Bitcoin (BTC) has achieved its highest-ever weekly close, marking another milestone in its relentless upward trajectory. The cryptocurrency closed just shy of $106,500 on May 18. This brought it within 3% of its all-time high of $109,358 , set on January 20. This record-breaking performance underscores the sustained momentum in the crypto market. Bitcoin continues to attract investor interest and near its peak price.
A Historic Weekly Close
Bitcoin’s most recent weekly close at midnight UTC on May 18 was its highest ever. It surpassed the previous record of $104,400 set in December 2024. According to TradingView, this marks the sixth consecutive week of gains for Bitcoin. The cryptocurrency climbed from $94,000 at the start of May to over $106,000 before pulling back slightly to around $105,400.
Bitcoin also posted its highest-ever 24-hour close on May 18, solidifying its dominance in the market. However, this does not represent the largest daily gain Bitcoin has ever made. Investor Scott Melker highlighted the achievement on X:
Mirroring November’s Momentum
Bitcoin’s recent gains mirror its performance in November 2024, when it added $30,000 in three of its largest weekly candles ever. In May alone, Bitcoin has gained approximately $12,000 . It climbed steadily from $94,000 to over $106,000 before experiencing a minor pullback.
The surge in Bitcoin’s price coincides with renewed optimism in the crypto market. Additionally, Arete Capital partner McKenna noted the return of the Coinbase premium. This premium measures U.S. sentiment by comparing the difference between Coinbase’s BTC/USD pair and Binance’s BTC/USDT equivalent.
“The strength of this bid on a Sunday night feels strange,” McKenna commented, adding, “It’s possible someone knows some important news dropping next week.”
This observation has sparked speculation about potential catalysts that could drive Bitcoin even closer to its all-time high in the coming days.
Bitcoin Price Predictions
Analysts are optimistic about Bitcoin’s short- and long-term price trajectory. Many believe that if Bitcoin surpasses its current resistance levels, a push toward $110,000 or higher is likely in the near term.
“If Bitcoin breaks above $107,000, we could see a rapid move toward $115,000,” said analyst Michael van de Poppe, emphasizing the importance of breaking key psychological barriers.
Long-term predictions are even more bullish. Some experts project that Bitcoin could reach $150,000 to $200,000 by the end of 2025. This would be driven by institutional adoption, macroeconomic factors like inflation, and the upcoming halving event expected to reduce supply further.
“Bitcoin’s scarcity combined with increasing demand makes $200,000 a realistic target within the next 12 to 18 months,” predicted PlanB, creator of the Stock-to-Flow model.
However, not all analysts are uniformly bullish. Some caution that regulatory uncertainty or macroeconomic shifts could create volatility, potentially leading to temporary pullbacks.
“While the overall trend is positive, we might see a correction to $90,000-$95,000 before the next major rally,” warned Peter Brandt, a veteran trader known for his cautious outlook.
Bitcoin’s Compound Annual Growth Rate (CAGR) Slows
While Bitcoin’s price continues to soar, its compound annual growth rate (CAGR) is showing signs of cooling down. On May 18, analyst Willy Woo explored this trend. He noted that Bitcoin’s CAGR is trending downward as the network absorbs more capital.
He compared Bitcoin’s long-term growth to traditional metrics like monetary expansion (5%) and GDP growth (3%). Woo estimated that Bitcoin’s annual growth rate will stabilize at around 8% in 15 to 20 years.
“Until then, enjoy the ride because almost no publicly investable product can match BTC performance long term, even as BTC’s CAGR continues to erode,” he added.
This analysis highlights Bitcoin’s evolving role as both a store of value and a macro asset. It continues to attract institutional and retail investors alike.
Final Thoughts
Bitcoin’s latest achievements underscore its resilience and growing adoption in the global financial landscape. With its highest-ever weekly and daily closes, the cryptocurrency is once again nearing its all-time high. It is fueled by strong market momentum and speculative optimism.
As analysts and investors monitor potential catalysts, including regulatory developments or institutional adoption, Bitcoin’s journey remains as dynamic as ever. For now, the original cryptocurrency continues to dominate headlines, solidifying its position as a cornerstone of the digital asset ecosystem.
Whether Bitcoin breaches its all-time high in the coming weeks or consolidates further, one thing is clear. Bitcoin’s impact on the financial world is only beginning.
