Trader says Bitcoin rally after halving requires surpassing $57K liquidity

Bitcoin (BTC) is poised for further price dips in the short term, but its long-term prospects remain solid, according to a recent analysis. Popular trader Mikybull Crypto described the current Bitcoin bull cycle as “on track” and stated that the recent price correction is a normal occurrence during a halving month. Despite the downward pressure on BTC, the analysis shows a bias toward an eventual upward breakout. The upcoming block subsidy halving event, scheduled for April 19, has historically resulted in lackluster short-term price performance. The analysis highlights $57,000 as a potential attractive target for buyers, as there is significant bid liquidity at that level. However, the recent data shows a retreat below $61,000, indicating ongoing volatility in the market. While some observers warn of a broader risk-seet retreat, others remain optimistic about Bitcoin’s long-term prospects. Overall, the analysis suggests that Bitcoin’s cycle top is still far from being reached, indicating potential gains in the future.