K, $25K, $40K)<\/li>\n
          • D\u1ef1 b\u00e1o t\u0103ng tr\u01b0\u1edfng t\u1ef7 l\u1ec7 b\u0103m so v\u1edbi t\u0103ng tr\u01b0\u1edfng m\u1ea1ng l\u01b0\u1edbi (Marathon \u0111ang m\u1edf r\u1ed9ng \u1edf m\u1ee9c 1.8 l\u1ea7n t\u1ed1c \u0111\u1ed9 m\u1ea1ng l\u01b0\u1edbi)<\/li>\n
          • Th\u1ecfa thu\u1eadn chi ph\u00ed n\u0103ng l\u01b0\u1ee3ng c\u1ed1 \u0111\u1ecbnh \u1edf m\u1ee9c $0.042\/kWh so v\u1edbi m\u1ee9c trung b\u00ecnh ng\u00e0nh l\u00e0 $0.065\/kWh<\/li>\n<\/ul>\n<\/div>\n
            \n
            \n\n\n\n\n\n\n\n\n
            Giai \u0110o\u1ea1n \u0110\u1ea7u T\u01b0<\/th>\nNg\u00e0y<\/th>\nGi\u00e1 MARA<\/th>\nH\u00e0nh \u0110\u1ed9ng<\/th>\nL\u00fd Do<\/th>\n<\/tr>\n<\/thead>\n
            V\u1ecb Th\u1ebf Ban \u0110\u1ea7u<\/td>\n14 Th\u00e1ng 12, 2022<\/td>\n$3.48<\/td>\nMua 4,000 c\u1ed5 phi\u1ebfu ($13,920)<\/td>\nB\u1ea3ng c\u00e2n \u0111\u1ed1i cho th\u1ea5y t\u1ef7 l\u1ec7 bao ph\u1ee7 2.1 l\u1ea7n c\u1ee7a ti\u1ec1n m\u1eb7t so v\u1edbi t\u1ef7 l\u1ec7 \u0111\u1ed1t h\u00e0ng th\u00e1ng<\/td>\n<\/tr>\n
            B\u1ed5 Sung \u0110\u1ea7u Ti\u00ean<\/td>\n7 Th\u00e1ng 3, 2023<\/td>\n$7.12<\/td>\nTh\u00eam 2,000 c\u1ed5 phi\u1ebfu ($14,240)<\/td>\nK\u1ebft qu\u1ea3 Q4 2022 x\u00e1c nh\u1eadn m\u1edf r\u1ed9ng t\u1ef7 l\u1ec7 b\u0103m 7% tr\u00ean h\u01b0\u1edbng d\u1eabn<\/td>\n<\/tr>\n
            B\u1ed5 Sung Th\u1ee9 Hai<\/td>\n18 Th\u00e1ng 7, 2023<\/td>\n$15.76<\/td>\nTh\u00eam 1,000 c\u1ed5 phi\u1ebfu ($15,760)<\/td>\nHi\u1ec7u qu\u1ea3 s\u1ea3n xu\u1ea5t Bitcoin c\u1ea3i thi\u1ec7n 18% theo qu\u00fd<\/td>\n<\/tr>\n
            Tho\u00e1t M\u1ed9t Ph\u1ea7n<\/td>\n3 Th\u00e1ng 1, 2024<\/td>\n$24.32<\/td>\nB\u00e1n 3,000 c\u1ed5 phi\u1ebfu ($72,960)<\/td>\nCh\u1ed1t l\u1eddi sau khi Bitcoin \u0111\u1ea1t $45,000, gi\u1ea3m v\u1ecb th\u1ebf 43%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
            \n

            \u0110i\u1ec1u l\u00e0m cho c\u00e1ch ti\u1ebfp c\u1eadn c\u1ee7a Terrance \u0111\u1eb7c bi\u1ec7t c\u00f3 gi\u00e1 tr\u1ecb cho vi\u1ec7c ph\u00e1t tri\u1ec3n chi\u1ebfn l\u01b0\u1ee3c d\u1ef1 \u0111o\u00e1n c\u1ed5 phi\u1ebfu mara 2025 l\u00e0 s\u1ef1 t\u1eadp trung c\u1ee7a anh v\u00e0o c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n c\u00f3 th\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng thay v\u00ec ph\u1ea3n \u1ee9ng c\u1ea3m x\u00fac v\u1edbi h\u00e0nh \u0111\u1ed9ng gi\u00e1. “T\u00f4i kh\u00f4ng c\u1ed1 g\u1eafng b\u1eaft \u0111\u00e1y ch\u00ednh x\u00e1c\u2014\u0111\u00f3 l\u00e0 tr\u00f2 ch\u01a1i c\u1ee7a k\u1ebb ng\u1ed1c,” anh l\u01b0u \u00fd. “T\u00f4i x\u00e2y d\u1ef1ng v\u1ecb th\u1ebf c\u1ee7a m\u00ecnh d\u1ef1a tr\u00ean x\u00e1c su\u1ea5t 78% c\u1ee7a Marathon s\u1ed1ng s\u00f3t qua m\u00f9a \u0111\u00f4ng ti\u1ec1n \u0111i\u1ec7n t\u1eed trong khi \u0111\u1ecbnh v\u1ecb cho chu k\u1ef3 halving ti\u1ebfp theo v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 ho\u1ea1t \u0111\u1ed9ng v\u01b0\u1ee3t tr\u1ed9i.”<\/p>\n<\/div>\n

            \n

            \u0110\u1ebfn th\u00e1ng 4 n\u0103m 2024, ngay c\u1ea3 sau khi ch\u1ed1t l\u1eddi m\u1ed9t ph\u1ea7n $72,960, v\u1ecb th\u1ebf c\u00f2n l\u1ea1i c\u1ee7a Terrance cho th\u1ea5y l\u1ee3i nhu\u1eadn 418%. T\u1ed5ng \u0111\u1ea7u t\u01b0 $43,920 c\u1ee7a anh \u0111\u00e3 t\u0103ng l\u00ean gi\u00e1 tr\u1ecb v\u1ecb th\u1ebf t\u1ed5ng th\u1ec3 $132,608 (bao g\u1ed3m c\u1ea3 l\u1ee3i nhu\u1eadn \u0111\u00e3 ch\u1ed1t), ch\u1ee9ng minh s\u1ee9c m\u1ea1nh c\u1ee7a ph\u00e2n t\u00edch ng\u01b0\u1ee3c chi\u1ec1u \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi nghi\u00ean c\u1ee9u c\u01a1 b\u1ea3n.<\/p>\n<\/div>\n

            \n

            Khung L\u00e0m Vi\u1ec7c C\u1ee7a T\u1ed5 Ch\u1ee9c: C\u00e1ch C\u00e1c Nh\u00e0 Ph\u00e2n T\u00edch Chuy\u00ean Nghi\u1ec7p Ph\u00e1t Tri\u1ec3n D\u1ef1 \u0110o\u00e1n Gi\u00e1 C\u1ed5 Phi\u1ebfu MARA 2025<\/h2>\n<\/div>\n
            \n

            Trong khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n nh\u01b0 Terrance c\u00f3 th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn \u1ea5n t\u01b0\u1ee3ng, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c th\u01b0\u1eddng s\u1eed d\u1ee5ng c\u00e1c khung l\u00e0m vi\u1ec7c c\u00f3 c\u1ea5u tr\u00fac h\u01a1n khi ph\u00e1t tri\u1ec3n c\u00e1c d\u1ef1 b\u00e1o d\u00e0i h\u1ea1n nh\u01b0 d\u1ef1 \u0111o\u00e1n gi\u00e1 c\u1ed5 phi\u1ebfu mara 2025. C\u00e1c khung l\u00e0m vi\u1ec7c n\u00e0y k\u1ebft h\u1ee3p c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh l\u01b0\u1ee3ng v\u1edbi c\u00e1c \u0111\u00e1nh gi\u00e1 \u0111\u1ecbnh t\u00ednh tr\u00ean nhi\u1ec1u k\u1ecbch b\u1ea3n \u0111\u1ec3 qu\u1ea3n l\u00fd s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ef1c \u0111oan v\u1ed1n c\u00f3 trong c\u1ed5 phi\u1ebfu khai th\u00e1c.<\/p>\n<\/div>\n

            \n

            Ph\u01b0\u01a1ng Ph\u00e1p Ba Tr\u1ee5 C\u1ed9t<\/h3>\n<\/div>\n
            \n

            Sarah Jenkins, c\u1ef1u nh\u00e0 ph\u00e2n t\u00edch qu\u1ef9 \u0111\u1ea7u c\u01a1 t\u1ea1i Renaissance Technologies v\u00e0 hi\u1ec7n l\u00e0 c\u1ed1 v\u1ea5n c\u1ee7a Pocket Option, gi\u1ea3i th\u00edch khung l\u00e0m vi\u1ec7c ba tr\u1ee5 c\u1ed9t \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng b\u1edfi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c \u0111\u00e3 t\u1ea1o ra l\u1ee3i nhu\u1eadn trung b\u00ecnh 211% tr\u00ean c\u1ed5 phi\u1ebfu khai th\u00e1c trong giai \u0111o\u1ea1n 2020-2021:<\/p>\n<\/div>\n

