The latest strategic analysis suggests that Bitcoin's long-term outlook remains strong but the price may fall further.
Famous researchers like MikeBull Crypto Commenting on Channel X on April 17, the Bitcoin bull market is still going strong.
Bitcoin price is experiencing normal fluctuations.
Bitcoin price is recovering from a 15% drop from record highs. This caused the market to worry that it might break the $60,000 price, resulting in several bearish predictions.
However, Mikybull Crypto sees this as a normal correction in the Bitcoin bull market.
“Bitcoin is experiencing a normal correction. It happens every time after grinding. Get ready for the peak of the cycle,” he concluded.
“Currently, the Wyckoff method of capital accumulation equivalent to December 2023 leads to $73,000 in 2024.”
The chart he shows is a Wyckoff pattern, which indicates that the price may eventually rise.
The analysis also notes that the Bitcoin Halving event on April 19th has had a historically short-term impact on BTC prices.
Mikybull Crypto sees support (price where buyers are expected to enter) price may be near $57,000, allowing liquidity to open a large number of long positions.
“The $57,000 area saw $2.2 billion worth of long positions. Institutional investors may come in to collect and wait for the price to rise after the halving,” CoinGlass wrote with the data.
Earlier there were reports of Cointelegraph large liquidity being sold around $60,000, which could cause the price to fall.
Bitcoin price hits 1-month low
After the opening of the Walls exchange on April 17, the price of Bitcoin fell again.
Information from market watch sources such as Cointelegraph Markets Pro and TradingView shows BTC/USD falling below $61,000, the lowest level since March 20.
Influential trader Scave said, “Futures markets are sensitive to market movements. There can be high volatility.”
Macroeconomic analysts continue to warn of potential risks. Mike McClone A senior commodities strategist at Bloomberg Intelligence compares bitcoin's move to gold and sees potential selling pressure.
“If the correlation between bitcoin and the market index (beta) decreases, it will affect the price. Because gold, which is a traditional asset, is becoming more popular,” he told followers on X.
“Bitcoin price falling below peak of bitcoin-gold ratio in 2021 would signal deflation.”
However, Mikybull Crypto's outlook points to the underlying trend and Bitcoin's long-term fundamentals remain strong.
“Bitcoin's long-term fundamental trend remains strong and on track. This indicates that the top of the cycle is yet to come,” concludes the analysis. This indicates a price rally after previous lows.
Source: cointelegraph