Bitcoin surged in value on June 5th, hitting a peak of US$71,321.98 in the morning. The cryptocurrency has experienced significant fluctuations recently, with this latest increase marking a crucial step towards Bitcoin’s recovery and potential breakthrough of its all-time high.
Cryptocurrency analyst Willy Woo shared an analysis on June 4th, indicating that a massive Bitcoin short sale worth $1.5 billion could occur if Bitcoin manages to reach the key milestone of US$72,000. This analysis underscores the significance of Bitcoin reaching this critical level, potentially triggering mass liquidations and propelling the cryptocurrency to new price levels.
Woo emphasized the importance of Bitcoin touching $72,000, stating that it could serve as a catalyst for a cascade of liquidations, with $1.5 billion in short positions at risk of being liquidated as Bitcoin climbs towards $75,000 and a new all-time high.
Bitcoin’s price surge and approach to historic highs have been fueled by a notable recovery today, coinciding with the entry of US spot Bitcoin-based exchange-traded funds (ETFs). Although Bitcoin experienced a 4% increase earlier in the day, it later retraced slightly. As of the latest update, Bitcoin was trading at US$70,948.34, marking a 3.0% increase in the past 24 hours.
The current price remains below the all-time high of $73,737.94 recorded three months ago, with a 3.87% difference. The surge in Bitcoin trading has also been significant, with a trading volume of $37,221,726,424 in the last 24 hours, representing a 37.90% increase from the previous day and signaling heightened market activity.
Disclaimer: 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 a related development, an expert predicts that Bitcoin’s price could reach US$82,000 after a specific pattern is achieved, hinting at a potential post-halving boom for the cryptocurrency.
