We examine the molecular-atomic transition in liquid hydrogen as it relates to metallization. Pair potentials are obtained from first principles molecular dynamics and compared with potentials derived from quadratic response. The results provide insight into the nature of covalent bonding under extreme conditions. Based on this analysis, we construct a schematic dissociation-metallization phase diagram and suggest experimental approaches that should significantly reduce the pressures necessary for the realization of the elusive metallic phase of hydrogen.