Bitcoin price reaches $72,000, a “trigger” to reach new all-time highs
NAIROBI (CoinChapter.com) - According to well-known cryptocurrency analyst Willy Woo, Bitcoin is on the verge of a critical price point that could ignite a massive rally. With Bitcoin surpassing $71,000 on June 5 and approaching the critical $72,000 mark, Woo believes that exceeding this level could trigger a wave of liquidations, potentially pushing the cryptocurrency past the psychological barrier of $75,000 to set new all-time highs. In a recent social media post, Woo said:
Wu predicts $1.5 billion in liquidations at $72,000
Willy Wu shared on social media that hitting the $72,000 price level will trigger a chain reaction of liquidations. This move could liquidate $1.5 billion in short positions and create upward momentum for Bitcoin. Wu's analysis highlights the criticality of this price level as a trigger for Bitcoin's next major price rally.


Bitcoin liquidation heat map. Source: Coinglass
Wu stressed the importance of the $72,000 level. Coinglass’s chart shows the liquidation leverage points, highlighting key resistance and support areas. The data shows that there are a large number of liquidation levels around $72,000. This indicates a high probability of major market fluctuations once Bitcoin breaks through this level.
To further emphasize the importance of this price level, Wu cited a chart from Coinglass showing the liquidation leverage point. The chart shows a large number of liquidation levels around $72,000, indicating that once Bitcoin breaks through this key threshold, the market may see major fluctuations. In essence, $72,000 marks a trigger that is ready to ignite Bitcoin's next major price rally.
Furthermore, supporting this bullish view, Bitcoin's recent performance is eye-catching. According to cryptocurrency analyst Jelle, Bitcoin recently broke out of a bullish triangle pattern and is currently above a key level. According to CoinMarketCap data, Bitcoin is trading at $71,124, up 3.15% in the past 24 hours and 4.8% this week. This positive momentum adds fuel to hopes that Bitcoin may hit new all-time highs.
Bitcoin price breaks two-week downtrend
Coupled with this bullish sentiment, Bitcoin’s price action has broken a significant two-week downtrend. In an X post, well-known cryptocurrency analyst Rekt Capital highlighted this key development. Rekt posted, “Bitcoin broke a two-week downtrend today. However, we have seen upper shadows above this downtrend before. That is why an intraday close later today is needed to confirm this breakout.”


BTC breaks out of two-week downtrend. Source: TradingView
Rekt Capital’s analysis further suggests that Bitcoin’s ability to convert $72,000 resistance into support could push it into a “parabolic phase” of its bull run. Parabolic phases are characterized by exponential price growth. Historically, such phases often occur after periods of consolidation and accumulation, giving investors and traders hope for a continued rally.