            \n
            \n\n\n\n\n\n\n\n
            Tr\u1ee5 C\u1ed9t Ph\u00e2n T\u00edch<\/th>\nCh\u1ec9 S\u1ed1 Ch\u00ednh<\/th>\n\u1ee8ng D\u1ee5ng cho MARA<\/th>\n<\/tr>\n<\/thead>\n
            1. Hi\u1ec7u Qu\u1ea3 Ho\u1ea1t \u0110\u1ed9ng<\/td>\n– T\u1ef7 l\u1ec7 b\u0103m tr\u00ean m\u1ed7i \u0111\u00f4 la \u0111\u1ea7u t\u01b0- Chi ph\u00ed \u0111i\u1ec7n tr\u00ean m\u1ed7i Bitcoin khai th\u00e1c- L\u1ecbch tr\u00ecnh kh\u1ea5u hao thi\u1ebft b\u1ecb<\/td>\nS\u1ef1 chuy\u1ec3n \u0111\u1ed5i chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a Marathon sang n\u0103ng l\u01b0\u1ee3ng t\u00e1i t\u1ea1o \u1edf Montana v\u00e0 North Dakota \u0111\u00e3 gi\u1ea3m chi ph\u00ed \u0111i\u1ec7n t\u1eeb $0.062\/kWh v\u00e0o n\u0103m 2022 xu\u1ed1ng c\u00f2n $0.052\/kWh v\u00e0o Q1 2024\u2014c\u1ea3i thi\u1ec7n 16.8%<\/td>\n<\/tr>\n
            2. S\u1ee9c M\u1ea1nh B\u1ea3ng C\u00e2n \u0110\u1ed1i K\u1ebf To\u00e1n<\/td>\n– S\u1ed1 l\u01b0\u1ee3ng Bitcoin n\u1eafm gi\u1eef so v\u1edbi ngh\u0129a v\u1ee5 n\u1ee3- Chi ph\u00ed c\u1ed1 \u0111\u1ecbnh so v\u1edbi chi ph\u00ed bi\u1ebfn \u0111\u1ed5i- T\u1ef7 l\u1ec7 \u0111\u1ed1t ti\u1ec1n m\u1eb7t \u1edf c\u00e1c m\u1ee9c gi\u00e1 BTC kh\u00e1c nhau<\/td>\nT\u00ednh \u0111\u1ebfn Q1 2024, Marathon n\u1eafm gi\u1eef 15,741 Bitcoin (tr\u1ecb gi\u00e1 kho\u1ea3ng $946M) v\u00e0 $399M ti\u1ec1n m\u1eb7t so v\u1edbi ch\u1ec9 $30M n\u1ee3\u2014t\u1ea1o ra t\u1ef7 l\u1ec7 t\u00e0i s\u1ea3n tr\u00ean n\u1ee3 l\u00e0 45:1<\/td>\n<\/tr>\n
            3. \u0110\u1ecbnh V\u1ecb Chi\u1ebfn L\u01b0\u1ee3c<\/td>\n– \u0110a d\u1ea1ng h\u00f3a \u0111\u1ecba l\u00fd- Ti\u1ebfp x\u00fac v\u1edbi quy \u0111\u1ecbnh- N\u1ed7 l\u1ef1c t\u00edch h\u1ee3p d\u1ecdc<\/td>\nM\u1edf r\u1ed9ng t\u1eeb 2 \u0111\u1ecba \u0111i\u1ec3m ho\u1ea1t \u0111\u1ed9ng v\u00e0o n\u0103m 2022 l\u00ean 7 \u0111\u1ecba \u0111i\u1ec3m tr\u00ean 5 bang v\u00e0o n\u0103m 2024 gi\u1ea3m r\u1ee7i ro t\u1eadp trung quy \u0111\u1ecbnh 63% d\u1ef1a tr\u00ean ph\u00e2n ph\u1ed1i t\u1ef7 l\u1ec7 b\u0103m<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
            \n

            “H\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb ch\u1ec9 t\u1eadp trung v\u00e0o gi\u00e1 Bitcoin khi \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu khai th\u00e1c nh\u01b0 Marathon,” Jenkins gi\u1ea3i th\u00edch. “Ph\u00e2n t\u00edch m\u1ed9t bi\u1ebfn s\u1ed1 n\u00e0y b\u1ecf l\u1ee1 s\u1ef1 t\u01b0\u01a1ng t\u00e1c quan tr\u1ecdng gi\u1eefa hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng, qu\u1ea3n l\u00fd b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n, v\u00e0 \u0111\u1ecbnh v\u1ecb chi\u1ebfn l\u01b0\u1ee3c th\u1ef1c s\u1ef1 quy\u1ebft \u0111\u1ecbnh th\u1ee3 m\u1ecf n\u00e0o s\u1ed1ng s\u00f3t qua c\u00e1c \u0111\u1ee3t suy tho\u00e1i v\u00e0 ph\u00e1t tri\u1ec3n m\u1ea1nh trong c\u00e1c \u0111\u1ee3t t\u0103ng tr\u01b0\u1edfng.”<\/p>\n<\/div>\n

            \n

            \u0110\u1ec3 ph\u00e1t tri\u1ec3n m\u1ed9t d\u1ef1 b\u00e1o c\u1ed5 phi\u1ebfu mara ch\u00ednh x\u00e1c 2025, Jenkins khuy\u1ebfn ngh\u1ecb t\u1ea1o ra nhi\u1ec1u k\u1ecbch b\u1ea3n d\u1ef1a tr\u00ean c\u00e1c ph\u1ea1m vi gi\u00e1 Bitcoin, sau \u0111\u00f3 \u0111\u00e1nh gi\u00e1 c\u00e1ch c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n c\u1ee7a c\u00f4ng ty s\u1ebd ho\u1ea1t \u0111\u1ed9ng trong m\u1ed7i k\u1ecbch b\u1ea3n b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng c\u00e1c ch\u1ec9 s\u1ed1 c\u00f3 th\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng:<\/p>\n<\/div>\n

            \n
            \n\n\n\n\n\n\n\n\n\n
            K\u1ecbch B\u1ea3n<\/th>\nPh\u1ea1m Vi Gi\u00e1 Bitcoin (2025)<\/th>\nCh\u1ec9 S\u1ed1 D\u1ef1 Ki\u1ebfn c\u1ee7a MARA<\/th>\nPh\u1ea1m Vi Gi\u00e1 D\u1ef1 Ki\u1ebfn c\u1ee7a MARA<\/th>\n<\/tr>\n<\/thead>\n
            K\u1ecbch B\u1ea3n G\u1ea5u Nghi\u00eam Tr\u1ecdng<\/td>\n$25,000 – $35,000<\/td>\nS\u1ea3n xu\u1ea5t h\u00e0ng th\u00e1ng: 300-400 BTCBi\u00ean l\u1ee3i nhu\u1eadn khai th\u00e1c: 25-35%<\/td>\n$7 – $12<\/td>\n<\/tr>\n
            K\u1ecbch B\u1ea3n G\u1ea5u V\u1eeba Ph\u1ea3i<\/td>\n$35,000 – $50,000<\/td>\nS\u1ea3n xu\u1ea5t h\u00e0ng th\u00e1ng: 400-500 BTCBi\u00ean l\u1ee3i nhu\u1eadn khai th\u00e1c: 40-45%<\/td>\n$12 – $25<\/td>\n<\/tr>\n
            K\u1ecbch B\u1ea3n C\u01a1 S\u1edf<\/td>\n$80,000 – $120,000<\/td>\nS\u1ea3n xu\u1ea5t h\u00e0ng th\u00e1ng: 550-650 BTCBi\u00ean l\u1ee3i nhu\u1eadn khai th\u00e1c: 60-70%<\/td>\n$45 – $90<\/td>\n<\/tr>\n
            K\u1ecbch B\u1ea3n B\u00f2 V\u1eeba Ph\u1ea3i<\/td>\n$120,000 – $150,000<\/td>\nS\u1ea3n xu\u1ea5t h\u00e0ng th\u00e1ng: 600-700 BTCBi\u00ean l\u1ee3i nhu\u1eadn khai th\u00e1c: 70-75%<\/td>\n$90 – $120<\/td>\n<\/tr>\n
            K\u1ecbch B\u1ea3n B\u00f2 M\u1ea1nh<\/td>\n$150,000 – $250,000<\/td>\nS\u1ea3n xu\u1ea5t h\u00e0ng th\u00e1ng: 650-750 BTCBi\u00ean l\u1ee3i nhu\u1eadn khai th\u00e1c: 75-85%<\/td>\n$120 – $250<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
            \n

