Trader says Bitcoin must surpass $57K liquidity for a post-halving rally

Bitcoin (BTC) is currently facing some price dips, but it remains solid in the long term, according to a recent analysis. Popular trader and commentator Mikybull Crypto described the Bitcoin bull cycle as “on track” in a thread on X (formerly Twitter) on April 17. Despite a 15% drop from its all-time high, Bitcoin is going through a normal correction, a typical occurrence during halving months in preparation for the cycle top. The analysis includes a Wyckoff schematic that suggests Bitcoin will ultimately break to the upside. Mikybull Crypto also identified $57,000 as an attractive target for local lows, noting that there are piles of long liquidation pools of about $2.2 billion at that price level. The analysis further highlights the build-up of bid liquidity near $60,000, which could draw the spot price lower. After the Wall Street open on April 17, Bitcoin experienced another retreat below $61,000, reaching its lowest levels since March 20. While there are concerns about a potential broader market retreat, Mikybull Crypto remains optimistic about Bitcoin’s long-term prospects, stating that it is far from reaching the cycle top. However, readers are advised to conduct their own research and exercise caution when making investment decisions.