Bitcoin’s price nearing $72,000 is seen as a potential trigger for a new all-time high, according to crypto analyst Willy Woo. With Bitcoin surpassing $71,000 on June 5th, reaching $72,000 could lead to a cascade of liquidations totaling $1.5 billion in short positions, propelling Bitcoin beyond the $75,000 psychological barrier. Woo emphasized the importance of this price level, stating that it acts as a fuse for Bitcoin’s next major price surge.
A chart from Coinglass illustrates the liquidation leverage points, showing significant levels around $72,000. This indicates a high likelihood of substantial market movements once Bitcoin crosses this threshold. The $72,000 mark is poised to ignite Bitcoin’s next surge, with recent bullish momentum seen in the breakout of a bullish pennant formation.
Bitcoin’s price action has defied a two-week downtrend, as highlighted by prominent crypto analyst Rekt Capital. Breaking the $72,000 resistance and turning it into support could potentially propel Bitcoin into the “parabolic phase” of the bull cycle, characterized by exponential price growth. This phase typically follows periods of consolidation and accumulation, fueling expectations of a sustained rally among investors and traders.