Analyst Kevin Swenson has predicted the trajectory of Bitcoin (BTC) as the leading cryptocurrency has dropped around XNUMX% from its peak of around $72,000 in November over the past two weeks.
In a recent video clip, he explains that despite the price drop, if Bitcoin closes above the parabolic trendline this week, the price of Bitcoin could rise significantly by around 42%.
“If we experience an unexpected surge and the current weekly candle turns into a bullish engulfing candle, we could see a major rally,” claimed Swenson. “We could potentially reach $90,000 sooner than expected, thus maintaining our momentum.”
Read more:
Why the US Presidential Election Might Impact Bitcoin Prices
Addressing the ongoing debate about whether Bitcoin is in a bull market or a bear market, Swenson advises viewers to focus on the chart:
“Setting aside opinions and just looking at the chart, we see a series of higher lows. This indicates an upward trend and, by definition, a bull market.”
He points out that Bitcoin is nearing its all-time high, only about 13-14% away from setting a new ATH. Being close to the historical high and having consecutive higher lows suggests that the leading cryptocurrency is still in a bullish trend.
At the time of writing this article, Bitcoin is valued at $64,256, with a slight increase of about 1% in the past day. Despite the minor price drop, Swenson remains optimistic about the potential for BTC to reach new heights, indicating that the current trend suggests a bull market.
