Bitcoin’s price surged today, June 5th, hitting a peak of US$71,321.98 in the morning. Over the past few days, the value of the leading cryptocurrency has been quite volatile, with this latest increase marking a significant step towards Bitcoin’s recovery and putting it within striking distance of its all-time high.
Amidst Bitcoin’s upward momentum, cryptocurrency analyst Willy Woo shared a detailed analysis on June 4th, pointing out that a potential Bitcoin short sale worth $1.5 billion could take place if the token manages to break the crucial milestone of US$72,000. This analysis underscores the importance of Bitcoin reaching the critical level of US$72,000, as it could trigger mass liquidations and propel the cryptocurrency to new price highs.
In a tweet, Willy Woo emphasized the significance of Bitcoin touching the $72,000 mark, stating that it could set off a chain reaction of liquidations, potentially pushing the price up to $75,000 and beyond, ultimately leading to a new all-time high.
Bitcoin’s price surge today is attributed to a strong recovery in the wake of entries into US spot Bitcoin-based exchange-traded funds (ETFs). The cryptocurrency saw a 4% increase in price over the last day before retracting slightly. Currently, Bitcoin is priced at US$70,948.34, marking a 3.0% increase in the past 24 hours. Despite this rise, the current price remains 3.87% below Bitcoin’s peak price of $73,737.94 recorded three months ago.
The uptick in Bitcoin’s price has also led to a significant increase in trading volume, reaching $37.22 billion in the last 24 hours, signaling a 37.90% surge in market activity compared to the previous day.
It is important to note that the views 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.
Looking ahead, an expert predicts that Bitcoin’s price could reach US$82,000 once a certain pattern is achieved, suggesting a potential post-halving boom in the near future.