Bitcoin has set a remarkable new record, soaring to an all-time high (ATH) of $123,091. This milestone prompted former Binance CEO Changpeng Zhao, also known as CZ, to frame the achievement within a broader historical context, labeling it “just a fraction” of what lies ahead for the cryptocurrency.
CZ reflected on his own experience, sharing that after purchasing Bitcoin in 2014, it took three years for the asset to reclaim the $1,000 mark in January 2017. He suggested that the current enthusiasm surrounding Bitcoin’s recent highs may appear trivial in retrospect over the coming years.
“After I bought bitcoin in 2014, it took 3 years to reach an ATH of $1000 again in Jan 2017. We were excited. Now, that is just a small fraction, less than 1%.
Today, you might be excited by the current ATH. In a few years, this will be just a fraction.”
— CZ BNB (@cz_binance) July 14, 2025
Bitcoin ATH Wipes Out $1.3 Billion in Short Positions
The recent surge in Bitcoin’s price led to the liquidation of $1.3 billion in short positions within a mere 60 seconds as the cryptocurrency surged past $120,000, reaching $121,000 almost instantaneously.
With a market capitalization of $2.39 trillion, Bitcoin has surpassed Amazon, earning the title of the fifth-largest asset globally by market value.
The crypto market has collectively gained $1.2 trillion in market cap since President Trump announced a pause on “reciprocal tariffs” on April 9. Furthermore, Bitcoin itself has surged by $15,000 since the House passed Trump’s “Big Beautiful Bill” on July 3.
The Kobeissi Letter has characterized Bitcoin as entering a “crisis mode,” noting the asset’s capacity to hit new all-time highs multiple times within the same day.
“This is not a ‘normal.’
We have reached a point where Bitcoin is moving in a literal STRAIGHT-LINE higher.
Rates are rising, the USD is down -11% in 6 months, and crypto is up +$1 TRILLION in 3 months.
What’s happening? Bitcoin has entered ‘crisis mode.’”
— The Kobeissi Letter (@KobeissiLetter) July 14, 2025
The current rally is indicative of a growing institutional interest in Bitcoin. Family offices, hedge funds, and more conservative funds are increasingly looking to allocate around 1% of their assets under management to BTC.
Additionally, the Bitcoin ETF IBIT has reached an impressive $76 billion in assets under management in less than 350 days, a milestone that took the gold ETF GLD over 15 years to achieve.
Historical Context Supports Ongoing Bull Market Momentum
The current rally aligns with historical patterns observed during bull markets, where multiple corrections of 30-40% occur. Notably, the largest correction during this cycle has only reached 23.48%.
Comparatively, previous downturns include the significant 2017-2018 crash from $20,000 to $3,200, which represented an 84% drop, and the 2021-2022 decline from $69,000 to $15,600, marking a 77% correction.
The bear market between 2013 and 2015 saw Bitcoin fall by 87% from $1,100 to $152, following the Mt. Gox collapse. In 2017, the cryptocurrency experienced four major corrections ranging from 29% to 40% before reaching the $20,000 milestone.
Recent trends suggest that corrections have become milder, often remaining within the 20-25% range during bullish phases.
Historical data typically ties Bitcoin corrections to regulatory news, macroeconomic changes, exchange failures, or profit-taking following rapid price surges. Notably, the largest pullback in the current bull market, 23.48%, remains relatively stable compared to prior cycles that often included corrections ranging from 30-40%.
The Kobeissi Letter highlighted that, year-to-date, the S&P 500 in Bitcoin terms has declined by 15% and a staggering 99.98% since 2012.
Bitcoin’s performance has established it as not only a growth asset but also a hedge against inflation amid periods of monetary expansion.
The analysis indicates that while there may not be a wrong time to invest in Bitcoin, the opportune moment is either now or following a market correction.
Technical Analysis Supports Path of Exponential Growth
Bitcoin has achieved a historical milestone by breaking above a seven-year trendline on its monthly chart, overcoming resistance that had constrained the asset’s previous bull market tops since 2018.
This breakthrough signifies a substantial transformation as Bitcoin enters a phase of unparalleled technical and fundamental development.
Moreover, the weekly logarithmic chart indicates that Bitcoin remains on a robust long-term exponential growth curve established since 2023.
The current trading patterns suggest Bitcoin is forming an ascending channel, with price projections extending toward levels of $200,000 or more by December 2025, fueled by anticipated exponential acceleration as its price rises.
Interestingly, this rally has seen Bitcoin close at its highest daily and weekly candle prices simultaneously in its history.
The absence of significant upper wicks indicates sellers have been unable to drive prices down from their peaks, confirming persistent buying pressure across various timeframes.
The logarithmic scale illustrates Bitcoin’s authentic exponential growth trajectory, wherein each successive bull market reaches significantly higher peaks.
Consistent mathematical progression across cycles suggests that current investment poses minimal long-term risk.
Record-breaking closes on both daily and weekly charts typically occur during the peak phases of bull markets, and this synchronicity across timeframes exhibits a collective bullish outlook among both short- and medium-term participants.
The combination of technical advancements and strong fundamental catalysts positions Bitcoin for potential appreciation toward targets ranging between $150,000 and $200,000 in the months ahead.
Should market conditions shift unexpectedly, a correction of less than 30% could present additional opportunities for investors looking to acquire assets at lower prices.
The post Bitcoin Breaks $123K ATH, CZ Calls It ‘Just a Fraction’ – Is Now a Good Time to Buy? appeared first on Finance Newso.
