Bitcoin’s trajectory since November began has been impressive. Bitcoin is up about 20.8% compared to its low price of $67.690 in November, which allows it break new records. Technical analysis suggests that the Bitcoin price is likely to continue rising. this uptrend isn’t stopping soonThe Bitcoin community can continue to expect gains As the year comes to an end.
Crypto analyst Tony “The Bull” Severino CMT, SuperTrend is now pointing towards a continuation of the bullish trend for Bitcoin. It’s even more interesting that the SuperTrend indicator has now started to rise after 34 consecutive weeks of sideways movements.
The SuperTrend indicator points to a bullish continuation
Crypto analyst Tony “The Bull” Severino’s positive comments on the Bitcoin value has been backed up by Severino. According to his analysis, The SuperTrend, which is often used as a gauge of market direction, has been trending up for Bitcoin in the weekly timeframe.
In an interesting technical analysis, the chart of Bitcoin’s price on a weekly candlestick shows the SuperTrend moving horizontally from March 2024 until just recently. Even during the downward spike of Bitcoin in August where Bitcoin fell to $49,000, this indicator was able to remain stable, despite fluctuations. Bitcoin was able to bounce back, with the SuperTrend Line providing support.
Bitcoin: Next target for the price
The recent market dynamics has seen Bitcoin’s price go through a bullish phase. CoinGecko reports that the Bitcoin price traded between $78,649 and $81800 during the previous 24 hours. The trading volume was $83.7 Billion. As such, Bitcoin now has an all-time high of $81,800 Although at the moment of this writing it has corrected a bit The price is currently $80 965.
The SuperTrend is turning up, and there’s a new sense of optimism about Bitcoin price. Tony Severino has noted. in another post Bitcoin has recently started a new upward movement within a trend channel which has existed since October 20,23.
Severino pointed out that $100,000 was the target for the middle of the channel of an uptrend. This target is about 23,5% higher than Bitcoin’s current price of $81,000.
The price of Bitcoin would increase by 110% if it were to hit the upper trendline in this upward channel.
Featured image was created using Dall.E chart, from Tradingview.com
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Source: www.newsbtc.com
