Key Points
- Bitcoin’s long-term outlook remains positive despite potential short-term price dips.
- Bitcoin’s current price correction is seen as a normal part of its bull cycle.
Bitcoin’s Long-term Outlook
Bitcoin (BTC) continues to show strength in the long run, even though there could be more price dips in the short term, according to a recent analysis. A popular trader and commentator, Mikybull Crypto, stated on April 17 that Bitcoin’s bull cycle is progressing as expected.
Price Correction: A Normal Part of the Cycle
Bitcoin is finding it difficult to recover after a 15% drop from its all-time highs. The possibility of a breakdown below $60,000 is growing, which contradicts the previously bullish sentiment, leading to the emergence of several downside price targets.
Despite this, Mikybull Crypto views the current situation as a typical Bitcoin bull market. He explained that Bitcoin is undergoing a typical correction, as it has done every halving month in preparation for the cycle top. He pointed out that Bitcoin is currently showing a similar Wyckoff re-accumulation range as it did in December 2023, which led to a price of $73k in 2024.
The analysis referred to Bitcoin’s block subsidy halving event, which is scheduled for April 19. In the past, this event has often been accompanied by a lackluster short-term Bitcoin price performance. Mikybull Crypto identified areas with large bid liquidity as potential local lows, with $57,000 being a particularly attractive target.
He wrote, “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,” referencing data from the monitoring resource CoinGlass.
Bitcoin’s Recent Performance
Following the Wall Street opening on April 17, it seemed the process of liquidity taking was once again in full swing. Data tracked another retreat below $61,000 for Bitcoin, which reached its lowest levels since March 20.
Macro observers have also warned of a potential broader risk-seet retreat. Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, considered a “canary in the coal mine” scenario while comparing Bitcoin’s performance to that of gold.
Despite these warnings, Mikybull Crypto’s outlook remained calm regarding Bitcoin’s long-term prospects. He concluded that “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,” referencing the gains that followed previous halvings.
