Bitcoin Breaks $123K ATH, CZ Calls It ‘Just a Fraction’ – Is Now a Good Time to Buy?

Crypto Journalist

Anas Hassan

Crypto Journalist

Anas Hassan

About Author

Anas is a crypto native journalist and SEO writer with over five years of writing experience covering blockchain, crypto, DeFi, and emerging tech.

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Last updated: 

July 14, 2025

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Bitcoin has shattered all previous records by reaching a new all-time high (ATH) of $123,091, prompting former Binance CEO Changpeng Zhao (CZ) to put the milestone in historical perspective by calling it “just a fraction” of what’s to come.

CZ reminded followers that after buying Bitcoin in 2014, it took three years to reach $1,000 again in January 2017, noting that today’s excitement over current highs will seem minimal in future years.

Bitcoin ATH Wiped Out $1.3 Billion Short Positions

The latest surge liquidated $1.3 billion in short positions in less than 60 seconds as Bitcoin skipped past $120,000 and went directly to $121,000.

At $2.39 trillion market capitalization, Bitcoin has now officially become larger than Amazon and ranks as the world’s fifth-largest asset by market value.

Crypto markets have added $1.2 trillion in market cap since President Trump paused “reciprocal tariffs” on April 9th, with Bitcoin gaining $15,000 since the House passed Trump’s “Big Beautiful Bill” on July 3rd.

The Kobeissi Letter describes Bitcoin as entering “crisis mode” with the asset making new all-time highs multiple times daily.

The historic rally comes as institutional capital can no longer ignore Bitcoin, with family offices, hedge funds, and conservative funds looking to allocate approximately 1% of assets under management to BTC.

Bitcoin ETF IBIT reached a record $76 billion in assets under management in under 350 days, compared to gold ETF GLD taking over 15 years to reach the same milestone.

Historical Context Supports Continued Bull Market Momentum

Bitcoin’s current rally maintains historical patterns where multiple 30-40% corrections occur during bull markets, yet the largest correction in this cycle has been only 23.48%.

Previous major corrections include the 2017-2018 crash from $20,000 to $3,200, representing an 84% decline, and the 2021-2022 drop from $69,000 to $15,600, marking a 77% correction.

The 2013-2015 bear market saw Bitcoin fall 87% from $1,100 to $152 following the Mt. Gox collapse, while 2017 experienced four significant corrections ranging from 29-40% before the final run to $20,000.

Recent cycles show corrections becoming less severe, often staying within 20-25% ranges during bull runs.

Historical data reveal that Bitcoin typically experiences corrections triggered by regulatory news, macroeconomic shifts, exchange failures, or profit-taking after rapid increases.

The current bull market’s largest pullback of 23.48% remains well within normal parameters compared to previous cycles, which have included multiple corrections of 30-40%.

In fact, the Kobeissi Letter noted in its analysis that the S&P 500 in Bitcoin terms has declined 15% year-to-date and 99.98% since 2012.

Bitcoin’s superior performance has proven itself to be both a growth asset and an inflation hedge during monetary expansion periods.

With that, it’s safe to say that there’s no wrong time to buy Bitcoin, but there’s always a best time, which is now or after a correction.

Technical Analysis Confirms Exponential Growth Pattern

Bitcoin has achieved something never-seen-before by breaking above a seven-year trendline on the monthly chart, representing resistance that contained every bull market top since 2018.

The breakthrough is a massive shift, given that Bitcoin has entered uncharted territory both technically and fundamentally.

Furthermore, the weekly logarithmic chart reveals Bitcoin’s adherence to a powerful long-term exponential growth curve intact since 2023.

Bitcoin is currently trading within an ascending channel, projections extend toward $200,000+ by December 2025, with exponential acceleration expected as price moves higher.

Interestingly, this rally has seen Bitcoin close its highest daily and weekly candles in its history simultaneously.

The lack of significant upper wicks suggests sellers were unable to push prices down from highs, confirming sustained buying pressure across multiple timeframes.

The logarithmic scale reveals Bitcoin’s actual exponential growth pattern, where successive bull markets reach exponentially higher peaks.

The mathematical progression has remained consistent across multiple cycles, and buying now poses no long-term risk.

Record-breaking closes on both daily and weekly timeframes typically occur during the most powerful phases of bull markets.

This coordination across multiple timeframes indicates that both short-term and medium-term participants align in their bullish outlook.

The combination of technical breakouts and fundamental catalysts positions Bitcoin for continued appreciation toward $150,000-$200,000 targets over the coming months.

However, if the unexpected happens, a less than 30% correction might occur and present even more opportunity to buy low.

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