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Bitcoin’s remarkable upward trajectory continues, marking its highest-ever weekly close below $106,500 on May 18th, according to TradingView. This surpasses the previous record set in December at $104,400, and follows six consecutive weeks of weekly gains. The cryptocurrency is now within 3% of its all-time high of $109,358 reached on January 20th. May 18th also saw Bitcoin’s highest ever 24-hour closing price, though not its largest single-day percentage gain. This surge has fueled speculation about a new all-time high in the near future. Analyst Rekt Capital anticipates a new high above $105,000, while others predict a potential rise to $116,000 early next week driven by institutional demand.
May’s gains mirror November’s surge, adding approximately $12,000 to Bitcoin’s value, climbing from $94,000 to over $106,000 before a slight pullback. The return of the Coinbase premium, a measure of US sentiment, adds to the bullish sentiment, with some speculating about upcoming news potentially driving further increases. Despite the impressive gains, analyst Willy Woo highlights a cooling compound annual growth rate (CAGR) as Bitcoin absorbs more capital. He projects an 8% annual growth rate in 15-20 years, comparing Bitcoin’s long-term growth to established macro-economic factors. Woo emphasizes Bitcoin’s exceptional long-term performance despite the CAGR decline.
The recent price action is noteworthy considering the overall cryptocurrency market momentum. This sustained bullish trend has led to adjusted end-of-year price targets reaching $200,000 among traders, fueled by technical analysis and increased institutional adoption. The combination of strong market sentiment, high weekly closes, and the potential for further institutional investment contributes to the positive outlook surrounding Bitcoin’s price.
