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

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

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

$30,000 dive is April “danger”

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

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

For standard 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’s going to definitely give a bullish impulse to the market,” he stated in his newest YouTube replace.

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

“That is the chance for the approaching, to illustrate, two weeks,” he added.

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

$30,000 as a goal for Might or June is nothing new, as Cointelegraph beforehand reported.

Gold strikes out as crypto correlation wanes

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

Associated: US greenback energy mimics 2020 Coronavirus crash — 5 issues 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 in regards to 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%.” 

XAU/USD 1-day candle chart. Supply: TradingView

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