Analyst Kevin Swenson has predicted the trajectory of Bitcoin (BTC) as the leading cryptocurrency has seen a decline of around XNUMX% from its peak of around $72,000 in November over the past two weeks.
In a recent video clip, he explained that despite the drop in Bitcoin’s price, if it closes above the parabolic trendline this week, the price of Bitcoin could potentially surge by around 42%.
“If we experience an unexpected surge and the current weekly candle turns into a bullish engulfing candle, we could see a significant rise,” claimed Swenson. “We could potentially reach $90,000 sooner than expected, thus maintaining our momentum.”
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In the ongoing debate over whether Bitcoin is in a bull or bear market, Swenson advised viewers to focus on the charts:
“Putting aside opinions and just looking at the charts, we see a series of higher lows. This indicates an upward trend and, by definition, a bull market.”
He pointed out that Bitcoin is nearing its all-time high, with only about a 13-14% difference from setting a new ATH. Being close to the historical high and having a continuous upward trend suggests that the leading cryptocurrency is still in a bullish trend.
At the time of writing, Bitcoin is valued at $64,256, experiencing a slight increase of around 1% over 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.
