Here’s How Bitcoin Could Surge to $70,000, According to Crypto Analyst Justin Bennett

Analyst and dealer Justin Bennett outlines a situation the place Bitcoin (BTC) might all of the sudden rise to $70,000.

Bennett tells His 111,600 followers on the social media platform

“A counter argument to my requires BTC $57,000 earlier than $70,000 is that this four-hour channel. If Bitcoin can regain $63,000-$64,000, we are able to begin speaking about clearing the $69,000-$70,000 shorts. If that does not work and these assist ranges begin to fail, $57,000 turns into the goal.”

Bennett warns that Bitcoin’s restoration from the $62,000 stage on Friday, after falling to $60,000 earlier this week, might effectively be a “reduction rally” earlier than a deeper correction.

“Requires $70,000 Bitcoin after a 3% Asia session/Friday enhance of $60,000 is pure engagement farming. Or these individuals are not merchants you need to comply with. The ONLY means BTC targets $70,000 is to get well $64,500. Interval. Till then, that is merely a reduction rally that builds extra sell-side liquidity at $59,000 and $57,000. Markets are on the lookout for liquidity.”

Bennett said On Thursday, he famous a current development of Bitcoin making good points after the inventory market closes, suggesting the $63,000 stage is inside attain.

“This week, Bitcoin has risen every single day as quickly because the US inventory market closed. Spherical 4? Both means, I believe we see $57,000, however some reduction from taking out the $63,200 shorts can be good.”

Bitcoin is buying and selling at $62,240 on the time of writing, up 2.4% prior to now 24 hours.

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