Can Bitcoin price maintain its bullish momentum? Analysts determine local top-tier for $113K
Bitcoin has had excellent price performance over the past week, reaching new all-time highs. At the end of Thursday, May 22, the Prime Minister’s cryptocurrency hit a record high of $111,807.
Although the value of BTC has achieved significant corrections in the past 24 hours, investors expect the price of the coin to be paid a huge correction. However, historical price action data suggest that Bitcoin prices may cool down for some time before they resume their upward rally.
Once the BTC local tops come in, Altseason is about to be next: Analyst
In the latest post on social media platform X, crypto analyst Joao Wedson points out potential local tops for $113,000 and $114,000 in the coming days. The Chain analyst highlighted two main reasons why the bullish momentum of market leaders may disappear in the near term.
First, this bearish projection revolves around the emergence of long-term trend lines on the daily BTC chart. As shown in the figure below, the trend line acts as the resistance level of Bitcoin price, which has caused multiple rejections since the beginning of 2021.
Source: @joao_wedson on X
Additionally, after reaching this long-term trendline, the top (and then the highest price) of the 2021 cycle is about $69,000. Recently, Bitcoin’s previous highest price of $108,786 has reached this long-term resistance level.
Wederson also noted that Bitcoin aggregate clearing levels Heatmap supports $113,000-$114,000 local top theory. According to clearing data, Bitcoin price has suffered a pullback at the $110,000 level in the past six months.
Most interestingly, Wederson notes that Altcoins may recover their lives in the months after the price of Bitcoin peaks. Although Bitcoin’s dominance has been corrected over the past week, the indicator has been significantly improved after BTC’s price performance over the past few days.
Discussions about the Altcoin season have been in the air of cryptocurrency since early 2025, especially the price of Bitcoin seems to have reached a height (at that time). But alternative seasons seem more like a fantastic idea as the world’s largest cryptocurrency continues to lead a mile.
The price of Bitcoin is clear at a glance
Bitcoin’s price fell below $109,000 at the end of Friday, which appears to be a reaction to U.S. President Donald Trump’s tariff threat to EU goods. As of this writing, the flagship cryptocurrency is worth about $108,500, down 2.3% in the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured images from Istock, charts for TradingView
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