The Bitcoin value efficiency has been excellent over the previous week, reaching a brand new all-time excessive. Within the late hours of Thursday, Might 22, the premier cryptocurrency reached a contemporary record-high value of $111,807.
Whereas the worth of BTC has witnessed a big correction within the final 24 hours, the market-wide sentiment is optimistic as buyers anticipate the coin’s value to forge on. Nevertheless, historic value motion knowledge recommend that the Bitcoin value would possibly cool off for some time earlier than resuming its upward rally.
As soon as BTC Native High Is In, Altseason Is Subsequent: 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 major explanation why the market chief’s bullish momentum would possibly wane within the quick time period.
Firstly, this bearish projection revolves across the look of a long-term trendline on the each 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.
Supply: @joao_wedson on X
Moreover, 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 Ranges Heatmap helps the $113,000 – $114,000 native prime concept. In line with the liquidation knowledge, the Bitcoin value has suffered a pullback across the $110,000 stage over the previous six months.
Most curiously, Wedson identified that altcoins may surge again to life within the months following the worth of Bitcoin reaching its prime. Whereas Bitcoin’s dominance was experiencing a correction previously week, the metric acquired a serious enhance after the worth efficiency of BTC in the previous few days.
The speak of an altcoin season has all the time been within the crypto air for the reason that begin of 2025, particularly with the worth of Bitcoin seemingly reaching a cycle excessive (on the time). Nevertheless, the altseason seems to be extra of a fantastical concept, because the world’s largest cryptocurrency continues to guide the pack by a big mile.
Bitcoin Worth At A Look
The value of Bitcoin fell beneath the $109,000 stage within the late hours of Friday in what seemed 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 each day timeframe | Supply: BTCUSDT chart on TradingView
Featured picture from iStock, chart from TradingView
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