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bitcoin's price trajectory has been impressive since early November. Notably, bitcoin is up approximately 20.8% from its November low of $67,690, allowing it to reach new all-time highs in succession. Interestingly, bitcoin price technical analysis suggests bitcoin-is-coming-vaneck-ceo-makes-bold-prediction/” rel=”nofollow”>This bullish trend won't stop anytime soonand bitcoin holders we can continue waiting for profits as the year comes to an end.
According to crypto analyst Tony “The Bull” Severino, CMT, the SuperTrend indicator now points to a bullish continuation for the price of bitcoin. What is more intriguing is the fact that this is the first time the indicator has risen after 34 weeks of sideways movement.
SuperTrend indicator points to bullish continuation
crypto analyst Tony “The Bull” Severino has added more weight to this positive outlook for bitcoin price. According x.com/tonythebullBTC/status/1855789830887612836″ rel=”nofollow”>to your analysis, The recent bullish price action has seen the SuperTrend indicator, an indicator often used to gauge market direction, trending bullish for bitcoin on the weekly time frame.
Interestingly, technical analysis of the bitcoin price chart on the weekly candlestick time frame shows that the SuperTrend indicator has been moving horizontally since March 2024 until recently. Throughout this period, the indicator remained stable despite volatility, even during bitcoin's bearish peak in August, when bitcoin fell to $49,600. Even then, bitcoin managed to recover and found support at the weekly SuperTrend line.
Next target for bitcoin price
Recent market dynamics have seen bitcoin price reeling amid bullish sentiment. To put this in context, the price of bitcoin has been trading within a range of $78,649 to $81,800 over the past 24 hours, with a trading volume of $83.7 billion, according to CoinGecko. Such as, bitcoin now has an all-time high of $81,800 at the time of writing this article, although has been corrected a little and is currently trading at $80,965.
Now, with the SuperTrend indicator rising, there is a renewed sense of optimism about bitcoin's price trajectory. As Tony Severino pointed out x.com/tonythebullBTC/status/1855804437865894136″ rel=”nofollow”>in another post On social media platform
Interestingly, the first guaranteed target in light of this bullish move is in the middle of the uptrend channel, which Severino highlighted as $100,000. Given that bitcoin is currently trading at around $81,000, this target represents a further upside of around 23.5%.
However, if bitcoin were to reach the upper trend line of this uptrend channel, it would reach the price threshold of $170,000, which would represent a 110% increase from the current price.
Featured image created with Dall.E, chart from Tradingview.com