            Ph\u01b0\u01a1ng ph\u00e1p d\u1ef1a tr\u00ean k\u1ecbch b\u1ea3n n\u00e0y t\u1ea1o th\u00e0nh n\u1ec1n t\u1ea3ng cho h\u1ea7u h\u1ebft c\u00e1c ph\u00e2n t\u00edch d\u1ef1 \u0111o\u00e1n gi\u00e1 c\u1ed5 phi\u1ebfu mara 2025 c\u1ee7a t\u1ed5 ch\u1ee9c. B\u1eb1ng c\u00e1ch g\u00e1n x\u00e1c su\u1ea5t cho m\u1ed7i k\u1ecbch b\u1ea3n (hi\u1ec7n t\u1ea1i 10% g\u1ea5u nghi\u00eam tr\u1ecdng, 15% g\u1ea5u v\u1eeba ph\u1ea3i, 45% c\u01a1 s\u1edf, 20% b\u00f2 v\u1eeba ph\u1ea3i, 10% b\u00f2 m\u1ea1nh), c\u00e1c nh\u00e0 ph\u00e2n t\u00edch ph\u00e1t tri\u1ec3n c\u00e1c m\u1ee5c ti\u00eau gi\u00e1 c\u00f3 tr\u1ecdng s\u1ed1 ph\u1ea3n \u00e1nh \u0111\u1ea7y \u0111\u1ee7 c\u00e1c k\u1ebft qu\u1ea3 ti\u1ec1m n\u0103ng. S\u1ef1 \u0111\u1ed3ng thu\u1eadn c\u1ee7a t\u1ed5 ch\u1ee9c hi\u1ec7n t\u1ea1i c\u00e2n nh\u1eafc k\u1ecbch b\u1ea3n c\u01a1 s\u1edf n\u1eb7ng nh\u1ea5t, mang l\u1ea1i m\u1ee5c ti\u00eau c\u00f3 tr\u1ecdng s\u1ed1 x\u00e1c su\u1ea5t l\u00e0 $76.35 cho gi\u1eefa n\u0103m 2025.<\/p>\n<\/div>\n

            \n

            C\u00e2u Chuy\u1ec7n Th\u00e0nh C\u00f4ng Ph\u00e2n T\u00edch K\u1ef9 Thu\u1eadt: X\u00e1c \u0110\u1ecbnh C\u00e1c M\u1eabu Gi\u00e1 Quan Tr\u1ecdng c\u1ee7a MARA<\/h2>\n<\/div>\n
            \n

            Trong khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n t\u1eadp trung v\u00e0o c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n, nhi\u1ec1u nh\u00e0 giao d\u1ecbch th\u00e0nh c\u00f4ng \u0111\u00e3 t\u1eadn d\u1ee5ng ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt \u0111\u1ec3 t\u1eadn d\u1ee5ng c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ee7a MARA. Elena Kowalski, m\u1ed9t c\u1ef1u nh\u00e0 giao d\u1ecbch quy\u1ec1n ch\u1ecdn v\u1edbi 11 n\u0103m kinh nghi\u1ec7m t\u1ea1i Citadel Securities, ch\u1ee9ng minh c\u00e1ch c\u00e1c m\u1eabu k\u1ef9 thu\u1eadt c\u1ee5 th\u1ec3 c\u00f3 th\u1ec3 th\u00f4ng b\u00e1o c\u1ea3 th\u1eddi \u0111i\u1ec3m v\u00e0o l\u1ec7nh v\u00e0 k\u00edch th\u01b0\u1edbc v\u1ecb th\u1ebf.<\/p>\n<\/div>\n

            \n

            Trong ph\u00e2n t\u00edch c\u1ee7a m\u00ecnh v\u1ec1 h\u00e0nh \u0111\u1ed9ng gi\u00e1 c\u1ee7a MARA trong n\u0103m 2023, Kowalski \u0111\u00e3 x\u00e1c \u0111\u1ecbnh c\u00e1c h\u00ecnh th\u00e0nh k\u1ef9 thu\u1eadt c\u1ee5 th\u1ec3 th\u01b0\u1eddng xuy\u00ean xu\u1ea5t hi\u1ec7n tr\u01b0\u1edbc c\u00e1c \u0111\u1ed9ng th\u00e1i \u0111\u00e1ng k\u1ec3, ghi l\u1ea1i t\u1eebng m\u1eabu v\u00e0 k\u1ebft qu\u1ea3 sau \u0111\u00f3:<\/p>\n<\/div>\n

            \n
            \n\n\n\n\n\n\n\n\n
            M\u1eabu K\u1ef9 Thu\u1eadt<\/th>\nT\u1ea7n Su\u1ea5t Quan S\u00e1t<\/th>\n\u0110\u1ed9ng Th\u00e1i Trung B\u00ecnh Sau \u0110\u00f3<\/th>\nT\u1ef7 L\u1ec7 Th\u00e0nh C\u00f4ng<\/th>\nKhung Th\u1eddi Gian Trung B\u00ecnh<\/th>\n<\/tr>\n<\/thead>\n
            Golden Cross (MA 50 ng\u00e0y c\u1eaft l\u00ean tr\u00ean MA 200 ng\u00e0y)<\/td>\n3 l\u1ea7n (Th\u00e1ng 2, Th\u00e1ng 6, Th\u00e1ng 11 2023)<\/td>\n+47.3% trong v\u00f2ng 30 ng\u00e0y<\/td>\n3\/3 (100%)<\/td>\nHi\u1ec7u \u1ee9ng t\u00edn hi\u1ec7u k\u00e9o d\u00e0i 24-38 ng\u00e0y<\/td>\n<\/tr>\n
            Bull Flag Consolidation sau khi t\u0103ng 30%+<\/td>\n7 l\u1ea7n<\/td>\n+28.6% ti\u1ebfp t\u1ee5c<\/td>\n5\/7 (71.4%)<\/td>\nH\u00ecnh th\u00e0nh c\u1edd: 5-12 ng\u00e0y\u0110\u1ed9ng th\u00e1i breakout: 3-17 ng\u00e0y<\/td>\n<\/tr>\n
            Ph\u00e2n K\u1ef3 S\u1ee9c M\u1ea1nh T\u01b0\u01a1ng \u0110\u1ed1i so v\u1edbi Bitcoin<\/td>\n12 l\u1ea7n<\/td>\n-18.7% (ph\u00e2n k\u1ef3 gi\u1ea3m gi\u00e1)+22.4% (ph\u00e2n k\u1ef3 t\u0103ng gi\u00e1)<\/td>\n9\/12 (75%)<\/td>\nPh\u00e2n k\u1ef3 th\u01b0\u1eddng \u0111\u01b0\u1ee3c gi\u1ea3i quy\u1ebft trong v\u00f2ng 14 ng\u00e0y<\/td>\n<\/tr>\n
            Kh\u1ed1i L\u01b0\u1ee3ng T\u0103ng 3x Trung B\u00ecnh trong Ng\u00e0y Xu H\u01b0\u1edbng<\/td>\n15 l\u1ea7n<\/td>\nXu h\u01b0\u1edbng ti\u1ebfp t\u1ee5c trong trung b\u00ecnh 4.7 ng\u00e0y<\/td>\n12\/15 (80%)<\/td>\nHi\u1ec7u \u1ee9ng t\u0103ng kh\u1ed1i l\u01b0\u1ee3ng gi\u1ea3m d\u1ea7n sau 5-7 phi\u00ean<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
            \n

            Th\u1ef1c Hi\u1ec7n Giao D\u1ecbch Cup-and-Handle<\/h3>\n<\/div>\n
            \n

            Giao d\u1ecbch c\u00f3 l\u1ee3i nh\u1ea5t c\u1ee7a Kowalski di\u1ec5n ra v\u00e0o th\u00e1ng 10 n\u0103m 2023 khi c\u00f4 x\u00e1c \u0111\u1ecbnh m\u1ed9t m\u1eabu cup-and-handle chu\u1ea9n \u0111ang h\u00ecnh th\u00e0nh khi MARA h\u1ee3p nh\u1ea5t quanh m\u1ee9c $9-11 sau khi t\u0103ng 42% t\u1eeb m\u1ee9c th\u1ea5p th\u00e1ng 8. “\u0110i\u1ec1u l\u00e0m cho m\u1eabu n\u00e0y \u0111\u1eb7c bi\u1ec7t h\u1ea5p d\u1eabn l\u00e0 ch\u1eef k\u00fd kh\u1ed1i l\u01b0\u1ee3ng,” Kowalski gi\u1ea3i th\u00edch. “Kh\u1ed1i l\u01b0\u1ee3ng gi\u1ea3m 64% trong qu\u00e1 tr\u00ecnh h\u00ecnh th\u00e0nh handle (12-24 th\u00e1ng 10), cho th\u1ea5y s\u1ef1 c\u1ea1n ki\u1ec7t c\u1ee7a ng\u01b0\u1eddi b\u00e1n, trong khi s\u1ee9c m\u1ea1nh t\u01b0\u01a1ng \u0111\u1ed1i c\u1ee7a MARA so v\u1edbi Bitcoin c\u1ea3i thi\u1ec7n 11.3% ngay c\u1ea3 khi gi\u00e1 h\u1ee3p nh\u1ea5t.”<\/p>\n<\/div>\n

