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Analyst and trader Kevin Swenson claims that bitcoin is sending a bullish signal amid the flagship cryptocurrency’s double-digit growth over the past month. In a new video, Swenson told his 78,400 YouTube subscribers that BTC $63,144.50 Bitcoin 0.15% Market capitalization $1.27 trillion VOL. 24 hours $0.28 billion is trending parabolic and is close to a «vertical growth point.»
«Bitcoin is close to what is called a 'blue sky breakout'. A blue sky breakout is when an asset breaks above all previous historical price action and experiences what is called a price discovery. So a 'blue sky breakout' is most likely something that will happen very, very soon.»
According to Swenson, bitcoin is in a parabolic trend and can grow by about 26% from its current level. «We're watching this exponential price increase, the trend is accelerating… the goal is $ 90,000. In math, a parabola can only be so steep until it reverses. So you have to understand that at some point we will break it. But I think we will see much higher prices before that happens. To go from $ 70,000 to $ 90,000 is no joke. That’s a huge increase for all the top players.»
Swenson says that if history repeats itself, bitcoin could reach $ 90,000 in about two months.