Analyst predicts that Bitcoin reaching 72K could ignite a new recordbreaking high
Bitcoin (BTC) experienced its most significant surge in the past two weeks, reaching $71,000 and coming close to its all-time high. Experts believe that if BTC reaches the critical $72,000 mark, it could trigger mass liquidations and set new records. Willy Woo, a crypto analyst, recently shared insights from the Bitcoin Liquidation Heatmap on X (formerly Twitter). He pointed out that if BTC hits $72,000, there could be a potential $1.5 billion Bitcoin short liquidation.
CoinGlass predicts that if Bitcoin moves above $72,500, it could result in the liquidation of over $1.2 billion worth of leveraged short positions. Rekt Capital, another analyst, supports Woo’s insights and notes that Bitcoin recently broke out of a two-week downtrend. To confirm the breakout, Bitcoin needs to close above resistance, even though it has spiked past $70,000. Rekt Capital suggests that Bitcoin might consolidate between $68,000 and $71,500 before entering an upward parabolic movement phase. This consolidation phase aligns with Woo’s prediction that hitting the $72,000 level would trigger significant liquidations and pave the way for new all-time highs.
Currently, Bitcoin is priced at $70,765, with a 24-hour trading volume of $37.6 billion. Despite recent volatility, Bitcoin has seen a 2.85% surge in the past 24 hours, indicating a substantial recovery. Technical indicators paint a bullish picture for Bitcoin, with the Relative Strength Index (RSI) at 62, indicating strong buying pressure, and a positive MACD level at 1182 suggesting upward momentum. Additionally, open interest in Bitcoin has increased by 5%, reaching a valuation of $37.5 billion.
However, there is a conflicting signal from the TD Sequential, which has flashed a sell signal on the hourly chart, hinting at a potential short-term price correction. While the overall sentiment is bullish, it is crucial to exercise caution and consider other factors before making investment decisions in Bitcoin’s volatile market.
Disclaimer: The content on this site should not be considered investment advice, as investing is speculative and carries risk to your capital.
