If Bitcoin’s price were to reach $72,000, it would act as a catalyst, leading to the breakthrough of the psychological barrier at $75,000, according to analyst Willy Woo. Woo shared this insight with his 1.1 million followers in a post on June 5. Bitcoin experienced a 3.15% increase in the 24-hour period leading up to 8:05 am UTC on June 5, reaching a trading price of $71,124. According to CoinMarketCap data, the cryptocurrency has seen a 4.8% increase on the weekly chart. CoinGlass reported that a potential move above $72,000 would result in the liquidation of $800 million worth of leveraged short positions across all exchanges. If Bitcoin surpasses the $72,500 mark, it would trigger the liquidation of over $1.2 billion in leveraged short positions. However, Bitcoin is currently down 3.4% from its previous all-time high of $73,740. The post-halving distribution “danger zone” for Bitcoin ended on May 6, as the cryptocurrency rose above the reaccumulation range of $60,000. Since then, Bitcoin’s price has risen by over 12.5%, confirming the end of this danger zone. On June 3, Bitcoin broke out of a two-week downtrend, but it still needs to establish the $72,000 resistance as support before entering the “parabolic phase” of the bull cycle, as stated by Rekt Capital.
Analyst states that Bitcoin's surge to $72K is the catalyst for achieving a new all-time high.