Crypto analyst Justin Bennett thinks Bitcoin could skyrocket to $70,000, but only if it can break through a few key levels first.
A Potential Path to $70,000
Bennett says if Bitcoin can climb back above $63,000-$64,000, it could be on its way to $70,000. He explains that this would mean overcoming a lot of “short” positions, which are bets that the price will go down.
Don’t Get Too Excited
However, Bennett warns that Bitcoin’s recent bounce back from $60,000 might just be a temporary “relief rally.” He believes a deeper correction is still possible.
He emphasizes that Bitcoin needs to reclaim $64,500 before anyone should seriously consider $70,000 as a target. Until then, he sees this recent rise as just a chance for more people to sell off their Bitcoin at lower prices.
Bitcoin’s After-Hours Surge
Bennett also points out a pattern of Bitcoin gaining value after the US stock market closes. He thinks this trend could continue, potentially pushing Bitcoin towards $63,000.
However, he still believes that a drop to $57,000 is likely, even if Bitcoin does manage to reach $63,000.
Remember: This is Just One Analyst’s Opinion
It’s important to remember that this is just one analyst’s opinion. Bitcoin is a volatile market, and anything can happen. Always do your own research before making any investment decisions.
