The Bitcoin price performance has been outstanding over the past week, achieving a new all-time high. In the late hours of Thursday, May 22, the premier cryptocurrency reached a fresh record-high price of $111,807.
While the value of BTC has witnessed a significant correction in the last 24 hours, the market-wide sentiment is positive as investors expect the coin’s price to forge on. However, historical price action data suggest that the Bitcoin price might cool off for a while before resuming its upward rally.
Once BTC Local Top Is In, Altseason Is Next: Analyst
In a recent post on the social media platform X, 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 highlighted two primary reasons why the market leader’s bullish momentum might wane in the short term.
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.
Source: @joao_wedson on X
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.
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.
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 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.
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.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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