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

2 years ago

Bitcoin (BTC) is successful enactment for a alleviation bounce but inactive risks dropping each the mode to $30,000 earlier May, caller investigation warned connected April 18.

$30,000 dive is April "risk"

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering adjacent $39,000 connected Monday arsenic bearish prognoses for the brace mounted.

After losing $40,000 enactment overnight into Monday, Bitcoin faced bladed liquidity successful the lack of United States and European equities trading acknowledgment to the Easter weekend.

For fashionable trader Crypto Ed, a near-term retreat should bottommost retired astatine $37,500 earlier a rebound kicks in.

"First request to reclaim $40,000; if we negociate that, it'll surely springiness a bullish impulse to the market," helium said successful his latest YouTube update.

Should that happen, $43,000 could fig arsenic the section high, but going forward, the representation looks bleak. Using Elliott Wave analysis, Crypto Ed predicted a repetition of caller downside moves interspersed with a little alleviation bounce. The target, helium concluded, was $30,000.

"That's the hazard for the coming, let's say, 2 weeks," helium added.

Popular Twitter relationship Bitcoin Jack likewise called for the coming weeks to enactment arsenic a infinitesimal of reckoning for longer-term terms action.

Room for a compression up but past heading to the monthly level beneath successful owed clip is wherever my reasoning is at

Guessing aboriginal May to determine large inclination successful to summertime clip pic.twitter.com/Zo8hARsyo8

— //Bitcoin ack (@BTC_JackSparrow) April 18, 2022

$30,000 arsenic a people for May oregon June is thing new, arsenic Cointelegraph antecedently reported.

Gold strikes retired arsenic crypto correlation wanes

Despite Bitcoin coming nether pressure, determination was nary consciousness of symptom for harmless haven golden connected Monday.

After climbing passim the past week, XAU/USD crept up connected the $2,000 people again, coming wrong $2 of the absorption level earlier retreating to astir $1,990.

Nonetheless, the brace traded astatine its highest since March 11, giving the U.S. dollar's ain spot a tally for its money.

"A 50-day correlation coefficient for Bitcoin and golden is astir minus 0.4, the lowest since 2018," writer Colin Wu noted astir the implications of golden and Bitcoin's diverging terms performance.

"For now, Bitcoin remains tightly correlated with the Nasdaq 100 index. The Nasdaq 100 is down astir 15% this year, portion bitcoin has shed immoderate 16%."

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.

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