The Bitcoin price, darling, has been positively vulgar in its performance of late, achieving a new all-time high. One might say it’s been showing off. On Thursday, May 22nd, in the dead of night, as all good things happen, the premier cryptocurrency reached a fresh record-high price of $111,807. One almost suspects it’s trying to impress someone. 🤔
While the value of BTC has, alas, witnessed a significant correction in the last 24 hours – a touch of humility, perhaps? – the market-wide sentiment is, dare I say, positive. Investors, bless their optimistic hearts, expect the coin’s price to forge on. However, historical price action data, those tedious old bores, suggest that the Bitcoin price might cool off for a while before resuming its upward rally. One shudders at the thought of such a plebeian pause. 🙄
Once BTC Local Top Is In, Altseason Is Next: Analyst
In a recent post on the social media platform X, that modern-day salon of wit and wisdom, crypto analyst Joao Wedson pinpointed a potential local top for the Bitcoin price around $113,000 and $114,000 in the coming days. The on-chain analyst, a creature of numbers and algorithms, highlighted two primary reasons why the market leader’s bullish momentum might wane in the short term. How dreadfully inconvenient! 😒
Firstly, this bearish projection revolves around the appearance of a long-term trendline on the daily BTC chart. As observed in the chart below, the trendline acts as a resistance level for the Bitcoin price, precipitating multiple rejections since early 2021. One might call it a rather persistent gatekeeper. 🧐
Additionally, the 2021 cycle top (and then all-time-high price) around $69,000 came about after reaching this long-term trendline. Most recently, Bitcoin’s previous all-time-high price of $108,786 culminated around this long-term resistance level. It seems Bitcoin has a penchant for dramatic entrances and exits. 🎭
Wedson also noted that the Bitcoin Aggregated Liquidation Levels Heatmap supports the $113,000 – $114,000 local top theory. According to the liquidation data, the Bitcoin price has suffered a pullback around the $110,000 level over the past six months. A rather predictable pattern, wouldn’t you agree? 😴
Most interestingly, Wedson pointed out that altcoins could surge back to life in the months following the price of Bitcoin reaching its top. While Bitcoin’s dominance was experiencing a correction in the past week, the metric received a major boost after the price performance of BTC in the last few days. The poor altcoins, always playing second fiddle. 🎻
The talk of an altcoin season has always been in the crypto air since the start of 2025, especially with the price of Bitcoin seemingly reaching a cycle high (at the time). However, the altseason appears to be more of a fantastical idea, as the world’s largest cryptocurrency continues to lead the pack by a significant mile. A bit like expecting the chorus girls to outshine the prima donna. 💃
Bitcoin Price At A Glance
The price of Bitcoin fell beneath the $109,000 level in the late hours of Friday in what looked like a reaction to United States President Donald Trump’s tariff threat on European Union goods. As of this writing, the flagship cryptocurrency is valued at around $108,500, with a 2.3% price decline in the last 24 hours. One can only hope it recovers its composure soon. 🍸
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2025-05-25 08:13