Bitcoin Price Surges 20.8% to New All-Time High of $81,800

The Bitcoin price has increased by approximately 20.8% since its November low of $67,690, reaching new all-time highs. Technical analysis indicates that this uptrend may continue, with Bitcoin holders potentially expecting further gains as the year ends.

SuperTrend Indicator Points To Bullish Continuation

Analyst Tony Severino reports that the SuperTrend indicator shows a bullish continuation for Bitcoin after 34 weeks of sideways movement. This indicator, which gauges market direction, is now trending upwards on the weekly timeframe.

The SuperTrend indicator remained stable despite volatility, including a dip to $49,600 in August, where Bitcoin found support on the weekly SuperTrend line.

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Next Target For The Bitcoin Price

Recent market activity has fostered bullish sentiment, with Bitcoin trading between $78,649 and $81,800 over the past 24 hours and a trading volume of $83.7 billion. Bitcoin's current all-time high is $81,800, although it has corrected slightly to $80,965.

The upward trend indicated by the SuperTrend suggests renewed optimism for Bitcoin’s trajectory. The initial target for this move is $100,000, representing a potential increase of about 23.5%. If Bitcoin reaches the upper trendline of the channel, it could hit $170,000, reflecting a 110% increase from its current price.

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Bitcoin price chart from Tradingview.com