The Bitcoin price has shown a remarkable upward trajectory from early November, increasing by over 20% from its November low of $67,690. This surge has led Bitcoin to reach new all-time highs. Technical analysis indicates that this bullish trend is likely to continue, offering optimism for Bitcoin holders.
CMT Tony "The Bull" Severino points to the SuperTrend indicator, a tool used to predict market direction, now rising after 34 weeks of horizontal movement. His analysis confirms a bullish continuation for Bitcoin as the SuperTrend indicator trends upwards on the weekly timeframe.
Despite past volatility where Bitcoin dropped to $49,600 in August, it found support on the weekly SuperTrend line and rallied. The current trading range is $78,649 to $81,800, with a trading volume of $83.7 billion, marking Bitcoin's latest all-time high at $81,800.
With renewed optimism, Bitcoin could reach $100,000 as part of its upside move within an uptrend channel. Additionally, if Bitcoin hits the upper trendline of this channel, it might achieve a price of $170,000, indicating a massive potential increase from its current price.
