We are currently above the trend, but that doesn't mean we can't keep going to hit the 5k mark. In comparison to the previous breakout from 2013-2014, BTC price is barley over the trend channel.
Today the is at $1,300. But I think it is extremely unlikely to hit this level. If there is a drop in price, it will probably take some time to come back to the trend, and for any additional time, the log trend will have a higher price level. By Jan 1st 2018, the price of the log trend will have risen to about $1,800 - 1,850.