Bitcoin 'needs to clear' $57K liquidity for post-halving rally — Trader

BTC price continues its tests of bid liquidity after the latest Wall Street open, but confidence over the Bitcoin bull market remains.

Bitcoin (BTC) is “looking solid” long term but further price dips are on the radar, fresh analysis says.

In a thread on X (formerly Twitter) on April 17, popular trader and commentator Mikybull Crypto described the Bitcoin bull cycle as “on track.”

**BTC Price: Enduring "Normal Correction"**

Bitcoin is struggling to reclaim lost ground after diving 15% from all-time highs.

Increasingly threatening a breakdown below $60,000, BTC price action has confounded previously bullish sentiment, and a flurry of downside price targets has emerged as a result.

For Mikybull Crypto, however, it is “business as usual” for a classic Bitcoin bull market.

“Bitcoin is experiencing normal correction as it always did every halving month in preparation for cycle top,” he summarized.

“Currently, it is displaying the kind of Wyckoff re-accumulation range it did in Dec 2023 that led to $73k in 2024.”

**BTC/USD Wyckoff Schematic**

The first of several charts showed a Wyckoff schematic with a bias toward ultimately breaking to the upside.

The thread referred to Bitcoin’s block subsidy halving event, due April 19, which in years passed has been accompanied by lackluster short-term BTC price performance.

Considering where local lows could bottom out, Mikybull Crypto eyed areas of large bid liquidity, flagging $57,000 as an attractive target.

“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,” he wrote alongside data from monitoring resource CoinGlass.

**Bitcoin Exchange Liquidation Map**

Earlier, Cointelegraph reported on the latest build-ups of bid liquidity near $60,000 potentially aiming to draw spot price lower.

After the April 17 Wall Street open, the process of liquidity taking appeared to be once again in full swing.