Bitcoin’s price surged on June 5th, hitting a peak of US$71,321.98 in the morning. The cryptocurrency has experienced significant fluctuations recently, but this latest increase is seen as a crucial step towards its recovery and potentially breaking its all-time high.
Cryptocurrency analyst Willy Woo recently shared an analysis, suggesting that a massive Bitcoin short sale worth $1.5 billion could occur if the token reaches the crucial milestone of US$72,000. Reaching this level could trigger mass liquidations and push Bitcoin to new price levels.
Woo stated, “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 comes amidst entries into US spot Bitcoin-based exchange-traded funds (ETFs). The cryptocurrency saw a 4% increase in price today, reaching US$70,948.34, up 3.0% in the last 24 hours. However, it remains 3.87% lower than its all-time high of $73,737.94 recorded three months ago.
The upward movement in Bitcoin’s price has led to a significant increase in trading volume, which currently stands at $37.22 billion in the last 24 hours, indicating a rise in market activity.
Disclaimer: The opinions expressed in this article are for informational purposes only and should not be considered financial advice. Investing in cryptocurrencies carries a risk of financial loss.
In other news, an expert predicts that Bitcoin’s price could reach US$82,000 once a specific pattern is achieved, hinting at a potential post-halving boom for the cryptocurrency.