The Bitcoin value efficiency has been excellent over the previous week, attaining a brand new all-time excessive. In the late hours of Thursday, May 22, the premier cryptocurrency reached a contemporary record-high value of $111,807.
While the worth of BTC has witnessed a major correction within the final 24 hours, the market-wide sentiment is constructive as buyers anticipate the coin’s value to forge on. However, historic value motion information recommend that the Bitcoin price might cool off for some time earlier than resuming its upward rally.
Once BTC Local Top Is In, Altseason Is Next: Analyst
In a latest publish on the social media platform X, crypto analyst Joao Wedson pinpointed a possible native prime for the Bitcoin value round $113,000 and $114,000 within the coming days. The on-chain analyst highlighted two main explanation why the market chief’s bullish momentum may wane within the brief time period.
Firstly, this bearish projection revolves across the look of a long-term trendline on the every day BTC chart. As noticed within the chart under, the trendline acts as a resistance stage for the Bitcoin value, precipitating a number of rejections since early 2021.
Source: @joao_wedson on XAdditionally, the 2021 cycle prime (after which all-time-high value) round $69,000 took place after reaching this long-term trendline. Most lately, Bitcoin’s earlier all-time-high value of $108,786 culminated round this long-term resistance stage.
Wedson additionally famous that the Bitcoin Aggregated Liquidation Levels Heatmap helps the $113,000 – $114,000 native prime idea. According to the liquidation information, the Bitcoin value has suffered a pullback across the $110,000 stage over the previous six months.
Most curiously, Wedson identified that altcoins could surge back to life within the months following the worth of Bitcoin reaching its prime. While Bitcoin’s dominance was experiencing a correction previously week, the metric acquired a serious increase after the worth efficiency of BTC in the previous couple of days.
The talk of an altcoin season has all the time been within the crypto air because the begin of 2025, particularly with the worth of Bitcoin seemingly reaching a cycle excessive (on the time). However, the altseason seems to be extra of a fantastical concept, because the world’s largest cryptocurrency continues to guide the pack by a major mile.
Bitcoin Price At A Glance
The value of Bitcoin fell beneath the $109,000 stage within the late hours of Friday in what appeared like a response to United States President Donald Trump’s tariff menace on European Union items. As of this writing, the flagship cryptocurrency is valued at round $108,500, with a 2.3% value decline within the final 24 hours.
The value of BTC on the every day timeframe | Source: BTCUSDT chart on TradingView
Featured picture from iStock, chart from TradingView
Editorial Process for bitcoinist is centered on delivering totally researched, correct, and unbiased content material. We uphold strict sourcing requirements, and every web page undergoes diligent evaluation by our staff of prime expertise consultants and seasoned editors. This course of ensures the integrity, relevance, and worth of our content material for our readers.
