Bitcoin's Long-Term Future Remains Solid Despite Predicted Price Dips, Says Mikybull Crypto
Summary:
Renowned trader Mikybull Crypto has expressed confidence in Bitcoin's long-term stability despite current challenges and predicted price dips. He highlights the current decline as standard in Bitcoin's bull cycle, similar to the Wyckoff re-accumulation phase observed in 2023 that led to a peak in 2024. Anticipating Bitcoin's block reward halving event, Mikybull Crypto identifies $57,000 as a potential bottom-out point for local lows. Despite near-term volatility, he believes Bitcoin's long-term prospects remain solid and its cycle peak has not yet been met.
The stability of Bitcoin (BTC) in the long term appears promising, despite predictions of imminent dips in the BTC price, based on recent analysis. On April 17, acclaimed trader and analyst, Mikybull Crypto aired his views on X (formerly Twitter), asserting that the Bitcoin bull cycle remains steady.
The fight to regain its footing after BTC fell 15% from its peak seems to be challenging. With the threat of a slump below $60,000 looming, BTC price actions have left positive sentiments perplexed, subsequently leading to an influx of reduced price expectations. For Mikybull Crypto, the downturn is just part of the Bitcoin bull market's regular flow. He explains that this decline is an expected adjustment made every halving month, as Bitcoin gears up for the cycle peak.
The current adjustment mirrors Bitcoin's Wyckoff re-accumulation phase seen in December 2023 that eventually peaked at $73k in 2024. This projection is based on a series of charts with a Wyckoff schematic leaning towards an ultimate upward trend.
The narrative also touched on the forthcoming Bitcoin block reward halving event slated for April 19, a past event synonymous with sluggish short-term BTC price performance. Mikybull Crypto is eyeing significant bid liquidity regions, pointing to $57,000 as a possible sweet spot. Approximately $2.2B worth of long liquidation pools at $57k will need to be wiped out and at the same time re-accumulated for a post-halving surge according to records from CoinGlass, a monitoring resource.
Post April 17 Wall Street opening and in the wake of achieving 1-month lows, BTC appeared set to dive below $61,000 again, marking the lowest since March 20th. The ongoing liquidity reduction looked to be in full course.
Meanwhile, Bitcoin's macro outlook was suggested by Mikybull Crypto to hold promising long-term results. Reflecting on past rallies that followed halving events, he concluded that 'Bitcoin from a macro perspective is showing a reassuring pathway and indicates the cycle peak in this cycle is yet to be attained.' This article isn't personal investment advice. Always ensure to thoroughly research and gauge risk levels related to every investment and trading decision.
Published At
4/17/2024 6:14:20 PM
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