# 🟣 New Bitcoin All-Time High Unlocked * $100k Coming in 3 Weeks?* By [Web3 Academy](https://paragraph.com/@web3academy) · 2024-03-06 cryptocurrency, web3 --- **GM DOers!** 😎 Bitcoin is up 15% in the last week, 54% in the last month, 150% in the last 6 months, and almost 200% in the past year. 🚀 ![](https://storage.googleapis.com/papyrus_images/678fa34ea35860057912670d992489b7.png) Source: TradingView Due to Bitcoin’s incredible rally over the past year, it has hit a new all-time high yesterday, at $69,000. 🥳 [![User Avatar](https://pbs.twimg.com/profile_images/1744289390736613378/alcfxov3_normal.jpg)](https://twitter.com/binance) [Binance](https://twitter.com/binance) [@binance](https://twitter.com/binance) [![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/binance/status/1765030647503245723) [#Bitcoin](https://twitter.com/hashtag/Bitcoin) has officially broken it's all time high on [#Binance](https://twitter.com/hashtag/Binance)! $69,000 ![✅](https://twemoji.maxcdn.com/v/14.0.2/72x72/2705.png) ![](https://pbs.twimg.com/media/GH6llsnbQAAno3O.jpg) [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 9,811](https://twitter.com/binance/status/1765030647503245723)[ 20:34 • 5 Mar 2024 ](https://twitter.com/binance/status/1765030647503245723) Immediately after kissing new highs, $BTC dropped to $59,000 (this is normal), only to bounce back quickly to around $65,000.   ![](https://storage.googleapis.com/papyrus_images/e91928dad3411eee576495a7162a7ff8.png) Source: TradingView The immediate bounce made it clear that the demand for Bitcoin is immense and with the halving coming in about 45 days, **many are wondering if this could be the top for Bitcoin or if this is just the start of the real bull market.**  ![](https://storage.googleapis.com/papyrus_images/e9541c5ddbd5922671fe4cdf164fa28e.png) Source: [CoinMarketCap](https://coinmarketcap.com/events/bitcoin-halving/) **I think this is just the start of the real bull market.** To show you why, I will cover: * Bitcoin’s inflows & the huge demand * Bitcoin’s potential massive supply shock * Can Bitcoin **double** in the next 3 weeks?  * Should you hold $ETH or $BTC right now?  Let’s go! ⏬ **Bitcoin’s Inflows & Huge Demand** 🌊 -------------------------------------- Ever since the ETF approval, the demand coming from TradFi has been overwhelming for Bitcoin. The total $BTC held in ETFs is now at all time highs, nearing 800,000 $BTC. ![](https://storage.googleapis.com/papyrus_images/c84bafa1266ff476ea80ae1bae3f83ab.png) Source: [Apollo](https://heyapollo.com/bitcoin-etf) Keep in mind though, that most of this Bitcoin is still being held in Grayscale’s $GBTC, the fund out of which investors are exiting for 2 reasons: 1. Grayscale is charging a 1.5% yearly management fee, which is 5–6 times higher than other ETF issuers.  2. A lot of investors bought GBTC at a 40% discount, and now it's at 0%, so they are taking profits. So, if we exclude $GBTC from this discussion, we can see that BlackRock’s $IBIT ETF is leading the way, becoming the preferred Bitcoin ETF (as expected). ![](https://storage.googleapis.com/papyrus_images/8c025cfe7265356bbd3d11ccce76b417.png) Source: [Apollo](https://heyapollo.com/bitcoin-etf) By the way… Even with the significant $GBTC outflows, the net flows are still positive. On Monday, ETFs added an extra 8,800 Bitcoin to their holdings. ![](https://storage.googleapis.com/papyrus_images/b36b07f30c274f25026cf14b8ea27251.png) Source: [Apollo](https://heyapollo.com/bitcoin-etf) With over $560 million flowing into ETFs, Monday marked the 5th biggest day in terms of inflows.  [![User Avatar](https://pbs.twimg.com/profile_images/1698747465178959872/oT_AJ0eq_normal.jpg)](https://twitter.com/BTC_Archive) [Bitcoin Archive](https://twitter.com/BTC_Archive) [@BTC\_Archive](https://twitter.com/BTC_Archive) [![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/BTC_Archive/status/1764993448514371753) JUST IN: $562m [#Bitcoin](https://twitter.com/hashtag/Bitcoin) ETF inflows yesterday. The 5th biggest day! ![](https://pbs.twimg.com/media/GH6D2c_XsAAWapr.png) [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 3,009](https://twitter.com/BTC_Archive/status/1764993448514371753)[ 18:06 • 5 Mar 2024 ](https://twitter.com/BTC_Archive/status/1764993448514371753) Oh, and let’s not forget that the Bitcoin ETF is blowing the Gold ETF out of the water. [![User Avatar](https://pbs.twimg.com/profile_images/1750722361404383232/zvux8qXa_normal.jpg)](https://twitter.com/WClementeIII) [Will](https://twitter.com/WClementeIII) [@WClementeIII](https://twitter.com/WClementeIII) [![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/WClementeIII/status/1764012063653851463) Bitcoin