The cryptocurrency market has experienced a significant correction, leading to a sharp decline in the global crypto market cap. Renowned analyst Willy Woo's insights suggest a potential $1.5 billion Bitcoin short liquidation if the cryptocurrency reaches the crucial $72,000 mark. Currently, Bitcoin is trading at $70,959.96, with a 24-hour trading volume of $36.5 billion.

Despite recent volatility, Bitcoin has shown resilience, breaking out of a descending channel pattern and targeting the higher boundary of a symmetrical triangle. The cryptocurrency has rallied strongly, breaching the resistance line and eyeing further gains towards $73,800.00. The bullish trend is expected to continue, supported by the EMA50 and a return to bullish momentum indicated by the Relative Strength Index (RSI) surpassing the 50% mark.

Willy Woo predicts that breaking the $72,000 level could lead to a rally towards $75,000 and potentially new all-time highs. Historical price data suggests that Bitcoin is heading towards forming a new all-time high in the first few weeks of 2025, following a parabolic curve. While the RSI indicates a well-planned rally, recent rejections above $71,000 have diminished bullish strength, leading traders to expect a sluggish trend in the short term. However, from a long-term perspective, market dynamics are anticipated to shift, potentially having a major impact on Bitcoin's price trajectory.

In conclusion, Bitcoin's price movement has triggered a significant liquidation event, with Willy Woo predicting a potential rally towards new all-time highs. While short-term volatility is expected, the long-term outlook suggests a continued bullish trend, with Bitcoin heading towards forming a new all-time high in 2025.