coinspress.com
Cryptocurrencies, including Bitcoin, have declined slightly today after a recent price surge pushed them above key thresholds.
Despite upcoming catalysts, the next significant market movement may not occur immediately.
Bitcoin’s price has fallen by 2.6% in the last 24 hours, dropping below $29,700 on Binance and breaching the critical $30,000 level it surpassed last week for the first time since June 2022.
The cryptocurrency rallied more than 80% this year, reaching highs of $31,000, but has struggled to maintain these gains.
According to a top market analyst named Rekt Capital, Bitcoin’s current slump may actually benefit its long-term growth.
Rekt Capital believes that if Bitcoin’s decline were to deepen and break the $29,000 support level, it would lead to a retest of the $28,800 resistance level, which could then become a support zone.
READ MORE: Bitcoin: Recent Surge Could Be a Trap, According to Crypto Analyst
Despite the recent dip, Bitcoin’s outlook remains positive due to the upcoming halving event, which is expected to occur in about a year.
Positive sentiment has been building up ahead of the halving, which will reduce the reward per block from 6.25 to 3.125. This fundamental change is likely to drive up the price of Bitcoin in the lead-up to the event and beyond.