Key Takeaways
- Bitcoin has broken above $120,000 for the first time.
- The latest all-time high comes amid optimism surrounding the U.S. “crypto week” and ongoing institutional demand.
- Binance founder CZ has reminded his followers that previous ATHs are just a fraction of Bitcoin’s current value.
With Bitcoin breaking through the symbolic $120,000 barrier and trading at a new all-time high (ATH) on Monday, July 14, Binance founder Changpeng Zhao (CV) reminded his followers of the cryptocurrency’s history of meteoric price rises.
“Today, you might be excited by the current ATH. In a few years, this will be just a fraction,” he emphasized.
The History of Bitcoin Highs
Anyone familiar with Bitcoin’s price history will know that the journey to $120,000 has been anything but smooth.
“After I bought bitcoin in 2014, it took 3 years to reach an ATH of $1000 again,” CZ noted.
At the time, “we were excited,” he added. But today, that figure is “less than 1%” of BTC’s value.
In the current market cycle, the price of BTC has broken records repeatedly in the past year, starting in November 2024 amid a post-election crypto rally.
After a peak in December, investors only had to wait until May 2025 for the next ATH, as a market lull in the Spring didn’t catalyze more prolonged bearishness.
But for long-time believers like CZ, this latest record is just another step in a much longer journey.
CZ Long-Term Bullish on BTC
CZ’s confidence in Bitcoin is nothing new.
His belief in the cryptocurrency runs so deep that in 2014, he sold his Shanghai apartment to go all-in on BTC.
After riding out each market crash in the following years, CZ’s gamble was handsomely rewarded, making him one of the richest people in crypto today.
Monday’s tweet suggests the Binance founder sees the current price surge not as a peak, but a baseline for future growth. For him, Bitcoin’s long-term value proposition remains intact.
Correction Incoming?
Between ETF inflows, the U.S. “crypto week”, and a run of corporate crypto announcements, investor enthusiasm is running high.
But despite the euphoria surrounding Bitcoin’s new all-time high, some analysts warn that the market may be overheating.
The Crypto Fear and Greed Index, a popular sentiment gauge, currently stands at 74—firmly in “Greed” territory. Historically, such levels have often preceded a market correction.
Like most Bitcoiners, CZ’s outlook remains long-term bullish But traders would do well to remember that pullbacks are a natural part of any market rally.
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
