Over the past week, the performance of Bitcoin has turned heads as it achieved an astonishing new peak. Late Thursday, May 22, this leading cryptocurrency surged to a remarkable price of $111,807, marking a historic milestone.
Despite seeing a correction within the last 24 hours, the atmosphere surrounding Bitcoin remains optimistic. Many investors are anticipating that its price will continue rising. However, analyzing past price trends suggests that Bitcoin may take a breather before it resumes its forward momentum.
Anticipated Shift: Analyst Predicts Altseason After BTC Peaks
In a recent update shared on the platform X, cryptocurrency analyst Joao Wedson highlighted a potential local top for Bitcoin in the range of $113,000 to $114,000 in the near future. He outlined two main factors contributing to the expectation of a temporary slowdown in the bullish trend of the market leader.
Firstly, he noted the emergence of a long-term trendline on the daily chart for Bitcoin. This trendline has acted as a significant resistance level, causing several rejections since early 2021, as demonstrated in the accompanying visual.
Moreover, he pointed out that the all-time high of around $69,000 achieved in 2021 coincided with the same long-term trendline. Most notably, Bitcoin’s previous all-time high of $108,786 occurred right at this resistance level as well.
Wedson referenced the Bitcoin Aggregated Liquidation Levels Heatmap, which substantiates the theory of a potential local top in the $113,000 to $114,000 range. Analysis of liquidation data reveals significant pullbacks at around the $110,000 mark over the last six months.
Perhaps most intriguingly, Wedson mentioned that altcoins might experience a resurgence following Bitcoin reaching its peak. Although Bitcoin’s dominance in the market faced a slight downturn recently, it received a substantial uptick from the recent price behaviors of BTC.
Speculation about an altcoin season has circulated since the beginning of 2025, especially with Bitcoin’s price seemingly approaching a cyclical high. Yet, the narrative surrounding altseason appears somewhat far-fetched as Bitcoin continues to lead the market by a substantial margin.
A Quick Overview of Bitcoin’s Current Status
At the time of writing, Bitcoin’s price dipped below the $109,000 mark late Friday, likely influenced by President Donald Trump’s tariff threats against goods from the European Union. Currently, the flagship cryptocurrency is trading at approximately $108,500, reflecting a 2.3% decline within the last day.
