Bitcoin’s price trajectory has captivated the market since the start of November, experiencing a remarkable 20.8% increase from its November low of $67,690. This surge has propelled Bitcoin to reach new all-time highs consistently. According to technical analysis, this upward trend is poised to continue, promising further gains for Bitcoin holders as the year progresses.
Crypto analyst Tony “The Bull” Severino, CMT, has noted that the SuperTrend indicator now points to a bullish continuation for Bitcoin’s price. This is particularly notable as it marks the first ascent of the indicator after a 34-week period of sideways movement.
Tony Severino’s analysis brings clarity to this positive outlook. The recent bullish activity has seen the SuperTrend indicator, commonly used to determine market trends, move upwards for Bitcoin on a weekly basis. Examining the Bitcoin price chart on a weekly candlestick timeframe reveals the SuperTrend indicator had been flatlining since March 2024. Despite significant volatility, including a dip to $49,600 in August, the indicator remained resilient, and Bitcoin found support along the weekly SuperTrend line.
Bitcoin’s recent market activity is buoyed by bullish sentiment, trading within a range of $78,649 to $81,800 in the last 24 hours, with a trading volume of $83.7 billion, as reported by CoinGecko. At the time of writing, Bitcoin has reached an all-time high of $81,800 but has slightly corrected to $80,965.
With the SuperTrend indicator trending upward, optimism is renewed for Bitcoin’s price trajectory. Severino pointed out in a recent social media post that Bitcoin is initiating a new upward move within an uptrend channel that has been developing since October 2023.
The first significant target within this uptrend is the median of the channel, identified by Severino as $100,000. Given Bitcoin’s current trading price around $81,000, hitting this target would mean a substantial 23.5% increase. Should Bitcoin reach the upper trendline of this channel, the price could soar to $170,000, marking a staggering 110% rise from its current valuation.
This trend is reflected in Bitcoin’s movement on Tradingview.com, where it touched $82,000, showcasing the strong momentum driving the world’s leading cryptocurrency.
