Analyst and trader Justin Bennett outlines one scenario in which Bitcoin (BTC) could suddenly soar to $70,000.
Bennett told his 111,600 followers on social media platform
“A rebuttal to my call for $57,000 BTC before $70,000 is this 4-hour channel: If Bitcoin can recover from $63,000 to $64,000, it will wipe out shorts from $69,000 to $70,000. If we can’t do that and those support levels start to fail, then the target amount is $57,000.
Source: Justin Bennett/X
Bennett said Bitcoin’s recovery to the $62,000 level on Friday, after falling to $60,000 earlier this week, may just be a “rescue rebound” before a more serious correction. I’m warning you.
“Seeking Bitcoin for $70,000 after a 3%/rebound from Friday’s $60,000 in the Asian session is pure engagement farming. Neither that person nor these people are traders you want to follow. BTC The only way to target $70,000 is to recover $64,500. Until then, this is simply a rescue rally that increases sell-side liquidity at $59,000 and $57,000. I’m looking for sex.”
Bennett said Thursday that he has noticed a recent trend in Bitcoin rising after the stock market close, suggesting the $63,000 level is within reach.
“Every day this week, Bitcoin skyrocketed as soon as the U.S. stock market closed.Fourth round?In any case, I think it’s at $57,000, but if we can get rid of the $63,200 short, it will give us some relief. ”
At the time of writing, Bitcoin was trading at $62,240, up 2.4% in the past 24 hours.
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