FameEX Hot Topics | Bitcoin Achieves Record Single-Day and Weekly Closing Prices

Bitcoin is reaching new heights, coming close to its all-time high with its highest-ever weekly close on May 18. The cryptocurrency reached just under $106,500, setting a new record for its weekly close. Bitcoin is now less than 3% from its all-time peak, continuing its impressive upward trend. This surge marks six consecutive weeks of weekly gains, indicating strong momentum in the market and reinforcing the bullish outlook for the cryptocurrency.

Previously, Bitcoin's highest weekly close was in December, when it reached $104,400. The coin continued to rise and hit an all-time high of $109,358 on January 20, as per TradingView data. This consistent weekly performance reflects a steady build-up, pushing Bitcoin toward new price levels. Bitcoin’s performance in May has been particularly notable, climbing from $94,000 to over $106,000 before slightly retreating to around $105,400.

In addition to the record-breaking weekly close, Bitcoin also posted its highest-ever 24-hour close on May 18. However, it’s worth noting that this isn’t the largest daily gain Bitcoin has ever made. Investor Scott Melker highlighted the significance of the new daily candle close, stating that Bitcoin's price could continue to establish new higher highs. Analyst Rekt Capital suggested that a daily close above $105,000 could signal the development of a new peak for Bitcoin.

Bitcoin’s performance over the past six weeks mirrors the strong gains seen in November, when it added $30,000 in some of its largest weekly candles. In comparison, the recent rally in May has added around $12,000, showing that Bitcoin’s upward momentum remains strong and persistent. Despite fluctuations, Bitcoin’s recovery toward the $105,000 level has created anticipation among investors, with some speculating that upcoming news could further drive its growth.

On May 18, analyst Willy Woo shared insights into Bitcoin’s compound annual growth rate (CAGR), observing a downward trend as Bitcoin continues to absorb more capital. He compared Bitcoin’s growth to traditional macroeconomic trends and estimated its annual growth rate could stabilize around 8% over the next 15 to 20 years. Woo cautioned that while Bitcoin’s CAGR may continue to decrease, it still outperforms nearly every publicly investable asset in the long term.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.