Trader Mikybull Crypto Considers Bitcoin Solid Path for Post-Halving Rally

A leading trader, Mikybull Crypto, acknowledged that Bitcoin price sustained the liquidity tests as the network edges closer to the halving event. The crypto commentator observed that Bitcoin should clear $57,000 liquidity to realize the post-halving rally.

Mikybull described via a Wednesday, April 17 publication on X (previously Twitter) that Bitcoin portrays a solid potential for a long-term rally. Fresh analysis by the crypto trader reveals that a sustained plunge in Bitcoin prices is on the community radar following a 13% dip in its seven-day run, as per CoinGecko data. 

Mikybull Crypto indicated that Bitcoin is on track to realize the projected bull cycle as halving occurs this week. Bitcoin has endured normal correction this week as it struggles to regain ground since it dipped from its all-time high price on March 5. 

The crypto trader observes that Bitcoin suffered subdued performance in the countdown to the halving, threatening to plunge below $60,000. This week’s downtrend is confounding the bullish sentiment, with analysts emerging with downside price targets.  

Bitcoin Witnessing Normal Correction

Mikybull Crypto considers the Bitcoin price movement replicating the usual business witnessed before the classic bull market. He concluded that Bitcoin portrays normal correction always witnessed in every halving month as it prepares for the cycle to the top. 

Mikybull Crypto displays the Wyckoff re-accumulation range witnessed in December last year before rallying to test $73,000 by March this year. The trader reflected on the Wyckoff schematic charts, affirming bias toward garnering bullish steam.

Mikybull Crypto reflected on Bitcoin’s quadrennial halving event as likely to feature a lackluster price movement in the short term. The trader acknowledged that continued selling could result in bottom-out prices, necessitating placing a large liquidity bid that Bitcoin could have a $57,000 target attractive. 

Mikybull Crypto observed the existence of long liquidation pools of nearly $2.2 billion, identifying with $57,000 that the smart money should clear as per CoinGlass data. Its accomplishment will trigger re-accumulation to realize a post-halving rally. 

Mikybull Crypto echoed the earlier call by an analyst that Bitcoin appears to be building up liquidity around $60,000. The bid liquidity appears to be aiming to have the spot price lower. 

Bitcoin Dip to 30-day Lows

The conclusion of the April 17 Wall Street open likely triggered liquidity taking that seemed elevated. Data from TradingView revealed a retreat below the $61,000 for the BTC/USD pair, thus realizing its lowest since mid-March. 

A leading trader, Skew, warned of sensitivity to the spot movement that could result in wide moves to liquidity. Trader Skew’s analysis before the Wall Street open considered 61K-58K limit bids and $70K-72K limit asks. 

Macro observers indicated that risk-asset retreat is an inevitable experience. The observation surfaced in Bloomberg Intelligence senior strategist Micke McGlone termed the experience a canary brought in the coal mine to compare Bitcoin performance to gold. 

The slump witnessed in Bitcoin is a warning sign of looming danger. McGlone warned that rolling over often poses risks, illustrating annual volatility threefold of S&P500 and gold. However, Bitcoin’s big performance test could arise though affirming the old-guard metal has the upper hand.

McGlone indicates that Bitcoin topping versus gold alongside below the 2021 ratio peak could yield deflationary outcomes. 

Mikybull Crypto’s prediction assures calmness with the long-term prospects for Bitcoin likely. He points to the macro perspective of Bitcoin as destined for a bullish cycle akin to the gains witnessed following the previous halvings. 

A review of Bitcoin market activity shows it is 2.5% down in the past 24 hours to exchange hands at $61,590, per CoinGecko. The price is 16.5% lower than the $73,737 realized on March 14. The plunge has seen a 12.60% surge in market activity to realize $42.542 billion trading volume.