Bitcoin ‘must clear’ $57K of liquidity for post-halving rally – Trader
Bitcoin (BTC) Long-Term “Looks Strong” But More BTC Prices Are On The Radar, Fresh Analysis Says.
In an April 17 X (formerly Twitter) thread, prominent trader and analyst Mikubul Crypto described Bitcoin's bull cycle as “on its way.”
The price of BTC will undergo a “regular correction”.
Bitcoin is struggling to regain lost ground after an all-time high of 15%.
Threatening a break below $60,000, BTC's price action has confounded earlier bullish sentiment, and lower price targets have emerged as a result.
For Mikybull Crypto, however, it is “business as usual” for the famous Bitcoin bull market.
“Bitcoin is experiencing a regular correction like it does every half month in preparation for a cyclical peak,” he concluded.
“Currently, Wyckoff is showing a restock range of $73K in 2024, similar to what it did in December 2023.”
The first of several charts showed the Wyckoff plot showing the bias to eventually break to the upside.
The streak marks the halving of Bitcoin's block subsidy due on April 19, which has been accompanied by a short-term BTC price performance in years.
Considering where the local lows will fall, Mikibul Crypto sees areas with great bidding liquidity, suggesting $57,000 as an attractive target.
“There is a pile of long liquidity pools of about $2.2 billion that needs to be cleared by $57k smart money and simultaneously regrouped for the post-halving meeting,” he wrote alongside asset CoinGlass tracking data.
Earlier, Cointelegraph reported the latest developments aimed at lowering the spot price due to the liquid volume of the auction near $60,000.
Bitcoin has been seen “rolling” between 1-month lows.
After the April 17 open on Wall Street, liquidity seems to be in full swing again.
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Data from Cointelegraph Markets Pro and TradingView tracked another pullback below $61,000 for BTC/USD, the lowest level since March 20.
“Expect some broad moves and liquidity as you're too sensitive to spot a move here,” predicted trader Skew Wall Street in an analysis of the day ahead of the open.
Macro observers have been comparing Bitcoin's performance to gold, considering the “canary in the coal mine” scenario, with Mike Magglone, senior commodities strategist at Bloomberg Intelligence, warning of a broader risk-retracement.
“With annual volatility close to 3x that of gold and the volatility of the S&P 500, Bitcoin's big performance test could come on the back of some reversals in beta, and the old-guard metal seems to be gaining the upper hand,” he told X. Followers.
“Bitcoin may have lower price implications compared to gold and below the 2021 peak of the ratio.”
However, Mikybull's Crypto Outlook casts a calm air on Bitcoin's long-term prospects.
“Bitcoin looks strong and bullish from a macro perspective, indicating that the top of this cycle is not too far away.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