ETF inflows have absolutely blown Gold's out of the water. Not even close, utterly dwarfed, decimated. Thanks for playing, non-fixed supply boomer rock enjoyoors. ![](https://pbs.twimg.com/media/GHsGmChWsAAKLPP.png) [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 4,460](https://twitter.com/WClementeIII/status/1764012063653851463)[ 1:07 • 3 Mar 2024 ](https://twitter.com/WClementeIII/status/1764012063653851463) Apart from the huge demand for Bitcoin ETFs, we also have BlackRock planning to buy Bitcoin ETFs for its Strategic Income Opportunities Fund ($BSIIX) to diversify and potentially enhance the fund's returns. [![User Avatar](https://pbs.twimg.com/profile_images/1641221212578754562/DfiC0KW2_normal.png)](https://twitter.com/WatcherGuru) [Watcher.Guru](https://twitter.com/WatcherGuru) [@WatcherGuru](https://twitter.com/WatcherGuru) [![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/WatcherGuru/status/1764776436664041830) JUST IN: BlackRock files to purchase [#Bitcoin](https://twitter.com/hashtag/Bitcoin) ETFs for its Strategic Income Opportunities Fund. [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 9,783](https://twitter.com/WatcherGuru/status/1764776436664041830)[ 3:44 • 5 Mar 2024 ](https://twitter.com/WatcherGuru/status/1764776436664041830) Then we also have Stanford allocating 7% of their portfolio to Bitcoin.  [![User Avatar](https://pbs.twimg.com/profile_images/1698747465178959872/oT_AJ0eq_normal.jpg)](https://twitter.com/BTC_Archive) [Bitcoin Archive](https://twitter.com/BTC_Archive) [@BTC\_Archive](https://twitter.com/BTC_Archive) [![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/BTC_Archive/status/1764780402734928122) JUST IN: ![🇺🇸](https://twemoji.maxcdn.com/v/14.0.2/72x72/1f1fa-1f1f8.png) Stanford University's Blyth Fund has bought [#Bitcoin](https://twitter.com/hashtag/Bitcoin) with a ~7% allocation of the total portfolio. ![](https://pbs.twimg.com/media/GH3Ad19WUAAfHvq.jpg) [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 7,804](https://twitter.com/BTC_Archive/status/1764780402734928122)[ 4:00 • 5 Mar 2024 ](https://twitter.com/BTC_Archive/status/1764780402734928122) As predicted before, TradFi is FOMOing into Bitcoin at all-time highs. Love to see it.  **A Massive Bitcoin Supply Shock is Brewing** ♨ ----------------------------------------------- So we already established the demand for Bitcoin is through the roof. Let’s see if there’s enough supply to match this demand. **Spoiler alert: There’s not enough Bitcoin for everyone!** Bitcoin on exchanges is at around 2.3 million $BTC, levels not seen since 2017. ![](https://storage.googleapis.com/papyrus_images/ae4275c05b0d81f511f236122bc47bef.png) This means that only a total of 11% of all the Bitcoin in existence is sitting on exchanges right now.  ![](https://storage.googleapis.com/papyrus_images/a4e8721afd3ba305e08cef91fae8bb1e.png) So demand is high, and nobody is selling.  When it comes to newly issued Bitcoin, there’s only around 800 Bitcoin being mined per day. ![](https://storage.googleapis.com/papyrus_images/f59a78effb22c75422497a27cff0aafe.png) In about 45 days, this number will be cut in half.  A massive supply shock is just around the corner for Bitcoin!  [![User Avatar](https://pbs.twimg.com/profile_images/1655948550373806088/Nxg3q6Fn_normal.jpg)](https://twitter.com/QuintenFrancois) [Quinten | 048.eth](https://twitter.com/QuintenFrancois) [@QuintenFrancois](https://twitter.com/QuintenFrancois) [![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/QuintenFrancois/status/1764944270794911886) Supply shock [#Bitcoin](https://twitter.com/hashtag/Bitcoin) ![](https://pbs.twimg.com/media/GH5XdWnXAAA-GaT.jpg) [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 143](https://twitter.com/QuintenFrancois/status/1764944270794911886)[ 14:51 • 5 Mar 2024 ](https://twitter.com/QuintenFrancois/status/1764944270794911886) **Can Bitcoin DOUBLE in 3 Weeks?** 🚀 ------------------------------------- Here’s the deal… When an asset surpasses its all-time high, it enters price discovery – i.e., it reaches a price level for which there is no historical reference, leading the market to explore and establish a new value based on current supply and demand dynamics. When Bitcoin exceeds and sustains above the $69,000 threshold, it will enter a phase of price discovery.  