Bitcoin Slips After $123K ATH However ‘Nowhere Close to’ Prime

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Bitcoin surged to a brand new ATH above $123k yesterday and analysts say the bull run is way from over — even after a pointy 4% correction within the final 24 hours.

As of two:21 a.m. EST, the main cryptocurrency had fallen to $117,010.14, seemingly pushed by profit-taking after its record-setting run. Nonetheless, market watchers level to sturdy demand fundamentals and room for additional upside.

In a July 14 notice to traders, Arca CIO Jeff Dorman cited the view of analyst Will Clemente on X that Bitcoin continues to be removed from tops seen in March final 12 months, after the Bitcoin ETF launch earlier within the 12 months, or Trump’s election win rally in December.

“This rally is nowhere close to that,” Clemente wrote.

Within the grand scheme of issues froth within the altcoin market can get lots worse from right here.
Each main tops to date this cycle (March 2024 & December 2024) coincided with altcoin open curiosity flipping Bitcoin open curiosity on a share foundation.
At the moment nowhere close to that. pic.twitter.com/L083LAcyUQ
— Will (@WClementeIII) July 13, 2025

Fairlead Methods’ Katie Stockton echoed the sentiment in a CNBC interview, projecting a possible climb to $135,000 earlier than Bitcoin enters a corrective part.

BTC Miner Provide Unable To Preserve Up With Retail Demand

Whereas some analysts predict additional upside for the Bitcoin value, demand from retail merchants has not too long ago picked up as effectively, in accordance with crypto change Bitfinex.

In a July 14 analysis notice, researchers on the change stated that Shrimp (<1 BTC), Crab (1-10 BTC), and Fish (10-100 BTC) Bitcoin holder teams are accumulating BTC quicker than miners can produce provide every month.

“At the moment, the mixed stability of those cohorts is increasing at a price of roughly 19.3K BTC per 30 days,” the researchers wrote. “Demand from this section alone is greater than sufficient to soak up all new provide.”