Bitcoin continues to defy gravity, hitting yet another significant milestone with its highest-ever weekly close, just as its broader market momentum shows no signs of slowing down. The flagship cryptocurrency wrapped up the week of May 18 with a historic close just shy of $106,500—edging closer than ever to its previous all-time high and reigniting bullish sentiment across the digital asset space.
This impressive weekly finish builds on a six-week streak of consecutive gains, marking a strong comeback for Bitcoin after a period of volatility earlier this year. According to data from TradingView, the May 18 weekly close just surpassed the December 2023 benchmark of around $104,400, establishing a new high-water mark for weekly performance.
At the time of writing, Bitcoin is hovering around $104,730—less than 3% away from the January 20 all-time high of $109,358. The recent push saw a daily price increase of about 2%, which helped the cryptocurrency notch its highest-ever 24-hour closing candle on May 18.
Investor and analyst Scott Melker highlighted the event in a May 19 post on X, stating, “Bitcoin just had its highest daily candle close… ever,” further fueling optimism in the crypto community. Echoing this sentiment, market analyst Rekt Capital noted that a decisive daily close above $105,000 could lead Bitcoin into uncharted territory by forming a brand-new higher high.
If Bitcoin’s recent momentum feels familiar, it’s because we’ve seen a similar pattern before. Back in November 2023, Bitcoin made headlines by climbing $30,000 in just three explosive weekly candles. This month alone, it has already added approximately $12,000—rising from around $94,000 at the start of May to peak above $106,000 before slightly pulling back to $105,400.
Meanwhile, analysts are also paying close attention to key market signals, such as the reappearance of the “Coinbase premium”—a metric that compares the price of Bitcoin on Coinbase’s BTC/USD pair to Binance’s BTC/USDT pair. Arete Capital partner, known as “McKenna” on X, pointed out the premium’s return over the weekend, describing the strength of the bid as “strange” for a Sunday evening. “It’s possible someone knows some important news dropping next week,” they speculated.
Adding another layer of insight, on-chain analyst Willy Woo provided a broader perspective on Bitcoin’s long-term trajectory. On May 18, Woo discussed Bitcoin’s compound annual growth rate (CAGR), which he noted is trending lower over time. However, rather than seeing this as a negative, Woo interpreted it as a sign of Bitcoin’s maturation into a mainstream macro asset.
“BTC is now traded as the newest macro asset in 150 years. It’ll continue to absorb capital until it reaches its equilibrium,” Woo explained. He estimated that Bitcoin’s CAGR could stabilize around 8% within the next 15 to 20 years—still outperforming most traditional investment assets over the long run.
Comparing Bitcoin’s projected growth to long-term monetary expansion (around 5%) and GDP growth (roughly 3%), Woo reinforced the narrative that Bitcoin remains an exceptional store of value, even as its explosive early growth phases gradually normalize.
“Until then,” Woo concluded, “enjoy the ride, because almost no publicly investable product can match BTC’s long-term performance—even as its CAGR continues to erode.”
With price action heating up and speculation about upcoming catalysts gaining traction, Bitcoin’s journey toward a new all-time high seems more plausible than ever. As the next chapter of its historic bull run unfolds, investors are keeping their eyes locked on the charts—and their hopes pinned on the $110K mark.
