Bitcoin Price Signals Bullish Continuation With SuperTrend Rising, Here’s The Next Target After Beating $81,000
11 November 2024 - 5:30PM
NEWSBTC
The Bitcoin price trajectory has been nothing short of impressive
since the beginning of November. Notably, Bitcoin has been up by
about 20.8% from its November low of $67,690, which has allowed it
to break into new all-time highs successively. Interestingly,
technical analysis of the Bitcoin price suggests this uptrend isn’t
stopping soon, and Bitcoin holders can continue to expect gains as
the year draws to a close. According to crypto analyst Tony “The
Bull” Severino, CMT, the SuperTrend indicator is now pointing to a
bullish continuation for the Bitcoin price. What’s more intriguing
is the fact that this marks the first time the indicator is rising
after 34 weeks of sideways movement. SuperTrend Indicator Points To
Bullish Continuation Crypto analyst Tony “The Bull” Severino has
added further weight to this positive outlook surrounding the
Bitcoin price. According to his analysis, the recent bullish price
action has seen the SuperTrend indicator, an indicator often used
to gauge market direction, trending upwards for Bitcoin on the
weekly timeframe. Interestingly, technical analysis of the
Bitcoin price chart on the weekly candlestick timeframe shows that
the SuperTrend indicator had been moving horizontally since March
2024 up until recently. Throughout this period, the indicator held
steady despite volatility, even during Bitcoin’s downward spike in
August, when Bitcoin dipped to $49,600. Even then, Bitcoin managed
to recover, finding support on the weekly SuperTrend line. Next
Target For The Bitcoin Price Recent market dynamics have seen the
Bitcoin price reeling in bullish sentiment. To put this in context,
the Bitcoin price has been trading within a range of $78,649 to
$81,800 in the past 24 hours, with a trading volume of $83.7
billion, according to CoinGecko. As such, Bitcoin now has an
all-time high of $81,800 at the time of writing, although it has
corrected a bit and is currently trading at $80,965. Now, with the
SuperTrend indicator turning upward, there is a renewed sense of
optimism for Bitcoin’s price trajectory. As noted by Tony Severino
in another post on social media platform X, the recent uptrend has
seen Bitcoin kicking off a new upside move within an uptrend
channel that has been in formation since October 2023.
Interestingly, the first guaranteed target in light of this upside
move is in the middle of the uptrend channel, which Severino
highlighted to be $100,000. With Bitcoin currently trading at
around $81,000, this target represents a further increase of about
23.5%. However, if the Bitcoin were to reach the upper trendline of
this uptrend channel, it would see it reaching the $170,000 price
threshold, which would represent a 110% increase from the current
price. Featured image created with Dall.E, chart from
Tradingview.com
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