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Bitcoin’s price trajectory has been impressive since early November. Notably, Bitcoin rose nearly 20.8% from its November low of $67,690, allowing it to enter consecutive all-time highs. It is interesting that the technical analysis of the price of Bitcoin suggests this growth is not stopping anytime soonand Bitcoin holders he can continue to expect benefits as the year draws to a close.
According to crypto analyst Tony “The Bull” Severino, CMT, the SuperTrend indicator now points to a bullish continuation of the Bitcoin price. What is most impressive is that this means that the index starts to rise after 34 weeks of sideways movement.
SuperTrend Indicator Indicates Bullish Continuation
Crypto analyst Tony “The Bull” Severino added more weight to the positive sentiment surrounding Bitcoin’s price. According to in his analysis, recent bearish price action has seen the SuperTrend indicator, an indicator often used to measure market direction, trending higher for Bitcoin on a weekly basis.
Interestingly, technical analysis of the Bitcoin price chart in the weekly candle time period shows that the SuperTrend indicator has been moving horizontally since March 2024 until recently. All this time, the index has held firm despite the volatility, even during the Bitcoin decline in August, when Bitcoin fell to $49,600. Nevertheless, Bitcoin managed to recover, finding support in the weekly SuperTrend line.
Next Bitcoin Price Targets
Recent market forces have seen the price of Bitcoin fluctuate in a bullish direction. To put this in context, the price of Bitcoin has been trading within a range of $78,649 to $81,800 in the past 24 hours, with a trading volume of 83.7 billion, according to CoinGecko. Thus, Bitcoin now has an all-time high of $81,800 at the time of writing, though fixed it a bit and is currently trading at $80,965.
Now, with the SuperTrend indicator looking higher, there is a renewed sense of optimism for Bitcoin’s price trajectory. As noted by Tony Severino in another post on social media platform X, the recent uptrend saw Bitcoin start a new move within the uptrend channel formed from October 2023.
Interestingly, the first confirmed target considering this upward movement is in the middle of the uptrend channel, which Severino highlighted as $100,000. With Bitcoin currently trading around $81,000, this target represents an additional upside of around 23.5%.
However, if Bitcoin were to reach the upper line of this uptrend channel, it would see it reach the price limit of $170,000, which would represent an increase of 110% from the current price.
The featured image was created with Dall.E, a chart from Tradingview.com
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