BTC could drop to $30K in 2 weeks, trader warns as gold goes for $2K high

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Bitcoin (BTC) is in line for a aid bounce however nonetheless dangers dropping all the best way to $30,000 earlier than Could, a brand new evaluation warned on April 18.

BTC could drop to $30K in 2 weeks, trader warns as gold goes for $2K high
BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

$30,000 dive is April “threat”

Information from Cointelegraph Markets Pro and TradingView confirmed BTC/USD hovering close to $39,000 on April 18 as bearish prognoses for the pair mounted.

After dropping $40,000 help in a single day into April 18, Bitcoin confronted skinny liquidity within the absence of United States and European equities buying and selling, due to the Easter weekend.

For fashionable dealer Crypto Ed, a near-term retreat ought to backside out at $37,500 earlier than a rebound kicks in.

“First have to reclaim $40,000; if we handle that, it will actually give a bullish impulse to the market,” he said in his newest YouTube replace.

Ought to that occur, $43,000 may determine because the native excessive however going ahead, the image seems bleak. Utilizing Elliott Wave evaluation, Crypto Ed predicted a repeat of latest draw back strikes interspersed with a quick aid bounce. The goal, he concluded, was $30,000.

“That is the danger for the approaching, for instance, two weeks,” he added.

Fashionable Twitter account Bitcoin Jack likewise referred to as for the approaching weeks to behave as a second of reckoning for longer-term worth motion.

As Cointelegraph beforehand reported, $30,000 as a target for May or June is nothing new.

Gold strikes out as crypto correlation wanes

Regardless of Bitcoin coming beneath stress, there was no sense of ache for secure haven gold on April 18.

Associated: US dollar strength mimics 2020 Coronavirus crash — 5 things to know in Bitcoin this week

After climbing all through the previous week, XAU/USD crept up on the $2,000 mark once more, coming inside $2 of the resistance stage earlier than retreating to round $1,990.

Nonetheless, the pair traded at its highest since March 11, giving the U.S. greenback’s personal energy a run for its cash.

“A 50-day correlation coefficient for Bitcoin and gold is round minus 0.4, the bottom since 2018,” journalist Colin Wu noted concerning the implications of gold and Bitcoin’s diverging worth efficiency.

“For now, Bitcoin stays tightly correlated with the Nasdaq 100 index. The Nasdaq 100 is down about 15% this 12 months, whereas Bitcoin has shed some 16%.” 

BTC could drop to $30K in 2 weeks, trader warns as gold goes for $2K high
XAU/USD 1-day candle chart. Supply: TradingView

The views and opinions expressed listed here are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, you need to conduct your personal analysis when making a choice.