Analyst and trader Justin Bennett, Bitcoin 
$62,198He drew a scenario for ‘s sudden rise to $70,000. Bennett told his 111,600 followers on social media platform
Price Increase Scenario
Bennett suggests that short positions at the $69,000-70,000 levels can be closed after Bitcoin first regains the $63,000-64,000 range. He stated that if these support levels cannot be maintained, the target will be $57,000.
Support Levels and Risks
Bennett stated that he observed that Bitcoin gained value after the stock market closed this week and that the $63,000 level is achievable. However, he pointed out that if $62,000 declines again, there could be a deep correction.
Market Analysis and Expectations
Currently, Bitcoin is trading at $62,240 and is up 2.4% in the last 24 hours. Bennett stated that Bitcoin’s selling liquidity may increase at the $59,000 and $57,000 levels in the short term.
“Bitcoin regaining the $64,500 level is the only path to the $70,000 target. “Otherwise, this will just be a relief rally.”
In addition, the analyst commented:
“Every day this week, Bitcoin rose right after the American stock market closed. “It makes sense to target the $63,200 level.”
Bitcoin’s current situation and Bennett’s analysis show that there are various scenarios possible for investors. Whether support levels are maintained or not seems to play a critical role in determining Bitcoin’s future movements.
Fluctuations in the Bitcoin market require investors to follow carefully. While analyst Justin Bennett’s predictions show that uncertainties in the market continue, how the support levels will move will be decisive in investment decisions.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
