Bitcoin (BTC) continues to be under the influence of the dollar on April 27. The dollar continues to threaten all risky assets in the market. As Kriptokoin.com, we convey the general situation of the market, expected levels for Bitcoin and analyst views.
Bitcoin is trying to hold on to the supports
Bitcoin (BTC) continues to be under the influence of the dollar on April 27. The dollar continues to threaten all risky assets in the market. Bitcoin, on the other hand, presents an insecure landscape despite the bulls’ best efforts to contain short-term support levels on April 27. Bitcoin, which fell to $ 37,700 on April 26, rose to $ 39,200 with the relief rally that started right after. Converting this level to support is now critical.
Analyst Michaël van de Poppe, known for his analysis and forecasts on cryptocurrencies, pointed out that $39,300 could act as a springboard for BTC/USD to attack short-term resistance. According to the analyst, if the pair converts this level, it could target $42,600. The analyst continued to convey his views on Bitcoin as follows:
If we lose this level as support, I think we will be stuck on the nose as we will trigger the liquidity below the bottom prices. If the markets are ready to explode, I think we can finally bottom at $30,000.
Dollar checks rise as critical resistance approaches
Michaël van de Poppe is not the only analyst to forecast $30,000 for BTC price. Other names targeting $30,000 include Former BitMEX CEO Arthur Hayes and Bloomberg Intelligence Chief Commodity Strategist Mike McGlone. Meanwhile, Hayes expanded on his short-term and medium-term view of asset prices in his latest blog post. Hayes said that the price of Bitcoin will reach $ 1 million by 2030, respectively, and gold will reach $ 20,000. XAU/USD was trading around $2,000 on April 18.
Reaching 103.28 on April 27, DXY is trying to reach and break its highest levels from March 2020. If successful, that would mean the highest levels in decades. Van de Poppe marks 103.77 as the level to watch, while an upside break will ease the pressure on Bitcoin and other risk assets. The analyst continued as follows:
If DXY finds itself a new high – which will most likely be above these highs – and takes liquidity there, I think you will want to be Bitcoin long. It would mean a “serious run” for BTC if the DXY pullback comes with BTC/USD recovery support.
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