Bitcoin Soars to a New All-Time High of $111,880 on Pizza Day — What Happens Next Will Shock You!

Updated
May 23, 2025
Gambar Bitcoin Soars to a New All-Time High of $111,880 on Pizza Day — What Happens Next Will Shock You!

Jakarta, Pintu News – Bitcoin has experienced an impressive recovery since April 7, and reached a new all-time high of $111,880 on May 22.

Interestingly, BTC hit this high right on Bitcoin Pizza Day, which was the first historic moment where Bitcoin was used to buy physical goods.

On May 22, 2010, a programmer named Laszlo Hanyecz bought two pizzas with 10,000 BTC, marking the beginning of Bitcoin’s use for everyday transactions.

Is this the beginning of a parabolic Bitcoin price surge, or will it form a double peak and decline pattern, as it did in 2021? Let’s find out.

Bitcoin Reaches Record All Time High

Analysis on the weekly time frame shows that Bitcoin price recorded its highest weekly close in history last week. The close confirmed the breakout above the $105,000 horizontal resistance area, the last obstacle before reaching a new record high.

Read also: Leave Gold, Now Bitcoin (BTC) is the Asset of Choice in America!

This week, BTC formed another bullish candlestick and reached a new high of $111,880. As the price has entered the all-time high territory, the external Fibonacci retracement level of 1.61 at $130,810 could be the next resistance point.

Although the price action shows a bullish trend, some technical indicators are showing worrying signs.

all time high bitcoin
Source: TradingView via CCN

The Relative Strength Index (RSI) has shown a bearish divergence since March 2024 and is now approaching the trend line (orange in color). Although the divergence has already triggered a price drop, the RSI indicator seems to have the potential to break the trend line in the near future.

However, although the RSI gave a positive signal, the Moving Average Convergence/Divergence (MACD) indicator did not show any bullish signs. Instead, the histogram and signal line on the MACD show bearish divergence on the weekly time frame.

As such, the price analysis on the weekly frame is still unclear as to whether this breakout will take the price much higher.

Vertical Accumulation and Breakout

The short-term six-hour time frame provides a more optimistic Bitcoin price prediction. Since early May, BTC has been consolidating inside an ascending parallel channel.

While channel structures often reflect corrective patterns, Bitcoin price managed to break out of the channel and set a new record high today.

A breakout from this channel is a very strong bullish signal, as it indicates a vertical accumulation pattern – where even during the correction phase, prices continue to print higher lows.

Source: TradingView via CCN

In addition, this breakout occurred after the RSI and MACD indicators showed a hidden bullish divergence.

As such, BTC price analysis in the short-term is likely to be more positive, indicating that the correction phase is over and prices are likely to continue setting new records.

Read also: BTC Strengthens, Bitcoin Price Forecasted to Reach $600,000 by October 2025

Why is the price of Bitcoin rising?

The bullish wave count shows that Bitcoin price has just started a parabolic upward movement.

Based on this analysis, the price of BTC is currently entering the third wave of a five-wave upside movement. Currently, BTC is in the third sub-wave (marked black), which is usually the fastest phase of an upward movement.

Source: TradingView via CCN

Although the second sub-wave is very shallow, it still fits the vertical accumulation pattern described earlier. However, there is still one valid bearish scenario, which states that BTC is about to top out.

According to this scenario, the price drop from January to April was the fourth wave in a five-wave upside structure. If true, then BTC is currently in the fifth and final wave of a long-term upward movement.

The thing is, there is no clear “alternation” between waves two and four – both are equally deep and touch the Fibonacci retracement support level of 0.618 or so.

Also, if this is really the fifth wave, then there should be an extension at wave five, not at wave three – but this has not been seen yet.

However, even if this bearish calculation is correct, the price of BTC is still expected to continue rising in the short term. BTC is now in sub-wave five (black), with a minimum target of $121,137.

Source: TradingView via CCN

Nevertheless, this scenario remains valid and in line with the bearish divergence signals seen on the RSI and MACD indicators.

BTC’s New All-Time High

The price of Bitcoin (BTC) has seen an excellent recovery since April 7, and managed to set a new record high today, May 22.

Read also: Ethereum Founder Jeffrey Wilcke Moves $262 Million Worth of ETH, What’s Up?

However, despite reaching highs, there are a number of worrying signs – such as the presence of bearish divergence on the weekly time frame as well as the possibility of a valid bearish wave calculation scenario.

On the other hand, the price movement also has the potential to be parabolic as there is no significant resistance above the current price. The fact that the breakout continues to hold supports this possibility.

Bitcoin’s movement in the next few weeks will be crucial and could set the tone for the rest of the year.

That’s the latest information about crypto. Follow us on Google News to stay up-to-date on the world of crypto and blockchain technology.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

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