Clearing $57K Liquidity for Bitcoin’s Post-Halving Rally
Bitcoin is still on track for long-term success, despite the possibility of further price dips, according to popular trader and commentator Mikybull Crypto. The cryptocurrency has been struggling to regain its previous highs after a 15% decline. This has led to concerns that it may break below the $60,000 mark. Mikybull Crypto believes that this is just a normal correction in a typical Bitcoin bull market. He compared the current price action to previous patterns seen before the cryptocurrency reached $73,000 in 2024.
Mikybull Crypto also discussed the upcoming block subsidy halving event on April 19, which has historically been accompanied by short-term price slumps. He suggested that the price may bottom out around $57,000, as there is a significant amount of bid liquidity at that level. He believes that smart money will clear the long liquidation pools and then re-accumulate Bitcoin in preparation for a post-halving rally.
After the Wall Street open on April 17, Bitcoin experienced another retreat below $61,000, reaching its lowest levels since March 20. Traders anticipate wide price swings and increased volatility as liquidity is tested. There are concerns about a broader risk-off sentiment in the market, with the potential for Bitcoin’s performance to revert back to beta and gold gaining an advantage. This could have deflationary implications for Bitcoin.
Despite these short-term concerns, Mikybull Crypto remains optimistic about Bitcoin’s long-term prospects. He believes it is still on track and far from reaching its cycle top. This is supported by previous gains following halving events. The outlook for Bitcoin remains solid, according to Mikybull Crypto.
9 thoughts on “Clearing $57K Liquidity for Bitcoin’s Post-Halving Rally”
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It’s frustrating to see Bitcoin struggle to regain its previous highs. I’m losing hope in its future prospects. 😞
The fact that Bitcoin hasn’t reached its cycle top yet is not convincing. It’s been around for so long, shouldn’t it have achieved more by now?
I’m worried that Bitcoin’s deflationary implications will harm its long-term value. It’s a big risk to take. 📉💸
The upcoming block subsidy halving event presents an opportunity for Bitcoin to prove its long-term strength. Let’s stay positive and patient! 💪⏳
I would rather invest in something more secure than Bitcoin. Like real estate or stocks.
The possibility of wider price swings does make me a bit nervous, but I trust in Bitcoin’s long-term potential. 🌊🙏
I’m staying optimistic about Bitcoin’s long-term prospects, just like Mikybull Crypto. Let’s ride the waves and stay strong!
I’ve had enough of the volatility and uncertainty. It’s time to cut my losses and move on. 🤦♂️
I’m glad Mikybull Crypto mentioned the historical pattern of price slumps around halving events. This provides some much-needed perspective. 📉⏰