Bitcoin (BTC) is in line for a relief bounce but still risks dropping all the way to $30,000 before May, a new analysis warned on April 18.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering near $39,000 on April 18 as bearish prognoses for the pair mounted.
After losing $40,000 support overnight into April 18, Bitcoin faced thin liquidity in the absence of United States and European equities trading, thanks to the Easter weekend.
For popular trader Crypto Ed, a near-term retreat should bottom out at $37,500 before a rebound kicks in.
"First need to reclaim $40,000; if we manage that, it'll certainly give a bullish impulse to the market," he said in his latest YouTube update.
Should that happen, $43,000 could figure as the local high but going forward, the picture looks bleak. Using Elliott Wave analysis, Crypto Ed predicted a repeat of recent downside moves interspersed with a brief relief bounce. The target, he concluded, was $30,000.
"That's the risk for the coming, let's say, two weeks," he added.
Popular Twitter account Bitcoin Jack likewise called for the coming weeks to act as a moment of reckoning for longer-term price action.
Room for a squeeze up but then heading to the monthly level below in due time is where my thinking is at
— //Bitcoin ack (@BTC_JackSparrow) April 18, 2022
Guessing early May to decide major trend in to summer time pic.twitter.com/Zo8hARsyo8
As Cointelegraph previously reported, $30,000 as a target for May or June is nothing new.
Despite Bitcoin coming under pressure, there was no sense of pain for safe haven gold on April 18.
Related: US dollar strength mimics 2020 Coronavirus crash — 5 things to know in Bitcoin this week
After climbing throughout the past week, XAU/USD crept up on the $2,000 mark again, coming within $2 of the resistance level before retreating to around $1,990.
Nonetheless, the pair traded at its highest since March 11, giving the U.S. dollar's own strength a run for its money.
"A 50-day correlation coefficient for Bitcoin and gold is around minus 0.4, the lowest since 2018," journalist Colin Wu noted about the implications of gold and Bitcoin's diverging price performance.
"For now, Bitcoin remains tightly correlated with the Nasdaq 100 index. The Nasdaq 100 is down about 15% this year, while Bitcoin has shed some 16%."
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Netflix director Carl Erik Rinsch diverts $4 million from Conquest series budget to invest in Dogecoin, yielding a $27 million windfall, prompting a $14 million dispute with Netflix.
JasperMATIC, the native cryptocurrency of Polygon, has recently gained traction, showing a 50% increase in price surge in the last 20 days, amid the optimistic trend circling the cryptocurrency market due to the recently finished Uptober rally.
BitcoinworldBitcoin saw a double rally today, pushing its price beyond $35,000 after an earlier surge past $31,000 on Monday morning, marking the highest point of the cryptocurrency in 2023.
CatherineBitcoinworld比特币隔夜涨破30000美元后，周四亚市维持多头不变，报在30110美元。美联储主席鲍威尔证词发出重话，他表示，比特币作为一种资产类别具有持久力，将稳定币视为一种货币形式，不发个人使用的央行数字货币。
fx168newsAmidst economic uncertainty and regulatory scrutiny on certain crypto exchanges, Bitcoin (BTC) has exhibited an impressive surge, soaring past the $30,000 mark for the first time since mid-April.
CatherineAnd that’s just for the beta version's waitlist.
CoindeskEthereum had entered a period of reversal after hitting $2,000 following the announcement of the date for the Merge.
Bitcoinist
NulltxThe price of BTC fell to an intraday low of $45,672. Analysts said that a classic technical analysis pattern and on-chain data point to a strong fall back to $40,000.
Cointelegraph