Gottfried Benjamin
Bitcoin price is slipping, but sentiment for future growth is high
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Bitcoin (BTC) is no longer providing the proper bullish momentum to the broader crypto ecosystem as its price was rejected at the $30,000 resistance level. The leading digital currency is changing hands at $29,497.90, down 2.52% over the past 24 hours.
Based on the rate of the price decline, top market analyst Rekt Capital believes the ongoing plunge is ideal for the cryptocurrency’s longer-term growth. If the dip turns deeper than it currently is and there is a break of the $29,000 support, Bitcoin would be on track to fuel a retest of the $28,800 resistance level.
According to the analyst, Bitcoin changed hands below the mentioned resistance level for a long time, and with a restart, it could finally turn this price point into a support zone.
As for Bitcoin, the outlook remains bullish with the next halving event only about a year away. Positive sentiment has been building ahead of the halving, billed to lower the reward per block to 3.125 from the current 6.25.
Overall, the halving event will unleash another crucial foundation that will propel the price of bitcoin sharply higher 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 cast further shadows over the usefulness of the Bitcoin protocol. While many have called for upgrading to a smart contract-based protocol, sentiment regarding Bitcoin’s ability to remain the top crypto asset has never wavered.
While bullish forecasts are maintained for Bitcoin’s price, crypto investor Max Keizer has also embraced the digital currency as the only option for the United States to maintain its position as a world leader.
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