NAIROBI (CoinChapter.com) – Bitcoin is teetering on the brink of a pivotal price point that could ignite a massive rally, according to prominent crypto analyst Willy Woo. With Bitcoin surging past $71,000 on June 5th and nearing the crucial $72,000 mark, Woo believes surpassing this level could trigger a cascade of liquidations, potentially propelling the cryptocurrency to new all-time highs beyond the $75,000 psychological barrier. In a recent social media post, Woo stated:
“Tapping $72k is the fuse set to start a liquidation cascade. $1.5b of short positions ready to be liquidated all the way up to $75k and a new all-time high.”
Willy Woo posted on X
Woo Predicts $1.5 Billion Liquidation Cascade at $72K
Willy Woo shared on social media that tapping the $72,000 price point would set off a liquidation chain reaction. This move could potentially liquidate $1.5 billion in short positions, creating upward momentum for Bitcoin. Woo’s analysis highlights how pivotal this price level is, acting as a fuse for Bitcoin’s next major price surge.
Woo emphasizes the importance of the $72,000 level. The chart from Coinglass shows the liquidation leverage points, highlighting the critical zones of resistance and support. The data indicates substantial liquidation levels around $72,000. This suggests a high likelihood of significant market movements once Bitcoin breaches this level.
To further emphasize the significance of this price level, Woo referenced a chart from Coinglass that illustrates the liquidation leverage points. The chart reveals a concentration of liquidation levels around $72,000, indicating a heightened probability of substantial market movements once Bitcoin surpasses this critical threshold. In essence, the $72,000 mark acts as a fuse, ready to ignite Bitcoin’s next major price surge.
Additionally, supporting this bullish outlook, Bitcoin’s recent performance has been noteworthy. The cryptocurrency recently broke out of a bullish pennant formation and currently sits above key levels, according to crypto analyst Jelle. CoinMarketCap data shows Bitcoin trading at $71,124, reflecting a 3.15% increase in the last 24 hours and a 4.8% rise over the week. This positive momentum is adding fuel to the growing anticipation surrounding Bitcoin’s potential surge to new all-time highs.
Bitcoin Price Shatters Two-Week Downtrend
Adding to the bullish sentiment, Bitcoin’s price action has defied a significant two-week downtrend. In an X post, Rekt Capital, a prominent crypto analyst, highlighted this pivotal development. Rekt posted, “Bitcoin broke its two-week downtrend today. However, we have seen upside wicks beyond this downtrend before. Which is why a Daily Close later today is needed to confirm this breakout.”
Rekt Capital’s analysis further suggests that Bitcoin’s ability to turn the $72,000 resistance into support could propel it into the “parabolic phase” of the bull cycle. The parabolic phase is characterized by exponential price growth. It has historically followed periods of consolidation and accumulation, fueling hopes of a sustained rally among investors and traders alike.
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