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Bitcoin Blasts Past $100K, And It’s Just Getting Started
Bitcoin’s price action last week has been nothing short of explosive. On Wednesday, the crypto king smashed through its former record, vaulting to a new all‑time high of $112,040 and wiping out roughly $223 million in short positions. The rally didn’t stop there: by Thursday, bitcoin had climbed to $118,000, pushing cumulative short‑liquidation losses past $1 billion. It has been a punishing stretch for the bears.
The manner in which bitcoin sliced through its previous high suggests that true price discovery may now be nigh upon us. Legendary CT (Crypto Twitter) account Cobie reposted a prediction he made in November of last here:
The hard road goes from 80k to 100k
The easy road goes from 100k to 250k
I tend to agree. The $100,000 level was such a powerful psychological barrier that it lured in waves of profit‑takers. Once those coins changed hands to buyers convinced of far higher valuations—a textbook consolidation—the path above six figures opened up. Beyond $100 K, the next level that resonates is a quarter‑million dollars.
In short, supply has migrated from weak to strong hands, and the price is now free to run.
Regular readers and Token Narratives listeners know my skepticism toward bitcoin treasury companies (BTCs). I’m fond of pointing out some of the more ridiculous BTCs. Many of these moves feel driven by copy‑cat enthusiasm rather than a disciplined capital‑allocation thesis. They risk birthing the next mania, propping up otherwise moribund businesses without adding genuine productive capacity to the economy.
That said, Lyn Alden—whose work I never miss—has published a thorough essay outlining how BTCs can still create net benefits if the associated risks are managed. It is well worth your time, and a good counterpoint to my more negative view of BTCs.
Bitcoin is pumping, but so are alts. In fact, bitcoin dominance ( BTC.D) is down from a local high of 66% two weeks ago, to about 64.3% on Friday, July 11. As unimaginable as it seems, ethereum ( ETH) broke $3K! All of the majors are up ( SOL, XRP, BNB). Even the memecoins are back: Murad’s darling SPX6900 is close to retesting its all‑time high. Veteran CT trader Bluntz believes it “likely will be the first large‑cap meme to get there,” implying others may soon follow.
Last week’s big memecoin story was the battle between launchpads Pump.fun and Letsbonk.fun. The newcomer has rapidly seized market share: Blockwork’s data show Letsbonk.fun commanding 70 % versus Pump.fun’s 24 %. Pump.fun’s lost moat raises the question of whether Letsbonk.fun possesses one either. My bet is no.
Meanwhile, Pump.fun will close the public portion of its ICO tomorrow, Saturday, July 12. After collecting $740 million from institutions, it intends to raise $260 million from retail investors. Tokens will be fully liquid at launch, enabling immediate selling. Given widespread expectations that private‑sale participants will dump for a 4 × day‑zero gain, I’m sitting this one out.
Lastly, I implore you to read this advice from an amazing CT trader, Horse. I’ll quote one part for emphasis:
The stuff that’s leading right now is probably the fastest horses, at least until new horses (new coins, new narratives) enter the race. Don’t reflexively look at what’s working and then chase laggards just because they haven’t moved yet. Strength deserves respect.
For my part, I’m still eschewing memecoins for bitcoin and several high-conviction altcoins that have been performing strongly these past few months.
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