Bitcoin Price Signals Bullish Continuation With SuperTrend Rising, Here’s The Next Target After Beating $81,000

Bitcoin’s price trajectory has been nothing short of impressive since the beginning of November. Notably, Bitcoin has risen about 20.8% from its November low of $67,690, allowing it to break through two consecutive all-time highs. Interestingly, technical analysis of Bitcoin price indicates this This upward trend won’t stop soonAnd Bitcoin holders You can continue to expect gains As the year comes to an end.

According to cryptocurrency analyst Tony “The Bull” Severino of CMT, the SuperTrend indicator now points to a continuation of the upside for the Bitcoin price. Even more interesting is the fact that this is the first time the index has risen after 34 weeks of sideways movement.

The SuperTrend indicator indicates a continuation of the upward trend

Cryptocurrency analyst Tony “The Bull” Severino added additional weight to this positive outlook surrounding the Bitcoin price. According to To analyze it The recent bullish price action has seen the SuperTrend indicator, an indicator often used to measure market direction, trending higher 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 index has remained stable despite fluctuations, even during Bitcoin’s downward rally in August, when Bitcoin fell to $49,600. Even then, Bitcoin managed to recover, finding support on the weekly SuperTrend line.

Next target for Bitcoin price

Recent market dynamics have seen Bitcoin price decline in bullish sentiment. To put this in context, Bitcoin’s price has traded in a range between $78,649 and $81,800 over the past 24 hours, with trading volume of $83.7 billion, according to CoinGecko. as, Bitcoin now has an all-time high of $81,800 At the time of writing, though I corrected a little It is currently trading at $80,965.

Now, with the SuperTrend indicator turning higher, there is a renewed sense of optimism about Bitcoin’s price trajectory. As Tony Severino noted In another post On social media platform

Interestingly, the first guaranteed target in this uptrend is in the middle of the ascending channel, which Severino noted is $100,000. With Bitcoin currently trading at around $81,000, this target represents a further increase of around 23.5%.

However, if Bitcoin reaches the upper trend line of this uptrend channel, it will reach the price threshold of $170,000, which represents a 110% increase from the current price.

Featured image created with Dall.E, chart from Tradingview.com