According to analyst Willy Woo, if the price climbs to $72,000, it could lead to the liquidation of $800 million worth of leveraged short positions. This could pave the way for Bitcoin to reach $75,000 and potentially set a new record high. Woo elaborated that this domino effect of liquidations could propel Bitcoin's price past its previous peak of $73,740, which was achieved on March 14.

CoinGlass, a cryptocurrency analysis platform, corroborates Woo's hypothesis. Their data indicates that surpassing the $72,000 mark would trigger the liquidation of $800 million in short positions. Furthermore, breaching $72,500 would result in the liquidation of over $1.2 billion in leveraged short positions.
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