🎉 Bitcoin Makes History Again!
Bitcoin enthusiasts have reason to celebrate this week as the beloved cryptocurrency reached its highest-ever weekly closing price, hitting just below $106,500. With only a 3% gap remaining from its previous all-time high, Bitcoin’s continuous upward trajectory is turning plenty of heads!
✨ Six-Week Streak & Record Candles
Bitcoin’s ascent hasn't been a one-time flash this latest achievement marks six consecutive weeks of impressive gains! According to data from TradingView, BTC closed the week ending May 18 just shy of this remarkable new level, surpassing its previous best weekly close at around $104,400 established in December.
The crypto asset also recorded its highest-ever daily candle close on May 18, adding to the excitement. Although the day’s gain was not Bitcoin’s largest, it's clear proof of BTC’s strength and resilience in the current market momentum.
🧐 What the Experts Are Saying
Investor Scott Melker enthusiastically highlighted Bitcoin’s impressive feat, remarking, “Bitcoin just had its highest daily candle close... ever.” According to analyst Rekt Capital, the achievement of a daily close above $105,000 signifies a potential new "higher high", reinforcing bullish market sentiment.
Additionally, Arete Capital partner "McKenna" noticed the return of the "Coinbase premium," which compares BTC prices on Coinbase in the United States versus Binance’s equivalent BTC/USDT pair. Interestingly, McKenna noted a curious strength in investor appetite, especially over the weekend: "The strength of this bid on a Sunday night feels strange," hinting that there might be significant news coming soon.
📊 Bitcoin’s Long-term Vision and Future Outlook
Notably, analyst Willy Woo shared insights about Bitcoin’s compound annual growth rate (CAGR), which has slightly cooled. Woo explained that Bitcoin, considered as "the newest macro-asset" seen in the market for a century and a half, will continue to mature and absorb capital over time. In approximately 15-20 years, Bitcoin is expected to stabilize growth at around 8% annually.
However, Woo remains strongly bullish in the near future: "Until then, enjoy the ride because almost no publicly investable product can match BTC performance in the long term, even as BTC’s CAGR continues to erode." Wise words indeed we recommend keeping a close watch!
🌟 Key Bitcoin Takeaways:
- Record-breaking weekly close: Almost $106,500.
Whether you're a dedicated holder or a curious newcomer, the Bitcoin journey has clearly reached an exciting new chapter. Stay informed, stay engaged, and get your seatbelts fastened as we dive into Bitcoin’s thrilling next steps!
