$100,000 Bitcoin Next

JC Parets
March 25, 2024

What we're seeing happening in Bitcoin right now is demand trying to absorb the overwhelming amount of supply that there is up at these prices.

We know from prior attempts a couple of years ago that just below 70,000, there is more selling pressure than buying pressure.

It's just math, there has been more supply than demand at these prices.

Here's what Bitcoin looks like over time:

And so here's the thing:

There is a whole slew of new ways in which demand can increase relative to the amount of supply.

Of course, the halving that is taking place on, yes 4/20.

(You can't make this up)

But to tell you the truth, as much as the Bitcoin miners pushing out, literally, half the amount of supply every day isn't bearish for Bitcoin prices, but how bullish is it really?

I mean, 93% of all the Bitcoin has already been mined.

So half of very little is still very little.

For me, the bigger story here is coming from the demand side of the equation.

All these new Bitcoin ETFs allow for humongous institutions to participate in buying Bitcoin. These did not exist the last time prices were up here at these levels.

All of this leads me to believe that this demand is going to be able to absorb that overhead supply a lot quicker than it would otherwise.

The next targets are above $100,000 for Bitcoin.

That's 50% higher from here.

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