Bitcoin backs off three-week high, trades below $3,600
We expect a move to the mid $2,000’s, says digital asset advisory firm
From the Equity Insider archive. This article dates from Feb 12, 2019 and is preserved as first published.
We expect a move to the mid $2,000’s, says digital asset advisory firm
Bitcoin prices fell for the second straight day on Tuesday, easing off a three-week high put in on Friday.
In late-morning trading, one bitcoin BTCUSD, +0.64% was fetching $3,576.10, down 0.5% since Monday’s level at 5 p.m. Eastern Time on the Kraken exchange. The cryptocurrency has slipped 4% from its Friday high above $3,700.
What are analysts saying
“We expect the final wave of desperation to take us to the mid-to-high $2000’s before the market starts the recovery,” wrote Tim Kelly, founder and CEO of BitOoda, a digital asset advisory firm. “We could be wrong, of course, and until the 2018 low is taken out (it has not been revisited yet), there is a possibility that the selloff is done.”
“We could be wrong, of course, and until the 2018 low is taken out (it has not been revisited yet), there is a possibility that the selloff is done.
Kelly added that his downside target is $2,400 to $2,800 but a short covering rally could “easily take BTC to $4030-$4300 cluster of previous highs or even to $5600-$6000 support level that has become resistance”
In the news
Speaking at the Inside ETFs conference in Florida, Ric Edelman, founder of Edelman Financial Engines said a bitcoin-related exchange traded fund is only a matter of time. “It’s virtually certain. The only question is when,” he told CNBC late Monday.
Morgan Creek Digital said Tuesday it had raised more than $40 million for a venture capital fund, including investments from two pension funds in Fairfax County, Virginia. Anthony Pompliano, the founder of the North Carolina-based fund, told CoinDesk he believes its the first crypto-related fund to raise money from a public pension.
Morgan Creek Digital is a subsidiary of Morgan Creek Capital Management.
Altcoins and futures
Altcoins — the collective group of more than 2,000 cryptocurrencies other than bitcoin — were mostly lower on Tuesday. Ether ETHUSD, +2.14% fell 0.7% to $118.62, Bitcoin Cash BCHUSD, +1.49% was down 1.2% to $119.50, XRP XRPUSD, +0.84% lost 0.6% to 30 cents and Litecoin, LTCUSD, +2.36% rose 1% to $42.57.
Bitcoin futures ended Tuesday mostly higher. The Cboe Global Markets February contract XBTG9, -0.42% rose 0.3% to $3,605, while the CME Group February contract BTCG9, -0.14% finished the session unchanged at $3,605.
