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

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As an analyst with over two decades of experience in financial markets, I have witnessed countless trends and cycles. However, the Bitcoin price trajectory has been one of the most intriguing phenomena I’ve observed in recent years. The recent surge, fueled by a bullish SuperTrend indicator, is reminiscent of the dot-com boom in the late 90s – a period that saw unprecedented growth and speculation.

Since early November, I’ve been blown away by the trajectory of Bitcoin‘s price. Notably, it’s surged approximately 20.8% from its low in November at $67,690, which has propelled it to set new record highs repeatedly. What makes this even more intriguing is that technical analysis hints at this uptrend persisting, suggesting that as the year winds down, Bitcoin holders might continue to reap rewards.

As per crypto analyst Tony “The Bull” Severino (CMT), the SuperTrend indicator suggests a prolonged bullish trend in Bitcoin’s price. Interestingly, this is the first instance where the indicator has risen following 34 consecutive weeks of horizontal movement.

SuperTrend Indicator Points To Bullish Continuation

crypto expert Tony “The Bull” Severino reinforces a favorable view of Bitcoin’s price movement. His analysis indicates that the SuperTrend indicator, which is frequently employed to assess market trends, has been climbing for Bitcoin within the weekly timeframe, signaling a bullish trend.

Remarkably, an analysis of the Bitcoin price chart using the SuperTrend indicator on a weekly candlestick scale reveals that this tool had remained flat from March 2024 until more recently. Surprisingly, it managed to maintain its position during market turbulence, including Bitcoin’s drop to $49,600 in August. However, even in this downturn, Bitcoin showed resilience by rebounding and finding a support level on the weekly SuperTrend line.

Next Target For The Bitcoin Price

Over the past day, I’ve noticed the Bitcoin market exhibiting a strong bullish trend, with the price oscillating between $78,649 and $81,800. As of writing, it has reached an all-time high of $81,800, although it has since corrected slightly to $80,965. The trading volume in the last 24 hours was a substantial $83.7 billion, as reported by CoinGecko.

Currently, as the SuperTrend indicator is pointing upwards, there’s a growing optimism about the direction of Bitcoin’s price. As Tony Severino mentioned on social media platform X, the recent upward trend indicates that Bitcoin is initiating a fresh upward surge within an uptrend channel that has been developing since October 2023.

As an analyst, I find it intriguing that the initial projected peak within this upward trend lies near the $100,000 mark, as Severino pointed out. Given Bitcoin’s current trading price around $81,000, reaching this target would entail a potential rise of approximately 23.5%.

Should Bitcoin ascend to the upper boundary of its upward trajectory, it’s predicted to touch the $170,000 mark. This would imply an elevation of around 110% above its present value.

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2024-11-11 19:34