            \n

            Chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a c\u00f4 bao g\u1ed3m:<\/p>\n<\/div>\n

            \n
              \n
            • \u0110\u1eb7t \u0111i\u1ec3m v\u00e0o \u1edf m\u1ee9c $11.53 (ch\u1ec9 tr\u00ean ng\u01b0\u1ee1ng kh\u00e1ng c\u1ef1 c\u1ee7a handle) v\u1edbi \u0111i\u1ec3m d\u1eebng ban \u0111\u1ea7u \u1edf m\u1ee9c $9.86 (d\u01b0\u1edbi ng\u01b0\u1ee1ng h\u1ed7 tr\u1ee3 c\u1ee7a handle)<\/li>\n
            • T\u0103ng d\u1ea7n v\u00e0o v\u1ecb th\u1ebf v\u1edbi 30% t\u1ea1i \u0111i\u1ec3m breakout, 30% sau khi x\u00e1c nh\u1eadn ng\u00e0y \u0111\u1ea7u ti\u00ean, 40% sau khi ki\u1ec3m tra pullback<\/li>\n
            • S\u1eed d\u1ee5ng quy\u1ec1n ch\u1ecdn mua th\u00e1ng 12 $15 v\u1edbi delta 0.60 \u0111\u1ec3 t\u1eadn d\u1ee5ng s\u1ef1 m\u1edf r\u1ed9ng bi\u1ebfn \u0111\u1ed9ng d\u1ef1 ki\u1ebfn<\/li>\n
            • \u0110\u1eb7t c\u00e1c m\u1ee5c ti\u00eau l\u1ee3i nhu\u1eadn theo t\u1eebng b\u1eadc \u1edf m\u1ee9c $14.75 (kh\u00e1ng c\u1ef1 tr\u01b0\u1edbc \u0111\u00f3), $18.30 (\u0111\u1ed9ng th\u00e1i \u0111o l\u01b0\u1eddng), v\u00e0 $22.50 (m\u1ee5c ti\u00eau m\u1edf r\u1ed9ng)<\/li>\n<\/ul>\n<\/div>\n
              \n

              K\u1ebft qu\u1ea3 l\u00e0 l\u1ee3i nhu\u1eadn 126% tr\u00ean v\u1ed1n trong kho\u1ea3ng b\u1ea3y tu\u1ea7n khi MARA t\u0103ng t\u1eeb $11.50 l\u00ean h\u01a1n $24 v\u00e0o ng\u00e0y 15 th\u00e1ng 12. “Ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt s\u1ebd kh\u00f4ng cho b\u1ea1n bi\u1ebft MARA s\u1ebd \u1edf \u0111\u00e2u v\u00e0o n\u0103m 2025,” Kowalski l\u01b0u \u00fd, “nh\u01b0ng n\u00f3 c\u00f3 th\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c \u0111i\u1ec3m v\u00e0o v\u00e0 ra c\u00f3 x\u00e1c su\u1ea5t cao v\u1edbi c\u00e1c th\u00f4ng s\u1ed1 r\u1ee7i ro \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh\u2014mang l\u1ea1i cho b\u1ea1n l\u1ee3i nhu\u1eadn \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro v\u01b0\u1ee3t tr\u1ed9i trong khi lu\u1eadn \u0111i\u1ec3m d\u00e0i h\u1ea1n di\u1ec5n ra.”<\/p>\n<\/div>\n

              \n

              \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u00e1t tri\u1ec3n d\u1ef1 \u0111o\u00e1n c\u1ed5 phi\u1ebfu mara 2025 c\u1ee7a ri\u00eang h\u1ecd, Kowalski khuy\u1ebfn ngh\u1ecb k\u1ebft h\u1ee3p ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh th\u1eddi \u0111i\u1ec3m v\u1edbi ph\u00e2n t\u00edch c\u01a1 b\u1ea3n \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh h\u01b0\u1edbng \u0111i. “C\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n cho b\u1ea1n bi\u1ebft n\u00ean mua g\u00ec; k\u1ef9 thu\u1eadt cho b\u1ea1n bi\u1ebft khi n\u00e0o n\u00ean mua n\u00f3\u2014v\u00e0 quan tr\u1ecdng h\u01a1n, khi n\u00e0o n\u00ean b\u00e1n n\u00f3,” c\u00f4 gi\u1ea3i th\u00edch. “C\u00e1c kh\u00e1ch h\u00e0ng th\u00e0nh c\u00f4ng nh\u1ea5t c\u1ee7a t\u00f4i s\u1eed d\u1ee5ng c\u00e1c ch\u1ec9 s\u1ed1 c\u01a1 b\u1ea3n c\u1ee7a Marathon \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh k\u00edch th\u01b0\u1edbc v\u1ecb th\u1ebf, v\u00e0 c\u00e1c t\u00edn hi\u1ec7u k\u1ef9 thu\u1eadt \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh th\u1eddi \u0111i\u1ec3m v\u00e0o v\u00e0 ra.”<\/p>\n<\/div>\n

              \n

              M\u00f4 H\u00ecnh \u0110\u1ecbnh L\u01b0\u1ee3ng: C\u00e1ch Ti\u1ebfp C\u1eadn To\u00e1n H\u1ecdc \u0110\u1ec3 D\u1ef1 B\u00e1o C\u1ed5 Phi\u1ebfu MARA 2030<\/h2>\n<\/div>\n
              \n

              Nh\u00ecn xa h\u01a1n n\u0103m 2025 \u0111\u1ec3 ph\u00e1t tri\u1ec3n d\u1ef1 b\u00e1o c\u1ed5 phi\u1ebfu mara 2030 \u0111\u00f2i h\u1ecfi c\u00e1c k\u1ef9 thu\u1eadt m\u00f4 h\u00ecnh h\u00f3a tinh vi h\u01a1n, t\u00ednh \u0111\u1ebfn nhi\u1ec1u chu k\u1ef3 halving c\u1ee7a Bitcoin. Ti\u1ebfn s\u0129 James Chen, nh\u00e0 ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng v\u1edbi b\u1eb1ng ti\u1ebfn s\u0129 to\u00e1n t\u00e0i ch\u00ednh t\u1eeb MIT v\u00e0 c\u1ed1 v\u1ea5n c\u1ee7a Pocket Option, \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t m\u00f4 h\u00ecnh \u0111a y\u1ebfu t\u1ed1 \u0111\u1ed9c quy\u1ec1n k\u1ebft h\u1ee3p c\u00e1c chu k\u1ef3 halving c\u1ee7a Bitcoin, d\u1ef1 b\u00e1o \u0111\u1ed9 kh\u00f3 khai th\u00e1c, v\u00e0 hi\u1ec7u qu\u1ea3 th\u1ef1c hi\u1ec7n l\u1ecbch s\u1eed c\u1ee7a Marathon.<\/p>\n<\/div>\n

              \n

              M\u00f4 H\u00ecnh T\u00e1c \u0110\u1ed9ng Chu K\u1ef3 Halving<\/h3>\n<\/div>\n
              \n

              M\u00f4 h\u00ecnh c\u1ee7a Chen \u0111\u1ecbnh l\u01b0\u1ee3ng m\u1ed1i quan h\u1ec7 gi\u1eefa c\u00e1c s\u1ef1 ki\u1ec7n halving b\u1ed1n n\u0103m m\u1ed9t l\u1ea7n c\u1ee7a Bitcoin v\u00e0 hi\u1ec7u su\u1ea5t gi\u00e1 c\u1ee7a MARA qua c\u00e1c giai \u0111o\u1ea1n kh\u00e1c nhau. “C\u1ed5 phi\u1ebfu khai th\u00e1c Bitcoin kh\u00f4ng theo gi\u00e1 Bitcoin m\u1ed9t c\u00e1ch tuy\u1ebfn t\u00ednh,” Chen gi\u1ea3i th\u00edch. “Ch\u00fang ph\u1ea3n \u1ee9ng v\u1edbi nh\u1eefng thay \u0111\u1ed5i trong kinh t\u1ebf khai th\u00e1c th\u00f4ng qua hi\u1ec7u \u1ee9ng b\u01b0\u1edbc, v\u1edbi m\u1ed7i l\u1ea7n halving t\u1ea1o ra b\u1ed1n giai \u0111o\u1ea1n kh\u00e1c bi\u1ec7t l\u1eb7p l\u1ea1i v\u1edbi t\u01b0\u01a1ng quan 83% qua c\u00e1c chu k\u1ef3.”<\/p>\n<\/div>\n

