The precious metal was in the spotlight after The Easter weekend, when bitcoin dropped below $40,000.
Bitcoin (BTC) is poised for a rebound, but could still fall all the way to $30,000 by May, a new analysis warned On April 18.
BTC/USD one-hour candle chart (Bitstamp). Source: TradingView
$30,000 dive is April's 'risk'
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering around $39,000 on April 18 as bearish forecasts for the pair increased.
After losing support of $40,000 overnight on April 18, bitcoin faced a lack of liquidity due to the Easter weekend as U.S. and European stock markets did not trade.
For popular trader Crypto Ed, the recent pullback should bottom out at $37,500 before the rally begins.
"The first is to recover $40,000; If we can do that, it will certainly give the market a bullish impulse, "he said in the latest YouTube update.
If that happens, $43,000 could be the local top price, but looking ahead, things look bleak. Using Elliott Wave analysis, Crypto Ed predicted a repeat of the recent downtrend, interspersed with brief relief rallies. The goal, he concluded, was $30,000.
"That's the risk of, say, two weeks ahead," he added.
The popular Twitter account Bitcoin Jack also called for a moment of reckoning for long-term price moves in the coming weeks.
Squeezing the space but then moving into below monthly levels at the appropriate time is my idea at
Early May guesses determine the major trends in summer time
pic.twitter.com/Zo8hARsyo8
-- // Bitcoin confirmed (@btc_jackSparrow) April 18, 2022
As previously reported, a $30,000 price target for May or June is nothing new.
As cryptocurrency relevance wanes, gold loses out
Despite the pressure on bitcoin, safe-haven gold wasn't feeling the pain on April 18.
Related: Stronger DOLLAR mimics 2020 Coronavirus Crash -- 5 things to know about Bitcoin this week
After climbing in the past week, XAU/USD climbed to the $2,000 mark again, staying within the $2 resistance level before retreating to around $1,990.
Still, the pair is at its highest level since March 11, giving competition to the dollar's own strength.
"The 50-day correlation between bitcoin and gold is about minus 0.4, the lowest since 2018," journalist Colin Wu pointed out, referring to the impact of the difference in the price performance of gold and bitcoin.
"Right now, bitcoin is still very much tied to the NASDAQ 100. The Nasdaq 100 is down about 15% this year, while Bitcoin is down about 16%."
