Bitcoin

April

Threshold

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s long-term outlook remains positive despite potential short-term price dips.</li>
 <li>Bitcoin’s current price correction is seen as a normal part of its bull cycle.</li>
</ul>
<h2 id="bitcoin-s-long-term-outlook">Bitcoin’s Long-term Outlook</h2>
<p>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.</p>
<h2 id="price-correction-a-normal-part-of-the-cycle">Price Correction: A Normal Part of the Cycle</h2>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<h2 id="bitcoin-s-recent-performance">Bitcoin’s Recent Performance</h2>
<p>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.</p>
<p>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.</p>
<p>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.</p>

Bitcoin Must Surpass $57K Threshold for Post-Halving Surge, Says Trader

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