Bitcoin (BTC) is no longer giving the broader crypto ecosystem the right bullish momentum as its price was rejected at the $30,000 resistance level. The premier digital currency is changing hands at $29,497.90, down by 2.52% over the past 24 hours.
Based on the rate of its price slump, top market analyst Rekt Capital believes the ongoing slump is ideal for the cryptocurrency's longer term growth. According to him, if the slump were to get deeper than it currently is and there were to be a breach of the support at $29,000, then Bitcoin would be on pace to fuel a retest of the $28,800 resistance level.
According to the analyst, Bitcoin was changing hands below the said resistance level for a long time, and with a reboot, it may finally turn this price point to a support zone.
#BTC enjoys a solid Weekly Close above ~$28800 support (orange)— Rekt Capital (@rektcapital) April 17, 2023
If this current dip is to get deeper, it would be entirely healthy for $BTC to retest ~28800
After all, that level was a multi-week resistance and now may have the chance to become support#Crypto #Bitcoin https://t.co/ZUMHMa7ukR pic.twitter.com/PCAzaIkAvV
As far as Bitcoin is concerned, its outlook remains bullish, with the next halving event just about a year away. Positive sentiment has been building up ahead of the halving, which is billed to cut the reward per block from the current 6.25 to 3.125.
Overall, the halving event will unleash another crucial fundamental that will largely make the price of Bitcoin soar in the days leading up to the halving and beyond.
Bitcoin and positive predictions
The launch of the Shapella upgrade on the Ethereum mainnet has further cast shadows on the utility of the Bitcoin protocol. While many have called for the upgrade to a smart contract-based protocol, the sentiment surrounding the ability of Bitcoin to remain the top crypto asset has never wavered.
While bullish predictions are being maintained for Bitcoin's price, crypto investor Max Keiser has also tapped the digital currency as the only option for the United States to maintain its stance as the top force in the world.