If Bitcoin were to reach $72,000, it would serve as a catalyst for breaking through the psychological barrier of $75,000, according to analyst Willy Woo. In a post to his 1.1 million followers on June 5, Woo stated that reaching this price level would trigger a wave of mass liquidations and pave the way for new all-time highs.
On June 5, Bitcoin saw a 3.15% increase in price, reaching $71,124, as per CoinMarketCap data. This represents a 4.8% increase on the weekly chart. CoinGlass reports that if Bitcoin were to surpass $72,000, it would result in the liquidation of $800 million worth of leveraged short positions across all exchanges. Additionally, surpassing the $72,500 mark would trigger the liquidation of over $1.2 billion worth of leveraged short positions.
Bitcoin’s post-halving danger zone came to an end on May 6, when it broke above the reaccumulation range of $60,000, according to popular crypto analyst Rekt Capital. Since then, Bitcoin’s price has risen by over 12.5%, confirming the end of this danger zone. However, in order for Bitcoin to enter the “parabolic phase” of the bull cycle, it still needs to convert the resistance level at $72,000 into support, as stated by Rekt Capital.