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

cointelegraph.com:

Bitcoin (BTC) is in line for a relief bounce but still risks dropping all the way to $30,000 before May, new analysis warned on April 18.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering near $39,000 on Monday as bearish prognoses for the pair mounted.

After losing $40,000 support overnight into Monday, 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 atGuessing early May to decide major trend in to summer time pic.twitter.com/Zo8hARsyo8

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

Despite Bitcoin coming under pressure, there was no sense of pain for safe haven gold on Monday.

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