Analyst and trader Justin Bennett describes one scenario in which bitcoin (BTC) could suddenly soar to $70,000.
Bennett told 111,600 subscribers of social media platform X that there is one way #bitcoin could rise more than 12% of its current value without falling below $BTC Bennett's rebuttal to my call for #BTC to rise to $57,000 to $70,000 was in this four-hour channel. If bitcoin can regain the $63,000-64,000 mark, then we can talk about negating the $69,000-70,000 shorts. If not, and those support levels start to fail, then $57,000 will be the target.
Mr. Bennett warns that bitcoin's return to the $62,000 level on Friday after falling to $60,000 earlier this week may just be a "relief rally" before a deeper correction.
Calls for bitcoin to cross $70,000 after a 3 percent #bounce from $60,000 in Friday's Asian session are pure prejudice. Otherwise, these are not the traders to follow; BTC will only reach $70,000 if it bounces off $64,500. In that case, it will come to a complete halt. Until then, this is just a relief rally to increase sell-side liquidity at the $59,000 and $57,000 levels. The market needs liquidity.
On Thursday, Mr. Bennett said he noticed bitcoin trending higher after #the stock market closed, suggesting the $63,000 level was within reach.
Every day this week, bitcoin rose as soon as the U. S. stock market closed. Will there be a fourth? Either way, I think we will see $57,000, but hopefully there will be a bailout to reset the shorts at the $ 63,200 level.
Read us at: Compass Investments
