Record weekly close and near all-time high: Bitcoin nears a new peak

Record weekly close and near all-time high: Bitcoin nears a new peak

Bitcoin recorded an all-time high weekly close in recent days, confirming its uptrend and moving just below the $106,500 mark. This success comes after a series of strong weekly gains and shows that the cryptocurrency is regaining strength and investor confidence.

Bitcoin on the road to new highs

The most recent weekly close, which took place on May 18 in the 24-hour cycle, reached over $106,000, making it the highest since December 2022, when Bitcoin closed at $104,400. The highest daily candle close, recorded on the same day, also became an all-time record, even though daily gains in the period did not exceed the highs of previous months.

This weekly rise follows previous successful periods in November, when Bitcoin added as much as $30,000 in the three largest weekly candles, and now approximately $12,000 in May, when its price increased from approximately $94,000 to more than $106,000. Currently, Bitcoin is trading around $104,730, with a daily gain of approximately 2% over the past 24 hours.

Market and analyst reaction: Strength and uncertainty

Investors and analysts are excited about the latest results. Scott Melker, a well-known trader, called the all-time high daily close a significant milestone. A Rekt Capital analyst warned that crossing the $105,000 mark could mean a new higher high and continued growth.

Conversely, some experts warn of a possible cooling of growth. Arete Capital partner McKenna mentioned that the Coinbase premium has returned, which may indicate that some investors are anticipating a possible correction in the near future, especially if important news comes out.

Long-term outlook and macroeconomic context

Analyst Willy Woo commented that Bitcoin's growth is now slower, with a declining compound annual growth rate (CAGR). He likened it to a long-term monetary expansion and estimated that Bitcoin will grow at approximately 8% per year for 15 to 20 years until it reaches its equilibrium level.

Conclusion

Bitcoin is consolidating its position as the best performing and most followed cryptocurrency, approaching its all-time highs and confirming its upward trend. Even though there are suggestions of a possible cooling, the outlook for the next period remains optimistic. With the current values around, it is clear that Bitcoin is still on the rise and its further development will be closely watched not only by the crypto community, but also by the entire financial world.

*This is not an investment recommendation.

The Coingarage team