Bitcoin’s price performance has been outstanding over the past week, reaching the highest ever high. Late on Thursday, May 22nd, the best cryptocurrency reached a fresh record price of $111,807.
The value of BTC has witnessed a major revision in the last 24 hours, but the overall market sentiment is positive as investors expect the coin’s price to be built. However, historic price action data suggests that Bitcoin prices may cool off for a while before they resume upward gatherings.
Once BTC Local Top is in, Altseason will be next: Analyst
In a recent post on social media platform X, Crypto analyst Joao Wedson has identified a potential local top with Bitcoin prices of around $113,000 and $114,000 over the next few days. Analysts on the chain highlighted two key reasons why market leaders’ bullish momentum is declining in the short term.
First, this bearish projection revolves around the emergence of long-term trendlines on daily BTC charts. As observed in the chart below, the trendline serves as a resistance level for Bitcoin prices, causing multiple rejections since early 2021.
Source: @joao_wedson on XPlus, the top of the cycle in 2021 (and the highest price ever) came about $69,000 after reaching this long-term trend line. Most recently, Bitcoin’s previous all-time high price was $108,786, reaching this long-term resistance level.
Wedson also noted that Bitcoin’s aggregated liquidation level heatmap supports local top theory from $113,000 to $114,000. Bitcoin prices have been pulled back at a $110,000 level over the past six months, according to liquidation data.
Most interestingly, Wesson pointed out that altcoins could return in a few months after Bitcoin reaches its top. Bitcoin’s advantage had undergone a revision over the past week, but after BTC’s price performance over the last few days, the metric has received a major boost.
Altcoin season talks have been constantly encrypted since its launch in 2025. In particular, Bitcoin prices seem to have reached the cycle (at the time). But with the world’s biggest cryptocurrency continuing to lead the pack by a massive mile, AltSeason looks more like a fantastic idea.
Bitcoin price at a glance
Bitcoin prices fell below the late $109,000 level on Friday, appearing to be a response to US President Donald Trump’s tariff threat on European Union goods. At the time of writing, the flagship cryptocurrency is valued at around $108,500, with a price drop of 2.3% over the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
ISTOCK featured images, TradingView chart
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