              \n
              \n\n\n\n\n\n\n\n\n
              Giai \u0110o\u1ea1n Chu K\u1ef3 Halving<\/th>\nTh\u1eddi Gian Th\u00f4ng Th\u01b0\u1eddng<\/th>\nHi\u1ec7u Su\u1ea5t L\u1ecbch S\u1eed c\u1ee7a MARA<\/th>\n\u0110\u1ea7u V\u00e0o M\u00f4 H\u00ecnh Ch\u00ednh<\/th>\n<\/tr>\n<\/thead>\n
              T\u00edch L\u0169y Tr\u01b0\u1edbc Halving<\/td>\n3-6 th\u00e1ng tr\u01b0\u1edbc halving<\/td>\n+127% trung b\u00ecnh (2019-20, 2023-24)<\/td>\nM\u1edf r\u1ed9ng bi\u00ean l\u1ee3i nhu\u1eadn khai th\u00e1c (42% \u0111\u1ebfn 68%), \u0111\u1ecbnh v\u1ecb t\u1ed5 ch\u1ee9c (+3.7x kh\u1ed1i l\u01b0\u1ee3ng)<\/td>\n<\/tr>\n
              \u0110i\u1ec1u Ch\u1ec9nh Sau Halving<\/td>\n1-3 th\u00e1ng sau halving<\/td>\n-31% trung b\u00ecnh (Q2 2020, d\u1ef1 ki\u1ebfn Q2-Q3 2024)<\/td>\nGi\u1ea3m s\u1ea3n xu\u1ea5t Bitcoin (-45%), n\u00e9n bi\u00ean l\u1ee3i nhu\u1eadn t\u1ea1m th\u1eddi (-18%)<\/td>\n<\/tr>\n
              M\u1edf R\u1ed9ng Gi\u1eefa Chu K\u1ef3<\/td>\n4-18 th\u00e1ng sau halving<\/td>\n+284% trung b\u00ecnh (Q3 2020-Q1 2021)<\/td>\nT\u0103ng gi\u00e1 Bitcoin (+210%), t\u1ed1i \u01b0u h\u00f3a t\u1ef7 l\u1ec7 b\u0103m c\u1ea3i thi\u1ec7n bi\u00ean l\u1ee3i nhu\u1eadn (+12%)<\/td>\n<\/tr>\n
              Tr\u01b0\u1edfng Th\u00e0nh Cu\u1ed1i Chu K\u1ef3<\/td>\n19-24 th\u00e1ng sau halving<\/td>\n+46% trung b\u00ecnh (Q2-Q3 2021)<\/td>\nDoanh thu khai th\u00e1c \u0111\u1ea1t \u0111\u1ec9nh (+68% so v\u1edbi gi\u1eefa chu k\u1ef3), t\u00e1i \u0111\u1ea7u t\u01b0 thi\u1ebft b\u1ecb (chu\u1ea9n b\u1ecb cho chu k\u1ef3 ti\u1ebfp theo)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
              \n

              \u0110\u1ec3 ph\u00e1t tri\u1ec3n d\u1ef1 \u0111o\u00e1n gi\u00e1 c\u1ed5 phi\u1ebfu mara 2030, m\u00f4 h\u00ecnh c\u1ee7a Chen k\u1ebft h\u1ee3p hai chu k\u1ef3 halving ho\u00e0n ch\u1ec9nh (2024 v\u00e0 2028), v\u1edbi c\u00e1c \u0111i\u1ec1u ch\u1ec9nh t\u01b0\u01a1ng \u1ee9ng cho quy m\u00f4 ng\u00e0y c\u00e0ng t\u0103ng c\u1ee7a Marathon v\u00e0 c\u00e1c c\u1ea3i ti\u1ebfn ho\u1ea1t \u0111\u1ed9ng. M\u00f4 h\u00ecnh s\u1eed d\u1ee5ng m\u00f4 ph\u1ecfng Monte Carlo v\u1edbi 10,000 l\u1ea7n l\u1eb7p l\u1ea1i \u0111\u1ec3 t\u1ea1o ra c\u00e1c ph\u00e2n ph\u1ed1i x\u00e1c su\u1ea5t thay v\u00ec \u01b0\u1edbc l\u01b0\u1ee3ng \u0111i\u1ec3m.<\/p>\n<\/div>\n

              \n

              “\u0110\u1ebfn n\u0103m 2030, gi\u1ea3 s\u1eed Bitcoin \u0111\u1ea1t \u0111\u01b0\u1ee3c tr\u1ea1ng th\u00e1i t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh ch\u00ednh th\u1ed1ng v\u1edbi \u00edt nh\u1ea5t m\u1ed9t ph\u1ea7n tr\u1ea1ng th\u00e1i ph\u00e2n b\u1ed5 t\u1ed5 ch\u1ee9c, c\u00e1c m\u00f4 h\u00ecnh c\u1ee7a t\u00f4i cho th\u1ea5y Marathon c\u00f3 th\u1ec3 ho\u1ea1t \u0111\u1ed9ng \u1edf quy m\u00f4 g\u1ea5p 6.2 l\u1ea7n hi\u1ec7n t\u1ea1i, v\u1edbi hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng c\u1ea3i thi\u1ec7n 35% th\u00f4ng qua c\u00f4ng ngh\u1ec7 khai th\u00e1c th\u1ebf h\u1ec7 ti\u1ebfp theo v\u00e0 t\u1ed1i \u01b0u h\u00f3a n\u0103ng l\u01b0\u1ee3ng,” Chen tuy\u00ean b\u1ed1. “Tuy nhi\u00ean, d\u1ef1 b\u00e1o n\u00e0y gi\u1ea3 \u0111\u1ecbnh h\u1ecd duy tr\u00ec v\u1ecb th\u1ebf c\u1ea1nh tranh c\u1ee7a m\u00ecnh, \u0111i\u1ec1u n\u00e0y \u0111\u00f2i h\u1ecfi s\u1ef1 xu\u1ea5t s\u1eafc li\u00ean t\u1ee5c trong th\u1ef1c hi\u1ec7n trong m\u1ed9t b\u1ed1i c\u1ea3nh khai th\u00e1c ng\u00e0y c\u00e0ng tinh vi.”<\/p>\n<\/div>\n

              \n

              M\u00f4 h\u00ecnh d\u1ef1 \u0111o\u00e1n gi\u00e1 c\u1ed5 phi\u1ebfu mara 2030 c\u1ee7a Chen t\u1ea1o ra m\u1ed9t ph\u00e2n ph\u1ed1i x\u00e1c su\u1ea5t tr\u00ean nhi\u1ec1u k\u1ecbch b\u1ea3n thay v\u00ec \u01b0\u1edbc l\u01b0\u1ee3ng \u0111i\u1ec3m \u0111\u01a1n l\u1ebb:<\/p>\n<\/div>\n

              \n
              \n\n\n\n\n\n\n\n
              K\u1ecbch B\u1ea3n<\/th>\nGi\u1ea3 \u0110\u1ecbnh Gi\u00e1 Bitcoin (2030)<\/th>\nTh\u1ecb Ph\u1ea7n MARA<\/th>\nPh\u1ea1m Vi Gi\u00e1 D\u1ef1 Ki\u1ebfn c\u1ee7a MARA<\/th>\nTr\u1ecdng S\u1ed1 X\u00e1c Su\u1ea5t<\/th>\n<\/tr>\n<\/thead>\n
              K\u1ecbch B\u1ea3n B\u1ea3o Th\u1ee7<\/td>\n$250,000 – $350,000<\/td>\n1.5-2.0% c\u1ee7a t\u1ef7 l\u1ec7 b\u0103m to\u00e0n c\u1ea7u<\/td>\n$120 – $280<\/td>\n25%<\/td>\n<\/tr>\n
              K\u1ecbch B\u1ea3n C\u01a1 S\u1edf<\/td>\n$500,000 – $750,000<\/td>\n2.0-2.5% c\u1ee7a t\u1ef7 l\u1ec7 b\u0103m to\u00e0n c\u1ea7u<\/td>\n$350 – $650<\/td>\n45%<\/td>\n<\/tr>\n
              K\u1ecbch B\u1ea3n L\u1ea1c Quan<\/td>\n$1,000,000+<\/td>\n2.5-3.0% c\u1ee7a t\u1ef7 l\u1ec7 b\u0103m to\u00e0n c\u1ea7u<\/td>\n$800 – $1,200+<\/td>\n30%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
              \n

