Bitcoin under pressure: Will the price drop to $57,000?

With the Bitcoin halving around the corner, all eyes are on Bitcoin (BTC). Currently, the BTC price is struggling to stay above $60,000, and altcoins are also taking a hard hit. It could therefore well be that many crypto investors are a little concerned.

However, according to one crypto analyst, everything is going according to plan, and this is exactly what we should expect at this stage of the bull market.

Crypto analyst shares expectations

As mentioned, BTC currently remains firmly above $60,000. But expectations of a deeper correction are slowly increasing. Mikybull Crypto, a well-known crypto analyst, is not concerned. Via X he says that “Bitcoin is undergoing a normal correction as it always does in preparation for the halving.”

But this does not mean that the price cannot fall further. For example, he sees a lot of liquidity around $57,000 that could be a nice target for the Bitcoin price. In the short term, this is obviously not good news. But in the long term, and with the halving approaching, these are healthy and understandable price movements.

“There are piles of ‘long liquidations’ totaling $2.2 billion around $57,000. The big money needs to eliminate these while accumulating for a post-halving rally.”

No problem

The market is currently very sensitive and volatile. So it wouldn’t be a surprise if we see a number of aggressive ‘wicks’ coming downhill. The question is how deep these will go. But data from the crypto analysis platform Coinglass also confirms that $57,000 is a level with a lot of liquidity. Below it is very quiet in terms of liquidity. The next interesting level is then around $50,000.

In short: in the short term, the Bitcoin price is not yet out of the picture. But in the longer term we don’t have to worry. At least if we have to believe the crypto analyst.

“From a macroeconomic perspective, Bitcoin looks very strong. Bitcoin is on track and this shows that the cycle top is still far away.”

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