Bitcoin’s price trajectory since the beginning of November has been nothing brief of impressive. It is worth noting that Bitcoin is up approximately 20.8% from the November low of $67,690, which has allowed it to steadily hit modern all-time highs. Interestingly, this is suggested by technical analysis of Bitcoin price this upward trend will not end any time soonand Bitcoin holders they can still expect profits as the year comes to an end.

According to cryptocurrency analyst Tony “The Bull” Severino, CMT, the SuperTrend indicator is currently pointing to a bullish continuation in the price of Bitcoin. What’s more intriguing is that this marks the first escalate in the index after 34 weeks of lateral movement.

The SuperTrend indicator points to bullish continuation

Crypto analyst Tony “The Bull” Severino further reinforced the positive outlook for Bitcoin’s price. According to for its analysis, recent bullish price action has resulted in the SuperTrend indicator, an indicator often used to assess market direction, trending higher for Bitcoin on the weekly time frame.

Interestingly, technical analysis of the Bitcoin price chart on the weekly candlestick timeframe shows that the SuperTrend indicator has been moving horizontally since March 2024 until recently. Throughout this period, the rate has remained steady despite volatility, even during Bitcoin’s surge in August when Bitcoin fell to $49,600. Even then, Bitcoin managed to recover, finding support on the weekly SuperTrend line.

Next target for Bitcoin price

The recent market dynamics have sent the Bitcoin price into a bullish mood. For comparison, Bitcoin’s price ranged between $78,649 and $81,800 over the past 24 hours, with trading volume of $83.7 billion, according to CoinGecko. As such, Bitcoin is currently at an all-time high of $81,800 although at the time of writing this it has improved a bit and is currently listed at $80,965.

Now that the SuperTrend indicator has risen, there has been a renewed sense of optimism about Bitcoin’s price trajectory. As Tony Severino noted in another post on social media platform

Interestingly, the first guaranteed target in lithe of this upward move is located in the middle of the uptrend channel, which Severino pegged at $100,000. With Bitcoin currently valued at around $81,000, this target represents a further escalate of around 23.5%.

However, if Bitcoin were to reach the upper trend line of this uptrend channel, it would hit the $170,000 price threshold, which would represent a 110% escalate from its current price.

Featured image created with Dall.E, chart from Tradingview.com