Analyst and trader Justin Bennett is outlining one scenario where Bitcoin (BTC) may suddenly soar to $70,000.
Bennett tells his 111,600 followers on the social media platform X that he can see one way Bitcoin surges more than 12% from its current value without first dipping below $60,000.
“A counterargument to my calls for BTC $57,000 before $70,000 is this four-hour channel. If Bitcoin can reclaim $63,000-$64,000 we can start talking about sweeping the $69,000-$70,000 shorts. If it can’t and these support levels start to fail, $57,000 becomes the target.”
Bennett warns that Bitcoin’s reclaim of the $62,000 level Friday after dropping to $60,000 earlier this week may just be a “relief rally” before a deeper correction.
“Calling for $70,000 Bitcoin after a 3% Asia session/Friday bounce from $60,000 is pure engagement farming. Either that or these people aren’t traders you want to follow. The ONLY way BTC targets $70,000 is on a reclaim of $64,500. Period. Until then, this is simply a relief rally that’s building more sell-side liquidity at $59,000 and $57,000. Markets seek liquidity.”
Bennett said on Thursday he noticed a recent trend of Bitcoin putting up gains after the stock market closes, and suggested the $63,000 level is within reach.
“Every day this week, Bitcoin has pumped as soon as the US stock market closed. Round Four? Either way, I think we see $57,000, but some relief to take out the $63,200 shorts would be nice.”
Bitcoin is trading for $62,240 at time of writing, up 2.4% in the last 24 hours.
Generated Image: Midjourney
Credit: Source link
