Crypto Market Shake-Up: Bitcoin Correction Sparks Altcoin Frenzy

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The Bitcoin market has witnessed a bearish turn in the past two days, facing a notable resistance level at around $31k. During the early New York session on Wednesday, Bitcoin’s price hovered around $30.3k, experiencing a modest 3 percent drop in the span of two days.

Surprisingly, Bitcoin’s dominance has remained above 51 percent, indicating a lack of substantial gains in the altcoin market.

Bitcoin Price Correction: No Reason to Worry

Rekt Capital, a renowned crypto analyst boasting a Twitter following of over 347k, advises crypto traders to stay calm amidst the ongoing Bitcoin price correction. The analyst suggests that Bitcoin may further dip to facilitate a necessary technical retest, ultimately transforming the resistance level at $29.2k into a solid support level.

Previously, Rekt Capital had highlighted a bullish scenario following the closure of a monthly candlestick, signaling a positive outlook. However, the analyst expresses skepticism regarding the continuation of this bullish trend in the coming days, despite the overall sentiment suggesting a strong uptrend.

Related: Bitcoin Price Prediction 2023, 2024, 2025: Will The BTC Price Rise Again?

With a short-term price target of around $35k, Rekt Capital expects the bear market rally to continue during the second half of the year.

Altcoin Rally Around the Corner

As the Bitcoin market undergoes correction, a rally in select altcoins is likely to ensue as crypto traders seek more promising trends. However, it is important to note that the Bitcoin market heavily depends on both retail and institutional investors.

Furthermore, insightful on-chain data reveals a significant decline in Bitcoin balance on exchanges, suggesting substantial accumulation by retail traders.