Analyst predicts Bitcoin’s price of $72K will ignite a new all-time high

In the event that the price of Bitcoin reaches $72,000, it would serve as a catalyst for breaking through the psychological barrier of $75,000, according to analyst Willy Woo. In a post on June 5, Woo explained that if Bitcoin were to hit $72,000, it would result in a series of mass liquidations, ultimately leading to new all-time highs. The price of Bitcoin recently rose by 3.15% within a 24-hour period, reaching $71,124. It has also seen a 4.8% increase on the weekly chart. CoinGlass reported that if Bitcoin surpasses the $72,000 mark, it would liquidate approximately $800 million worth of leveraged short positions across various exchanges. Additionally, if the price exceeds $72,500, it would trigger the liquidation of over $1.2 billion worth of leveraged short positions. Despite these developments, Bitcoin still needs to turn the $72,000 resistance level into support before entering the “parabolic phase” of the bull cycle, as noted by Rekt Capital.