Trader flags BTC price levels to watch as Bitcoin still risks $30K 'ultimate bottom'
Bitcoin (BTC) remains a slave of the U.S. dollar on April 27 as the greenback spells fresh misery for risk assets across the board.
Data from Cointelegraph Markets Pro and TradingView showed precarious picture on BTC markets Wednesday as bulls battled for control of short-term support levels.
After dipping to $37,700 Tuesday, Bitcoin saw a relief bounce which culminated in a rebound to $39,200 — a zone which is now critical to flip back to support, one trader says.
In his latest YouTube update, Cointelegraph contributor Michaël van de Poppe highlighted the area around $39,300 as a springboard for BTC/USD to attack short-timeframe resistance. Flip it, he said, and the pair could then target $42,600.
"If we lose this one, I think we are looking for short opportunities," he explained, with possible confirmations of a bottom coming below $37,000.
Van de Poppe is far from alone in calling for a $10,000 step down. In recent weeks, several figures have given $30,000 as a target, among them former BitMEX CEO, Arthur Hayes and Bloomberg Intelligence chief commodities strategist, Mike McGlone.
In his latest blog post, meanwhile, Hayes expanded on his short to mid-term view of asset prices, forecasting a dramatic renaissance in both Bitcoin and gold, which he says will hit $1 million and up to $20,000, respectively by 2030.
XAU/USD traded at $1,887 at the time of writing, having almost hit $2,000 on April 18.
As throughout this week, everything hinges on the U.S. dollar currency index (DXY).
Related: Purpose Bitcoin ETF adds 1.1K BTC as data hints investors want to 'buy the dip'
Reaching 103.28 Wednesday, DXY is attempting to match and break above its highs from March 2020, something which would mean multi-decade highs should it succeed.
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