Bitcoin Approaches Record Highs Again
Bitcoin seems to be nearing its best week lately, as the overall cryptocurrency market experiences a notable upward trend, with prices inching closer to previous all-time highs.
According to data from TradingView, Bitcoin has recorded weekly gains for six consecutive weeks, wrapping up the most recent week just under $106,500 at midnight UTC on May 18th.
The previous week ended around $104,400 in December, and it later achieved an all-time high of $109,358 on January 20th.
Currently, Bitcoin is hovering just below its peak price, up about 2% in the last 24 hours, trading around $104,730 as of now.
The week of May 18th saw Bitcoin’s strongest closing in a 24-hour timeframe, though it’s worth noting this isn’t its largest daily gain ever.
Investor Scott Mercer shared on X, “Bitcoin has just closed its best candles every day…” on May 19th, highlighting this positive trend.
Analyst Rekt Capital mentioned that if Bitcoin maintains levels above $105,000 daily, it could pave the way for new highs.
Bitcoin’s profits over the last six weeks remind some of its significant growth in November, when it added $30,000 through its largest three weekly candles.
This May alone, Bitcoin has increased by about $12,000, climbing from $94,000 to over $106,000 before settling around $105,400.
Additionally, McKenna from Arete Capital Partner noted that the Coinbase Premium is making a comeback, which, combined with Binance’s offerings, is interesting to observe. “The strength of this bid on Sunday night feels strange,” they remarked.
Cooling Bitcoin CAGR
On May 18, analyst Willie Woo discussed Bitcoin’s combined annual growth rate (CAGR), suggesting it’s currently on a downward trajectory as the network retains more capital.
Woo described BTC as the latest macro asset observed in the last 150 years, anticipating it will keep absorbing capital until it finds a balance. He drew comparisons to a long-term financial expansion of 5% and a 3% GDP growth, predicting Bitcoin’s CAGR will stabilize around 8% in the next 15 to 20 years.
He concluded, “Until then, despite the continued erosion of BTC’s CAGR, publicly investable products seldom match BTC’s long-term performance, so enjoy the ride.”
