Analyst and trader Justin Bennett outlines a scenario for Bitcoin’s sudden rise to $70,000. Bennett indicated to his 111,600 followers on the social media platform X that Bitcoin 
$98,500 could reach this target by rising more than 12% from its current value, without dropping below $60,000.
Price Increase Scenario
Bennett suggests that Bitcoin must first regain the range of $63,000-$64,000, after which short positions at the $69,000-$70,000 levels could potentially close. He noted that if these support levels are not maintained, the target could drop to $57,000.
Support Levels and Risks
Bennett observed that Bitcoin has gained value following the stock market’s closure this week and that the $63,000 level is achievable. However, he pointed out that a retreat below $62,000 could lead to a significant correction.
Market Analysis and Expectations
Currently, Bitcoin is trading at $62,240, having increased by 2.4% in the last 24 hours. Bennett indicates that there could be increased selling liquidity at the $59,000 and $57,000 levels in the short term.
“Recapturing the $64,500 level is the only way to reach the $70,000 target. Otherwise, it will just be a relief rally.”
Furthermore, the analyst commented:
“Every day this week, Bitcoin has risen immediately after the American stock market closed. Targeting the $63,200 level seems sensible.”
The current state of Bitcoin and Bennett’s analyses suggest that various scenarios may exist for investors. The maintenance of support levels appears to play a crucial role in determining Bitcoin’s future movements.
Fluctuations in the Bitcoin market require careful monitoring by market participants. Justin Bennett’s forecasts indicate that uncertainties persist, and how support levels behave will be decisive in making investment decisions.
