Bitcoin (BTC) is “looking solid” long term but further BTC price dips are on the radar, fresh analysis says.
In a thread on X (formerly Twitter) on April 17, popular trader and commentator Mikybull Crypto described the Bitcoin bull cycle as “on track.”
BTC price enduring "normal correction"
Bitcoin is struggling to reclaim lost ground after diving 15% from all-time highs.
Increasingly threatening a breakdown below $60,000, BTC price action has confounded previously bullish sentiment, and a flurry of downside price targets has emerged as a result.
For Mikybull Crypto, however, it is “business as usual” for a classic Bitcoin bull market.
“Bitcoin is experiencing normal correction as it always did every halving month in preparation for cycle top,” he summarized.
“Currently, it is displaying the kind of Wyckoff re-accumulation range it did in Dec 2023 that led to $73k in 2024.”
The first of several charts showed a Wyckoff schematic with a bias toward ultimately breaking to the upside.
The thread referred to Bitcoin’s block subsidy halving event, due April 19, which in years passed has been accompanied by lackluster short-term BTC price performance.
Considering where local lows could bottom out, Mikybull Crypto eyed areas of large bid liquidity, flagging $57,000 as an attractive target.
“There are piles of long liquidation pools of about $2.2B at $57k which smart money needs to clear and at the same time re-accumulate for a post-halving rally,” he wrote alongside data from monitoring resource CoinGlass.
Earlier, Cointelegraph reported on the latest build-ups of bid liquidity near $60,000 potentially aiming to draw spot price lower.
Bitcoin seen "rolling over" amid 1-month lows
After the April 17 Wall Street open, the process of liquidity taking appeared to be once again in full swing.
Related: Bitcoin whales refuse to sell while BTC price ditches $70K ‘euphoria’
Data from Cointelegraph Markets Pro and TradingView tracked another retreat below $61,000 for BTC/USD, which reached its lowest levels since March 20.
“Perps pretty sensitive to spot movement here so expect some wide moves & wicks into liquidity,” popular trader Skew predicted in part of the day’s analysis ahead of the Wall Street open.
Macro observers also warned of a potential broader risk-seet retreat, with Mike McGlone, senior commodity strategist at Bloomberg Intelligence, considering a “canary in the coal mine” scenario while comparing Bitcoin performance to that of gold.
“Rolling Over Poses Risks - With annual volatility about 3x gold's and the S&P 500, Bitcoin's big performance test may come on the back of some reversion in beta, and the old-guard metal appears to be gaining the upper hand,” he told X followers.
“Bitcoin topping vs. gold and below the 2021 ratio peak might have deflationary implications.”
Mikybull Crypto’s outlook nonetheless delivered an air of calm over Bitcoin’s long-term prospects.
‘Bitcoin from a macro perspective is looking solid and on track which shows that the cycle top in this cycle is far from being reached,” the thread concluded, referencing gains, which followed previous halvings.
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