Bitcoin analyst and trader Justin Bennett is painting a picture of a potential scenario where Bitcoin (BTC) could see a sudden surge to $70,000. With a following of 111,600 on the social media platform X, Bennett is sharing his insights on how Bitcoin could climb over 12% without first dropping below the $60,000 mark.
In a recent post, Bennett discusses a four-hour channel that could potentially lead Bitcoin to reclaim the $63,000-$64,000 range, opening up the possibility of sweeping the $69,000-$70,000 shorts. However, he also warns that if Bitcoin fails to maintain these support levels and begins to decline, the target could shift to $57,000 instead.
Bennett highlights the importance of Bitcoin reclaiming the $64,500 level for it to have a chance at reaching $70,000. He cautions against premature predictions of a $70,000 Bitcoin based on minor price movements, suggesting that a deeper correction may be on the horizon if certain levels are not sustained.
Noting a trend where Bitcoin has seen gains after the stock market closes, Bennett speculates that the $63,000 level could be within reach. However, he remains cautious about the potential for a relief rally and the importance of market liquidity in driving price movements.
As of the time of writing, Bitcoin is trading at $62,240, showing a 2.4% increase in the last 24 hours. Bennett’s analysis provides valuable insights for traders and investors looking to navigate the volatile cryptocurrency market.
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Source: Justin Bennett/X
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