Analyst and trader Justin Bennett is outlining one scenario where Bitcoin (BTC<\/a>) may suddenly soar to $70,000.<\/p>\n Bennett tells<\/a> his 111,600 followers on the social media platform X that he can see one way Bitcoin surges more than 12% from its current value without first dipping below $60,000.<\/p>\n \u201cA counterargument to my calls for BTC $57,000 before $70,000 is this four-hour channel. If Bitcoin can reclaim $63,000-$64,000 we can start talking about sweeping the $69,000-$70,000 shorts. If it can\u2019t and these support levels start to fail, $57,000 becomes the target.\u201d<\/em><\/p>\n Bennett warns<\/a> that Bitcoin\u2019s reclaim of the $62,000 level Friday after dropping to $60,000 earlier this week may just be a \u201crelief rally\u201d before a deeper correction.<\/p>\n \u201cCalling for $70,000 Bitcoin after a 3% Asia session\/Friday bounce from $60,000 is pure engagement farming. Either that or these people aren\u2019t traders you want to follow. The ONLY way BTC targets $70,000 is on a reclaim of $64,500. Period. Until then, this is simply a relief rally that\u2019s building more sell-side liquidity at $59,000 and $57,000. Markets seek liquidity.\u201d <\/em><\/p>\n
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