Answer:
You can move the folders wherever you want, you just need to create symlink to \AppData\Local and \AppData\Roaming.
All the files are going to be stored in New:\Spotify\Roaming\Location and New:\Spotify\Local\Location. The hard link is going to be created in \AppData\Local and \AppData\Roaming.
mklink /j "C:\Users\YourUSER\AppData\Roaming\Spotify" New:\Spotify\Roaming\Location
mklink /j "C:\Users\YourUSER\AppData\Local\Spotify" New:\Spotify\Local\Location
Make sure to adjust YourUSER, accordingly. Also, you will need to delete
C:\Users\YourUSER\AppData\Roaming\Spotify
and
C:\Users\YourUSER\AppData\Local\Spotify
and then execute the symlink procedure.
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