Historically, during such phases, **Bitcoin has typically doubled in value within just three weeks, on average.** [![User Avatar](https://pbs.twimg.com/profile_images/1635306935078584322/z8C5RB6O_normal.jpg)](https://twitter.com/DylanLeClair_) [Dylan LeClair 🟠](https://twitter.com/DylanLeClair_) [@DylanLeClair\_](https://twitter.com/DylanLeClair_) [![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/DylanLeClair_/status/1764704004829852066) The time it took $BTC to double after previous breaks of ATHs: Dec 2020: 18 days March 2017: 84 days Nov 2013: 10 days March 2013: 18 days [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 6,286](https://twitter.com/DylanLeClair_/status/1764704004829852066)[ 22:56 • 4 Mar 2024 ](https://twitter.com/DylanLeClair_/status/1764704004829852066) Why is this happening over and over again? It’s simple: People ignore assets when their prices are low and only notice them when they hit record highs. Slowly, then all at once – you know the drill.  ![](https://storage.googleapis.com/papyrus_images/f32ab82bdb90a348fbfdaac562061dd4.png) This creates a flywheel where the higher the price, the higher the demand. ♻ That’s why we’re now seeing ETF demand at an all-time high, led by TradFi investors.  When it comes to retail investors, we have signs that they’re lurking back.  * Coinbase keeps crashing * Crypto gurus are growing insanely on YouTube and X * Google searches for “Bitcoin” are up massively ![](https://storage.googleapis.com/papyrus_images/8745662ad330352a8db0cb7d45b19f5b.png) All of this will intensify once Bitcoin enters price discovery and hits new highs every day. When this happens, your uncles & aunts will come calling, asking you how they can buy crypto. At that point, nobody can predict how high Bitcoin will go and whether or not it’ll double in ~20 days post-ATH like it did in the past. It’ll be complete mania. Regardless of what happens, 1 thing is for sure! We will have continuous pull-backs. No bull market is a straight line up.  There will be days and weeks when we’ll experience 10%, 20% or even 30% drops! Make sure you’re expecting them.  I have a PRO report coming up soon that’ll teach you how to prepare for that. upgrade to get it in your inbox. [Go PRO Today](https://w3academy.io/offer/sign-up-for-pro/) **Wrapping Up — $ETH or $BTC?** 🤔 ---------------------------------- Bitcoin is a great asset. I have no doubt it’ll reach and surpass $100,000 during this bull cycle.  But is Bitcoin the best opportunity for investors right now? I would argue it’s not! Why? Because historically, whenever Bitcoin surpassed its ATH, it was the start of $ETH outperforming $BTC big time.  Here’s what happened in 2020: * $BTC did a 3x from $20k in just a few months * $ETH did an 8x from $550 in that same time period [![User Avatar](https://pbs.twimg.com/profile_images/1580000525478727681/v_hDqBFb_normal.jpg)](https://twitter.com/KyleReidhead) [Kyle Reidhead](https://twitter.com/KyleReidhead) [@KyleReidhead](https://twitter.com/KyleReidhead) [![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/KyleReidhead/status/1764823428454814010) The last time [#bitcoin](https://twitter.com/hashtag/bitcoin) passed previous cycles ATH, a few days later marked the low in $ETH/$BTC $ETH then massively outperformed Bitcoin for the next year $BTC did a 3x from $20k in just a few months $ETH did an 8x from $550 in those same few months Will history repeat? ![](https://pbs.twimg.com/media/GH3pjEhXQAAm4nA.jpg) [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 9](https://twitter.com/KyleReidhead/status/1764823428454814010)[ 6:51 • 5 Mar 2024 ](https://twitter.com/KyleReidhead/status/1764823428454814010) Will history repeat? I don’t know.  But from a risk/reward perspective, I personally prefer to hold $ETH instead of $BTC during these times.  I’m interested in your take, though! What’s your biggest bag? **Ethereum, Bitcoin or another token? Let me know w/ a reply to this email!!** * * * Thanks for reading. And remember, you're strong, you’re powerful, you’re alpha! ❤ ### **How'd you feel about our read today?** * ⭐⭐⭐⭐⭐ [Loved it!](https://bit.ly/five_star_feedback) * ⭐⭐⭐ [Decent!](https://bit.ly/three_stars_feedback) * ⭐ [Kyle, step it up!](https://bit.ly/one_star_feedback) * * * ### **Are You Fairly New to Crypto & Web3?** Let us help you wrap your head around this industry that’s constantly transforming. Take our Free 1-hour Web3 Rabbit Hole Course to learn the foundational components you need to start building and investing successfully. 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