              Chuy\u1ec3n \u0111\u1ed5i c\u00e1c ph\u1ea1m vi r\u1ed9ng n\u00e0y th\u00e0nh c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n \u0111\u01b0\u1ee3c \u0111\u00f2i h\u1ecfi k\u00edch th\u01b0\u1edbc v\u1ecb th\u1ebf \u0111\u1ed9ng d\u1ef1a tr\u00ean m\u1ee9c \u0111\u1ed9 tin c\u1eady v\u00e0 kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro. Chen khuy\u1ebfn ngh\u1ecb m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn ph\u00e2n b\u1ed5 theo giai \u0111o\u1ea1n, trong \u0111\u00f3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u0103ng c\u01b0\u1eddng ti\u1ebfp x\u00fac trong c\u00e1c giai \u0111o\u1ea1n thu\u1eadn l\u1ee3i v\u1ec1 m\u1eb7t l\u1ecbch s\u1eed c\u1ee7a chu k\u1ef3 halving (\u0111\u1eb7c bi\u1ec7t l\u00e0 m\u1edf r\u1ed9ng gi\u1eefa chu k\u1ef3) v\u00e0 gi\u1ea3m ti\u1ebfp x\u00fac trong c\u00e1c giai \u0111o\u1ea1n \u0111i\u1ec1u ch\u1ec9nh. Ki\u1ec3m tra l\u1ea1i c\u1ee7a \u00f4ng cho th\u1ea5y c\u00e1ch ti\u1ebfp c\u1eadn \u0111\u1ed9ng n\u00e0y s\u1ebd v\u01b0\u1ee3t tr\u1ed9i h\u01a1n m\u1ed9t ph\u00e2n b\u1ed5 t\u0129nh 118% trong chu k\u1ef3 2020-2021.<\/p>\n<\/div>\n

              \n

              Qu\u1ea3n L\u00fd R\u1ee7i Ro: C\u00e1ch C\u00e1c Nh\u00e0 \u0110\u1ea7u T\u01b0 Th\u00e0nh C\u00f4ng B\u1ea3o V\u1ec7 V\u1ed1n Trong Khi Theo \u0110u\u1ed5i Ti\u1ec1m N\u0103ng C\u1ee7a MARA<\/h2>\n<\/div>\n
              \n

              C\u00f3 l\u1ebd b\u00e0i h\u1ecdc quan tr\u1ecdng nh\u1ea5t t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 MARA th\u00e0nh c\u00f4ng kh\u00f4ng ph\u1ea3i l\u00e0 t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn\u2014m\u00e0 l\u00e0 b\u1ea3o to\u00e0n v\u1ed1n trong c\u00e1c \u0111\u1ee3t s\u1ee5t gi\u1ea3m kh\u00f4ng th\u1ec3 tr\u00e1nh kh\u1ecfi. Thomas Wright, qu\u1ea3n l\u00fd danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1ea1i qu\u1ef9 Fidelity’s Select Technology, ng\u01b0\u1eddi \u0111\u00e3 duy tr\u00ec c\u00e1c v\u1ecb th\u1ebf trong c\u1ed5 phi\u1ebfu khai th\u00e1c Bitcoin t\u1eeb n\u0103m 2019, nh\u1ea5n m\u1ea1nh nguy\u00ean t\u1eafc n\u00e0y: “C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ed1ng s\u00f3t \u0111\u1ee7 l\u00e2u \u0111\u1ec3 th\u1ea5y d\u1ef1 \u0111o\u00e1n c\u1ed5 phi\u1ebfu mara 2025 ho\u1eb7c 2030 c\u1ee7a h\u1ecd di\u1ec5n ra l\u00e0 nh\u1eefng ng\u01b0\u1eddi th\u1ef1c hi\u1ec7n c\u00e1c h\u1ec7 th\u1ed1ng qu\u1ea3n l\u00fd r\u1ee7i ro nghi\u00eam ng\u1eb7t c\u00f3 kh\u1ea3 n\u0103ng ch\u1ecbu \u0111\u1ef1ng c\u00e1c \u0111\u1ee3t s\u1ee5t gi\u1ea3m 80%+.”<\/p>\n<\/div>\n

              \n

              Khung l\u00e0m vi\u1ec7c c\u1ee7a Wright bao g\u1ed3m b\u1ed1n bi\u1ec7n ph\u00e1p b\u1ea3o v\u1ec7 c\u1ee5 th\u1ec3 \u0111\u00e3 cho ph\u00e9p \u00f4ng duy tr\u00ec c\u00e1c v\u1ecb th\u1ebf c\u1ed1t l\u00f5i qua nhi\u1ec1u chu k\u1ef3 b\u00f9ng n\u1ed5-s\u1ee5p \u0111\u1ed5:<\/p>\n<\/div>\n

              \n
                \n
              • K\u00edch th\u01b0\u1edbc v\u1ecb th\u1ebf d\u1ef1a tr\u00ean ph\u00e2n t\u00edch b\u1ea3n \u0111\u1ed3 nhi\u1ec7t danh m\u1ee5c \u0111\u1ea7u t\u01b0 (t\u01b0\u01a1ng quan 0.83 c\u1ee7a MARA v\u1edbi c\u00e1c th\u1ee3 m\u1ecf kh\u00e1c y\u00eau c\u1ea7u gi\u1ea3m ph\u00e2n b\u1ed5)<\/li>\n
              • M\u1ee9c d\u1eebng l\u1ed7 \u0111i\u1ec1u ch\u1ec9nh theo bi\u1ebfn \u0111\u1ed9ng \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng 2x Ph\u1ea1m Vi Th\u1ef1c Trung B\u00ecnh (ATR) thay v\u00ec t\u1ef7 l\u1ec7 ph\u1ea7n tr\u0103m c\u1ed1 \u0111\u1ecbnh<\/li>\n
              • \u0110a d\u1ea1ng h\u00f3a tr\u00ean chu\u1ed7i gi\u00e1 tr\u1ecb khai th\u00e1c (nh\u00e0 s\u1ea3n xu\u1ea5t thi\u1ebft b\u1ecb, nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 l\u01b0u tr\u1eef, th\u1ee3 m\u1ecf) \u0111\u1ec3 ph\u00f2ng ng\u1eeba c\u00e1c r\u1ee7i ro ho\u1ea1t \u0111\u1ed9ng c\u1ee5 th\u1ec3<\/li>\n
              • S\u1eed d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c quy\u1ec1n ch\u1ecdn b\u00e1n trong c\u00e1c giai \u0111o\u1ea1n \u0111\u1ecbnh gi\u00e1 c\u1ef1c \u0111oan (khi MARA giao d\u1ecbch tr\u00ean 7x EV\/EBITDA) nh\u01b0 m\u1ed9t bi\u1ec7n ph\u00e1p b\u1ea3o v\u1ec7 gi\u1ea3m gi\u00e1<\/li>\n<\/ul>\n<\/div>\n
                \n

                “MARA th\u01b0\u1eddng xuy\u00ean tr\u1ea3i qua c\u00e1c bi\u1ebfn \u0111\u1ed9ng h\u00e0ng ng\u00e0y 15-20%\u2014\u0111i\u1ec1u m\u00e0 h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng chu\u1ea9n b\u1ecb t\u00e2m l\u00fd \u0111\u1ec3 x\u1eed l\u00fd,” Wright l\u01b0u \u00fd. “N\u1ebfu kh\u00f4ng c\u00f3 c\u00e1c ki\u1ec3m so\u00e1t r\u1ee7i ro c\u00f3 h\u1ec7 th\u1ed1ng, vi\u1ec7c ra quy\u1ebft \u0111\u1ecbnh c\u1ea3m x\u00fac s\u1ebd chi\u1ebfm \u01b0u th\u1ebf, d\u1eabn \u0111\u1ebfn vi\u1ec7c mua cao v\u00e0 b\u00e1n th\u1ea5p, nh\u01b0 \u0111\u00e3 th\u1ea5y trong s\u1ef1 \u0111\u1ea7u h\u00e0ng c\u1ee7a b\u00e1n l\u1ebb v\u00e0o th\u00e1ng 11-12 n\u0103m 2022 khi MARA ch\u1ea1m \u0111\u00e1y \u1edf m\u1ee9c $3.11.”<\/p>\n<\/div>\n

