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

Bitcoin (BTC) is inLine forThere is a chance of a relief bounce, but it is still possible to drop all the way to$30,000 before MayA new analysis warns of April 18.

BTC could drop to $30K in 2 weeks, trader warns as gold goes for $2K high
BTC/USD 1-hour candlechart (Bitstamp). SourceTradingView

A $30,000 dive April “risk”

DataFrom Cointelegraph Markets Pro and TradingView showed BTC/USD hovering around $39,000 April 18 asBearish prognoses forThe pair mounted.

After losing $40,000 support overnight into April 18, BitcoinFaced with low liquidity inThe absence of United StatesAnd EuropeanThanks for equities trading toThe Easter weekend.

ForPopular trader Crypto EdBefore a rebound kicks, a short-term retreat should cost $37,500. in.

“FirstNot required toReclaim $40,000; if that’s possible, it will certainly give you a bullish impulse toHe said, “The market.” inHis latest YouTube update.

ShouldThat’s $43,000 couldFigure asThe local highHowever, the future looks grim. Using Elliott Wave analysis, Crypto EdIt was predicted that there would be a repeat of the recent downside moves, interspersed with a brief rebound. TheHe concluded that the target was $32,000

“That’sThe risk forHe said, “The coming, let’s say, two more weeks.”

Popular TwitterAccount Bitcoin JackAlso called forThe next weeks toAct asMoment of reckoning forLong-term price action

As CointelegraphPreviously reported at $30,000 asA target for MayOr JuneIt is nothing new.

GoldStrikes out asCrypto correlation wanes

Despite BitcoinUnder pressure, there was no pain forSafe Haven goldOn April 18.

Related: US dollar strength mimics 2020 Coronavirus crash — 5 things toLearn more in BitcoinThis week

AfterThe $USD has been climbing over the past week as XAU/USD climbed.2Again, the,000 mark is within $2Before retreating, be aware of the resistance level to around $1,990.

NonethelessThe pair traded at its highest level since 2005. March11. Giving the U.S. Dollar its own strength a run forIts money.

“A 50-day correlation coefficient for BitcoinAnd gold”This is about minus 0.4, the lowest level since 2018,” journalist Colin Wu notedLearn more about the implications of goldAnd Bitcoin’s diverging price performance.

“For now, BitcoinThe remains closely correlated with Nasdaq 100 index. The Nasdaq100 is down by 15% this year. BitcoinA total of 16% has been lost.” 

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

TheThe views and opinions expressed here are the author’s alone and do not necessarily reflect that of the publisher. Cointelegraph.com. EveryTrading and investing involve risk. Before making a decision, it is important to do your research.