This article is available in Spanish.
The Bitcoin price trajectory has been nothing short of impressive since early November. Notably, Bitcoin has risen about 20.8% from November’s low of $67,690, allowing it to hit new all-time highs back-to-back. Interestingly, the technical analysis of the Bitcoin price shows this upward trend is not stopping anytime soonand Bitcoin holders can continue to expect profits 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 in the Bitcoin price. What’s even 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 further reinforced this positive outlook around the Bitcoin price. According to for his analysis, Recent bullish price action has seen the SuperTrend indicator, an indicator often used to gauge market direction, move up weekly for Bitcoin.
Interestingly, the 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. During this period, the indicator remained stable despite volatility, even during Bitcoin’s downward 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 the Bitcoin price
Recent market dynamics have pushed Bitcoin price into bullish sentiment. To put this into context, Bitcoin price traded 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. As such, Bitcoin is now at an all-time high of $81,800 at the time of writing, though it has been corrected a bit and is currently trading at $80,965.
With the SuperTrend indicator trending higher, there is a renewed sense of optimism about Bitcoin’s price trajectory. As noted by Tony Severino in another post on social media platform
Interestingly, the first guaranteed target in light of this upward move is in the middle of the uptrend channel, which Severino estimates to be at $100,000. With Bitcoin currently trading around $81,000, this target represents a further upside of approximately 23.5%.
However, if Bitcoin were to reach the upper trendline 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