Bitcoin (BTC) is showing signs of stability in the long term, although there may be further price dips ahead, according to a recent analysis. Mikybull Crypto, a popular trader and commentator, described the current Bitcoin bull cycle as being “on track” in a thread on X (formerly Twitter) on April 17.
BTC price is currently struggling to recover from a 15% drop from its all-time highs. The price action has surprised many bullish investors and has led to a flurry of downside price targets. However, Mikybull Crypto believes that this is a normal correction for a classic Bitcoin bull market, stating that Bitcoin always experiences a correction in preparation for the cycle top, especially in halving months.
One of the charts shared by Mikybull Crypto showed a Wyckoff schematic with a bias towards an eventual upside breakout. The analysis also mentioned Bitcoin’s block subsidy halving event, which is scheduled for April 19. In the past, this event has been accompanied by lackluster short-term price performance. Mikybull Crypto identified $57,000 as an attractive target for the local lows, citing large bid liquidity at that level.
There have been recent reports of bid liquidity build-ups near $60,000, which could potentially push the spot price lower. After the Wall Street open on April 17, BTC/USD dropped below $61,000, reaching its lowest level since March 20. The analysis predicts wide price movements and liquidity wicks due to the sensitivity of perpetual contracts to spot movement.
Macro observers have also highlighted the possibility of a broader risk retreat. Mike McGlone, senior commodity strategist at Bloomberg Intelligence, compared Bitcoin’s performance to that of gold and warned of potential risks if Bitcoin starts to roll over. However, Mikybull Crypto remains optimistic about Bitcoin’s long-term prospects, stating that Bitcoin is looking solid and on track from a macro perspective.
Please note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions.