Bitcoin’s price surged on June 5th, reaching a peak of US$71,321.98 in the morning. The largest cryptocurrency has been experiencing significant fluctuations lately, with this latest increase seen as a crucial step towards its recovery and potential to break its all-time high.
Cryptocurrency analyst Willy Woo recently shared an analysis, predicting a massive Bitcoin short sale worth $1.5 billion if the token manages to reach the key milestone of US$72,000. This milestone is seen as a trigger point that could lead to mass liquidations and propel Bitcoin to new price levels.
Woo emphasized the significance of Bitcoin touching $72,000, stating that it could set off a chain reaction of liquidations, potentially pushing the price up to $75,000 and beyond to achieve a new all-time high.
Bitcoin kicked off the day with a strong trading performance, fueled by a notable price recovery. This uptrend coincided with the introduction of US spot Bitcoin-based exchange-traded funds (ETFs). The price of Bitcoin saw a 4% increase during the day before retracting slightly.
As of the latest update, Bitcoin was trading at US$70,948.34, reflecting a 3.0% increase in the past 24 hours. The highest price ever paid for Bitcoin was $73,737.94, recorded three months ago on March 14. Despite the current surge, the price remains 3.87% below the all-time peak.
The price surge also led to a significant spike in Bitcoin trading volume, which reached $37,221,726,424 in the last 24 hours, marking a 37.90% increase from the previous day and signaling a heightened market activity.
It’s important to note that the opinions expressed in this article are for informational purposes only and should not be considered financial or investment advice. Investing in cryptocurrencies carries inherent risks of financial loss.
In related news, an expert has predicted that Bitcoin’s price could potentially reach US$82,000 after a specific pattern is achieved, hinting at a potential post-halving Bitcoin boom on the horizon.