Bitcoin Hits $65,000

JC Parets
March 4, 2024

Last week was Crypto Week here at All Star Charts.

And I think the market got the memo.

Bitcoin just hit $65,000 for the first time in over two years.

Meanwhile, in how many currencies around the world is Bitcoin already hitting new all-time highs?

Anyone count?

It's a lot.

I'm glad we went over all of this during last week's Crypto Breakthrough Event.

I wish I could tell you I was smart enough to time it so well. We were really just trying to address all the questions and comments we've been getting about Crypto Markets.

The time to buy was when Bitcoin broke out above $31,000 this fall. That was the entry.

But I still think this party is just getting started.

If you missed last week's event, you can fill out this form to get the replay sent over to you.

But the question we want to ask ourselves here is whether this Bitcoin halving that's coming up is going impact the prices of Bitcoin and other Cryptos at all.

I don't think it will.

Here's how I see it. 93% of all the Bitcoin has already been mined. So the amount of supply that's coming from the BTC miners isn't really that material now, even before the halving.

So if you cut almost nothing in half, you still have almost nothing.

Do you understand the math there? BTC miners sell what they mine, and now they'll be selling half the amount, by definition.

But half of almost zero is still almost zero, especially when you compare it to the demand side of the equation.

Remember, if there is more demand than supply, prices go up.

This is economics 101.

How I see it is that the amount of demand now coming in due to the ETFs is the real story.

The inflows into the new Bitcoin ETFs are unprecedented. And it isn't slowing down.

We're seeing more volume in the Bitcoin ETFs than we're seeing in SPY or QQQ.

That's insane.

And options haven't even started trading in the Bitcoin ETFs yet. Wait til that starts!

We're ready for it.

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JC

 

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