The past two days have been bearish for the Bitcoin market after experiencing a significant resistance level of around $31k. Trading around $30.3k during the early New York season on Wednesday, Bitcoin price has dropped approximately 3 percent in the past two days. Interestingly, Bitcoin’s dominance has held above 51 percent, meaning the altcoin market has not made significant gains.

Bitcoin Under $30k is Healthy Correction 

According to a popular crypto analyst with more than 347k followers on Twitter, Rekt Capital, crypto traders should not panic if the Bitcoin price correction continues in the coming days. The analyst highlighted that Bitcoin could dip even further for a healthy technical retest to flip the resistance level around $29.2k into a support level.

The analyst has previously highlighted a bullish scenario after the instrument closed the monthly candlestick in a bullish outlook. Nonetheless, Rekt Capital remains skeptical about the bullish continuation in the coming days despite the general outlook displaying strong uptrend sentiment.

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.

The correction of the Bitcoin market is likely to kickstart a rally in some altcoins as crypto traders seek more bullish trends. However, the Bitcoin market is heavily incentivized by retail and institutional investors. Moreover, on-chain data has revealed that Bitcoin balance on exchanges has significantly declined amid huge accumulation by retail traders.