Bitcoin Slips After $123K ATH But ‘Nowhere Near’ Top

Bitcoin surged to a new ATH above $123k yesterday and analysts say the bull run is far from over — even after a sharp 4% correction in the last 24 hours.

As of 2:21 a.m. EST, the leading cryptocurrency had fallen to $117,010.14, likely driven by profit-taking after its record-setting run. Still, market watchers point to strong demand fundamentals and room for further upside.

In a July 14 note to investors, Arca CIO Jeff Dorman cited the view of analyst Will Clemente on X that Bitcoin is still far from tops seen in March last year, after the Bitcoin ETF launch earlier in the year, or Trump’s election win rally in December.

“This rally is nowhere near that,” Clemente wrote.

In the grand scheme of things froth in the altcoin market can get a lot worse from here.

Both major tops so far this cycle (March 2024 & December 2024) coincided with altcoin open interest flipping Bitcoin open interest on a percentage basis.

Currently nowhere near that. pic.twitter.com/L083LAcyUQ

— Will (@WClementeIII) July 13, 2025

Fairlead Strategies’ Katie Stockton echoed the sentiment in a CNBC interview, projecting a potential climb to $135,000 before Bitcoin enters a corrective phase.

BTC Miner Supply Unable To Keep Up With Retail Demand

While some analysts predict further upside for the Bitcoin price, demand from retail traders has recently picked up as well, according to crypto exchange Bitfinex.

In a July 14 research note, researchers at the exchange said that Shrimp (<1 BTC), Crab (1-10 BTC), and Fish (10-100 BTC) Bitcoin holder groups are accumulating BTC faster than miners can produce supply each month. 

“Currently, the combined balance of these cohorts is expanding at a rate of approximately 19.3K BTC per month,” the researchers wrote. “Demand from this segment alone is more than enough to absorb all new supply.”

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