As 11 days passed since the Bitcoin halving, analyst “MikyBull Crypto” commented before the post-halving rally began Bitcoin you think the price is at or near its last local bottom stated.
Global liquidity is strongly correlated with Bitcoin and is currently at a level where it bounced back, initiating a huge rally across the crypto market.
NEWS CONTINUES BELOWThe levels it bounced back in the past were in Oct 2022 and Oct 2023 which initiated a huge rally across digital assets… pic.twitter.com/izo1uyjwHp
— Mikybull 🐂Crypto (@MikybullCrypto) May 1, 2024
NEWS CONTINUES BELOW
According to MikyBull, the bull market support band for Bitcoin has historically tended to form strong support during bull cycles. Essentially, this range represents where BTC typically finds buying interest, leading to a bounce and upward move.
MikyBull suggests that given current market conditions, BTC may have deteriorated through support and could be poised for a bounce.
How Will Bitcoin Price React?
The point emphasized by MikyBull is that global liquidity Bitcoin priceIt is strongly associated with . Current liquidity levels appear to be in line with times when BTC has previously experienced major rallies, such as October 2022. This correlation indicates that BTC could potentially mark a new rally.
As we reported as Koinfinans.com, it is known that Bitcoin responds positively to liquidity increases. In general, greater liquidity indicates a favorable environment for BTC as risky assets. This strengthens the possibility of an upcoming bullish rally.
Today is a critical day for Bitcoin because global economic uncertainties continue. Analysts are pessimistic that BTC could drop to $48,000. However, markets do not always progress according to analyst forecasts. MikyBull points out that this move could be the last local bottom before BTC continues towards the cycle top.
