Bitcoin prices fell for the second straight day on Tuesday, easing off the three-week high made on Friday.
In early trading, one bitcoin BTCUSD, -0.43% was fetching $3,571.60, down 0.6% 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.”
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.
Altcoins and futures
Altcoins — the collective group of more than 2,000 cryptocurrencies other than bitcoin — were mostly lower on Tuesday. Ether ETHUSD, -0.55% fell 0.3% to $119.19, Bitcoin Cash BCHUSD, -0.58% was down 1.1% to $119.60, XRPXRPUSD, -0.65% lost 0.3% to 30 cents and Litecoin, LTCUSD, +0.31% rose 1.8% to $42.90.
Bitcoin futures were moving lower on Tuesday. The Cboe Global Markets February contract XBTG9, -0.56% fell 0.7% to $3,570, while the CME Group February contract BTCG9, -0.83% was down 0.8% at $3,675.