                \n
                \n\n\n\n\n\n\n\n\n
                K\u1ef9 Thu\u1eadt Qu\u1ea3n L\u00fd R\u1ee7i Ro<\/th>\nPh\u01b0\u01a1ng Ph\u00e1p Th\u1ef1c Hi\u1ec7n<\/th>\nK\u1ebft Qu\u1ea3 D\u1ef1 Ki\u1ebfn<\/th>\nV\u00ed D\u1ee5 Th\u1ef1c T\u1ebf<\/th>\n<\/tr>\n<\/thead>\n
                K\u00edch Th\u01b0\u1edbc V\u1ecb Th\u1ebf<\/td>\nT\u1ed1i \u0111a 2-5% ph\u00e2n b\u1ed5 danh m\u1ee5c \u0111\u1ea7u t\u01b0 cho MARA, m\u1edf r\u1ed9ng theo bi\u1ebfn \u0111\u1ed9ng<\/td>\nGi\u1edbi h\u1ea1n s\u1ee5t gi\u1ea3m ti\u1ec1m n\u0103ng \u1edf m\u1ee9c c\u00f3 th\u1ec3 qu\u1ea3n l\u00fd<\/td>\nTrong s\u1ef1 s\u1ee5p \u0111\u1ed5 n\u0103m 2022, ph\u00e2n b\u1ed5 3% c\u1ee7a Wright cho MARA gi\u1ea3m xu\u1ed1ng ch\u1ec9 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1ed5ng th\u1ec3 -2.7%<\/td>\n<\/tr>\n
                D\u1eebng L\u1ed7 D\u1ef1a Tr\u00ean Bi\u1ebfn \u0110\u1ed9ng<\/td>\nD\u1eebng l\u1ed7 \u1edf m\u1ee9c 1.5-2x Ph\u1ea1m Vi Th\u1ef1c Trung B\u00ecnh (ATR-14)<\/td>\nNg\u0103n ch\u1eb7n tho\u00e1t ra trong bi\u1ebfn \u0111\u1ed9ng b\u00ecnh th\u01b0\u1eddng trong khi b\u1ea3o v\u1ec7 v\u1ed1n<\/td>\nD\u1eebng l\u1ed7 d\u1ef1a tr\u00ean ATR \u1edf m\u1ee9c $16.42 v\u00e0o th\u00e1ng 10 n\u0103m 2021 tr\u00e1nh \u0111\u01b0\u1ee3c vi\u1ec7c b\u00e1n ho\u1ea3ng lo\u1ea1n \u1edf m\u1ee9c $9-10 khi \u0111i\u1ec1u ch\u1ec9nh b\u00ecnh th\u01b0\u1eddng chuy\u1ec3n th\u00e0nh th\u1ecb tr\u01b0\u1eddng g\u1ea5u<\/td>\n<\/tr>\n
                Nh\u1eadp L\u1ec7nh Theo T\u1eebng \u0110\u1ee3t<\/td>\nX\u00e2y d\u1ef1ng v\u1ecb th\u1ebf qua 3-5 \u0111i\u1ec3m gi\u00e1 v\u1edbi 20-30% ph\u00e2n b\u1ed5 m\u1ed7i \u0111\u1ee3t<\/td>\nC\u1ea3i thi\u1ec7n gi\u00e1 nh\u1eadp trung b\u00ecnh trong c\u00e1c giai \u0111o\u1ea1n t\u00edch l\u0169y<\/td>\nNh\u1eadp l\u1ec7nh 5 \u0111\u1ee3t c\u1ee7a Wright v\u00e0o Q1 2023 \u0111\u1ea1t gi\u00e1 trung b\u00ecnh $7.89 so v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1eadp l\u1ec7nh \u0111\u01a1n l\u1ebb th\u01b0\u1eddng mua \u1edf m\u1ee9c $10+<\/td>\n<\/tr>\n
                Ph\u00f2ng Ng\u1eeba Chi\u1ebfn L\u01b0\u1ee3c<\/td>\nQuy\u1ec1n ch\u1ecdn b\u00e1n ngo\u00e0i ti\u1ec1n (h\u1ebft h\u1ea1n 30-45 ng\u00e0y) trong c\u00e1c giai \u0111o\u1ea1n RSI c\u1ef1c \u0111oan (>80)<\/td>\nB\u1ea3o hi\u1ec3m chi ph\u00ed th\u1ea5p ch\u1ed1ng l\u1ea1i s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh nghi\u00eam tr\u1ecdng<\/td>\nQuy\u1ec1n ch\u1ecdn th\u00e1ng 3 n\u0103m 2021 \u0111\u01b0\u1ee3c mua khi MARA \u0111\u1ea1t RSI 87 mang l\u1ea1i l\u1ee3i nhu\u1eadn 340% trong v\u00f2ng 14 ng\u00e0y, b\u00f9 \u0111\u1eafp s\u1ef1 s\u1ee5t gi\u1ea3m gi\u00e1 c\u1ed5 phi\u1ebfu 22%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
                \n

                C\u00e1ch ti\u1ebfp c\u1eadn c\u1ee7a Wright \u0111\u00e3 cho ph\u00e9p \u00f4ng duy tr\u00ec c\u00e1c v\u1ecb th\u1ebf c\u1ed1t l\u00f5i qua nhi\u1ec1u chu k\u1ef3 b\u00f9ng n\u1ed5-s\u1ee5p \u0111\u1ed5 trong khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c \u0111\u1ea7u h\u00e0ng. “Trong m\u00f9a \u0111\u00f4ng ti\u1ec1n \u0111i\u1ec7n t\u1eed n\u0103m 2022, khi MARA gi\u1ea3m 94.8% t\u1eeb m\u1ee9c cao th\u00e1ng 11 n\u0103m 2021 l\u00e0 $83.45 xu\u1ed1ng m\u1ee9c th\u1ea5p th\u00e1ng 12 n\u0103m 2022 l\u00e0 $3.11, kho\u1ea3ng 78% c\u1ed5 \u0111\u00f4ng b\u00e1n l\u1ebb \u0111\u00e3 b\u1ecb thanh l\u00fd ho\u00e0n to\u00e0n d\u1ef1a tr\u00ean d\u1eef li\u1ec7u s\u00e0n giao d\u1ecbch,” \u00f4ng gi\u1ea3i th\u00edch. “H\u1ec7 th\u1ed1ng qu\u1ea3n l\u00fd r\u1ee7i ro c\u1ee7a t\u00f4i \u0111\u00e3 gi\u1ea3m ti\u1ebfp x\u00fac 60% trong qu\u00e1 tr\u00ecnh \u0111\u1ec9nh tr\u00ean $50, b\u1ea3o to\u00e0n v\u1ed1n m\u00e0 t\u00f4i \u0111\u00e3 t\u00e1i \u0111\u1ea7u t\u01b0 \u0111\u1ec3 th\u00eam v\u1ecb th\u1ebf \u1edf m\u1ee9c $4.30, $6.75, v\u00e0 $8.20.”<\/p>\n<\/div>\n

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                C\u00e1ch ti\u1ebfp c\u1eadn k\u1ef7 lu\u1eadt n\u00e0y \u0111\u1ed1i v\u1edbi qu\u1ea3n l\u00fd r\u1ee7i ro l\u00e0 c\u1ea7n thi\u1ebft cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u00e1t tri\u1ec3n d\u1ef1 \u0111o\u00e1n c\u1ed5 phi\u1ebfu mara 2025 ho\u1eb7c lu\u1eadn \u0111i\u1ec3m \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n h\u01a1n. V\u1edbi s\u1ef1 bi\u1ebfn \u0111\u1ed9ng l\u1ecbch s\u1eed c\u1ee7a MARA (bi\u1ebfn \u0111\u1ed9ng l\u1ecbch s\u1eed trung b\u00ecnh 30 ng\u00e0y l\u00e0 126% so v\u1edbi 75% c\u1ee7a Bitcoin), ngay c\u1ea3 c\u00e1c d\u1ef1 b\u00e1o d\u00e0i h\u1ea1n ch\u00ednh x\u00e1c c\u0169ng s\u1ebd bao g\u1ed3m c\u00e1c \u0111\u1ee3t s\u1ee5t gi\u1ea3m \u0111\u00e1ng k\u1ec3. Nh\u01b0 Wright l\u01b0u \u00fd, “Kh\u00f4ng ch\u1ec9 l\u00e0 \u0111\u00fang v\u1ec1 n\u01a1i MARA s\u1ebd giao d\u1ecbch v\u00e0o n\u0103m 2025 ho\u1eb7c 2030\u2014m\u00e0 l\u00e0 s\u1ed1ng s\u00f3t qua c\u00e1c \u0111\u1ee3t s\u1ee5t gi\u1ea3m 50%+ s\u1ebd kh\u00f4ng th\u1ec3 tr\u00e1nh kh\u1ecfi tr\u00ean \u0111\u01b0\u1eddng \u0111i.”<\/p>\n<\/div>\n

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                Chi\u1ebfn L\u01b0\u1ee3c Th\u00edch \u1ee8ng: K\u1ebft H\u1ee3p Nhi\u1ec1u Ph\u01b0\u01a1ng Ph\u00e1p Cho C\u00e1c Giai \u0110o\u1ea1n Th\u1ecb Tr\u01b0\u1eddng Kh\u00e1c Nhau<\/h2>\n<\/div>\n
                \n

