Bitcoin’s price surged on June 5th, reaching a peak of US$71,321.98 in the morning. The cryptocurrency has experienced significant fluctuations recently, with this latest increase marking an important step towards its recovery and potential to break its all-time high.
Cryptocurrency analyst Willy Woo shared an analysis on June 4th, suggesting that there could be a massive Bitcoin short sale of $1.5 billion if the token manages to reach the crucial milestone of US$72,000. This critical level could serve as a trigger for mass liquidations and propel Bitcoin to new price levels.
Woo emphasized the significance of hitting $72k, stating, “Touching 72k is the fuse set to start a liquidation cascade. $1.5 billion in short positions ready to be liquidated up to $75k and a new all-time high.”
Bitcoin’s price surge and approach to historic highs come amidst a remarkable recovery today, fueled by entries in US spot Bitcoin-based exchange-traded funds (ETFs). The cryptocurrency experienced a 4% increase in price, reaching US$70,948.34 at the time of publication, up 3.0% in the last 24 hours.
Despite reaching a high of $73,737.94 on March 14, which is 3 months prior, Bitcoin’s current price remains 3.87% lower than its all-time peak. This movement has led to a significant uptick in BTC trading volume, which stands at $37,221,726,424 in the last 24 hours, indicating a recent surge in market activity.
As with any investment, trading cryptocurrencies carries a risk of financial loss, and the opinions expressed in this article are for informational purposes only. Looking ahead, experts predict Bitcoin’s price could reach US$82,000 after achieving certain patterns, signaling a potential post-halving boom in the near future.