                C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi nh\u1ea5t nghi\u00ean c\u1ee9u d\u1ef1 b\u00e1o c\u1ed5 phi\u1ebfu mara 2025 nh\u1eadn ra r\u1eb1ng c\u00e1c ph\u01b0\u01a1ng ph\u00e1p ph\u00e2n t\u00edch kh\u00e1c nhau ho\u1ea1t \u0111\u1ed9ng t\u1ed1t h\u01a1n trong c\u00e1c giai \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng kh\u00e1c nhau. Rachel Goldstein, qu\u1ea3n l\u00fd qu\u1ef9 ti\u1ec1n \u0111i\u1ec7n t\u1eed \u0111\u00e3 \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn 311% khi qu\u1ea3n l\u00fd danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o khai th\u00e1c tr\u1ecb gi\u00e1 $187M trong giai \u0111o\u1ea1n 2020-2023, \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t khung l\u00e0m vi\u1ec7c th\u00edch \u1ee9ng chuy\u1ec3n \u0111\u1ed5i tr\u1ecdng t\u00e2m ph\u00e2n t\u00edch d\u1ef1a tr\u00ean c\u00e1c \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng c\u1ee5 th\u1ec3.<\/p>\n<\/div>\n

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                \n\n\n\n\n\n\n\n\n
                Giai \u0110o\u1ea1n Th\u1ecb Tr\u01b0\u1eddng<\/th>\nPh\u01b0\u01a1ng Ph\u00e1p Ph\u00e2n T\u00edch Ch\u00ednh<\/th>\nC\u00e2n Nh\u1eafc Th\u1ee9 C\u1ea5p<\/th>\nV\u00ed D\u1ee5 L\u1ecbch S\u1eed<\/th>\nCh\u1ec9 S\u1ed1 Ch\u00ednh C\u1ea7n Theo D\u00f5i<\/th>\n<\/tr>\n<\/thead>\n
                T\u00edch L\u0169y (\u0110\u00e1y Th\u1ecb Tr\u01b0\u1eddng G\u1ea5u)<\/td>\nPh\u00e2n t\u00edch b\u1ea3ng c\u00e2n \u0111\u1ed1i, ch\u1ec9 s\u1ed1 s\u1ed1ng s\u00f3t<\/td>\nMua n\u1ed9i b\u1ed9, \u0111\u1ecbnh v\u1ecb t\u1ed5 ch\u1ee9c<\/td>\nQ4 2022 ($3-5 ph\u1ea1m vi)<\/td>\nT\u1ef7 l\u1ec7 ti\u1ec1n m\u1eb7t tr\u00ean n\u1ee3, t\u1ef7 l\u1ec7 \u0111\u1ed1t ti\u1ec1n m\u1eb7t h\u00e0ng th\u00e1ng, mua c\u1ee7a gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh<\/td>\n<\/tr>\n
                Giai \u0110o\u1ea1n B\u00f2 \u0110\u1ea7u Ti\u00ean<\/td>\nS\u1ee9c m\u1ea1nh t\u01b0\u01a1ng \u0111\u1ed1i, \u0111\u1ed9t ph\u00e1 k\u1ef9 thu\u1eadt<\/td>\nT\u0103ng tr\u01b0\u1edfng t\u1ef7 l\u1ec7 b\u0103m, c\u1ea3i thi\u1ec7n hi\u1ec7u qu\u1ea3<\/td>\nQ1-Q2 2023 ($5-15 ph\u1ea1m vi)<\/td>\nT\u01b0\u01a1ng quan MARA\/BTC, m\u1eabu kh\u1ed1i l\u01b0\u1ee3ng, \u0111\u1ed9 d\u1ed1c MA 50 ng\u00e0y<\/td>\n<\/tr>\n
                M\u1edf R\u1ed9ng B\u00f2 Gi\u1eefa Chu K\u1ef3<\/td>\nT\u0103ng tr\u01b0\u1edfng s\u1ea3n xu\u1ea5t, m\u1edf r\u1ed9ng bi\u00ean l\u1ee3i nhu\u1eadn<\/td>\nT\u01b0\u01a1ng quan Bitcoin, lu\u00e2n chuy\u1ec3n ng\u00e0nh<\/td>\nQ3-Q4 2023 ($15-30 ph\u1ea1m vi)<\/td>\nT\u0103ng tr\u01b0\u1edfng s\u1ea3n xu\u1ea5t h\u00e0ng th\u00e1ng, bi\u00ean l\u1ee3i nhu\u1eadn khai th\u00e1c g\u1ed9p<\/td>\n<\/tr>\n
                H\u01b0ng Ph\u1ea5n B\u00f2 Cu\u1ed1i Chu K\u1ef3<\/td>\nPh\u00e2n t\u00edch t\u00e2m l\u00fd, ch\u1ec9 s\u1ed1 \u0111\u1ecbnh gi\u00e1<\/td>\nB\u00e1n n\u1ed9i b\u1ed9, r\u1ee7i ro pha lo\u00e3ng<\/td>\nChu k\u1ef3 tr\u01b0\u1edbc: Q1 2021 ($30-70 ph\u1ea1m vi)<\/td>\nT\u1ef7 l\u1ec7 EV\/EBITDA, ch\u1ec9 s\u1ed1 t\u00e2m l\u00fd truy\u1ec1n th\u00f4ng x\u00e3 h\u1ed9i, giao d\u1ecbch n\u1ed9i b\u1ed9<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
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                “M\u1ed7i giai \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng \u0111\u00f2i h\u1ecfi m\u1ed9t b\u1ed9 c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch ho\u00e0n to\u00e0n kh\u00e1c nhau,” Goldstein gi\u1ea3i th\u00edch. “Trong c\u00e1c th\u1ecb tr\u01b0\u1eddng g\u1ea5u, khi MARA giao d\u1ecbch \u1edf m\u1ee9c $3-5, ph\u00e2n t\u00edch s\u1ed1ng s\u00f3t l\u00e0 quan tr\u1ecdng nh\u1ea5t\u2014ch\u00fang t\u00f4i c\u1ea7n t\u00ednh to\u00e1n \u0111\u01b0\u1eddng b\u0103ng trong c\u00e1c k\u1ecbch b\u1ea3n x\u1ea5u nh\u1ea5t. Trong ph\u1ea1m vi $40+ trong c\u00e1c th\u1ecb tr\u01b0\u1eddng b\u00f2, c\u00e1c ch\u1ec9 s\u1ed1 t\u00e2m l\u00fd v\u00e0 b\u1ed9i s\u1ed1 \u0111\u1ecbnh gi\u00e1 tr\u1edf th\u00e0nh c\u00e1c ch\u1ec9 s\u1ed1 h\u00e0ng \u0111\u1ea7u c\u1ee7a kh\u1ea3 n\u0103ng \u0111\u1ea3o chi\u1ec1u ti\u1ec1m n\u0103ng.”<\/p>\n<\/div>\n

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                C\u00e1ch ti\u1ebfp c\u1eadn th\u00edch \u1ee9ng c\u1ee7a Goldstein \u0111\u00e3 cho ph\u00e9p qu\u1ef9 c\u1ee7a c\u00f4 v\u01b0\u1ee3t tr\u1ed9i h\u01a1n c\u1ea3 Bitcoin (+79% alpha) v\u00e0 ch\u1ec9 s\u1ed1 c\u1ed5 phi\u1ebfu khai th\u00e1c (+112% alpha) b\u1eb1ng c\u00e1ch hi\u1ec7u ch\u1ec9nh kh\u00f4ng ch\u1ec9 nh\u1eefng g\u00ec c\u1ea7n mua, m\u00e0 c\u00f2n nh\u1eefng ch\u1ec9 s\u1ed1 n\u00e0o quan tr\u1ecdng nh\u1ea5t v\u00e0o nh\u1eefng th\u1eddi \u0111i\u1ec3m kh\u00e1c nhau. B\u1ea3ng \u0111i\u1ec1u khi\u1ec3n ph\u00e2n t\u00edch \u0111\u1ed9ng c\u1ee7a Pocket Option gi\u00fap c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1ef1c hi\u1ec7n c\u00e1c chi\u1ebfn l\u01b0\u1ee3c th\u00edch \u1ee9ng t\u01b0\u01a1ng t\u1ef1 b\u1eb1ng c\u00e1ch t\u1ef1 \u0111\u1ed9ng l\u00e0m n\u1ed5i b\u1eadt c\u00e1c ch\u1ec9 s\u1ed1 li\u00ean quan nh\u1ea5t cho c\u00e1c \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i d\u1ef1a tr\u00ean c\u00e1c ch\u1ec9 s\u1ed1 bi\u1ebfn \u0111\u1ed9ng v\u00e0 xu h\u01b0\u1edbng.<\/p>\n<\/div>\n

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                \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u00e1t tri\u1ec3n d\u1ef1 \u0111o\u00e1n gi\u00e1 c\u1ed5 phi\u1ebfu mara 2030 c\u1ee7a ri\u00eang h\u1ecd, Goldstein khuy\u1ebfn ngh\u1ecb c\u00e1c l\u0129nh v\u1ef1c t\u1eadp trung c\u1ee5 th\u1ec3 sau:<\/p>\n<\/div>\n

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