Cryptos: Bitcoin Prices Steady But A Test Of $3,100 Is On The Cards, Says Analyst

Cryptocurrency prices are trading mostly unchanged on Wednesday, led by the No.1 digital currency, which is oscillating on either side of $3,600.

On Wednesday, a single bitcoin BTCUSD, -0.06%  fetched $3,591.47, down 0.1% since Tuesday’s level at 5 p.m. Eastern Time on the Kraken crypto exchange. The cryptocurrency has spent the past 24 hours inside the $3,580-$3,620 range.

Read: Important strides made by cryptocurrencies, otherwise creamed in 2018, offer hope to believers

What are analysts saying

Despite a relatively subdued period for the best-known cryptocurrency, David Thomas, director and co-founder of Global Block, a cryptocurrency brokerage firm, said another lurch to the downside is looking likely.

“An inability of BTC to remain above the 21-day moving average means that a sustained break of the $3,500 level remains high which would then put the December lows of $3,100 firmly back on the map and give the bears back control,” he wrote.

“Overall feeling within the market is one of positivity for BTC on a medium and long-term view, however, there still seems to be a widely held view that BTC is not out of the woods yet and a retest of the lows is on the cards.”

Read: Cryptos fail basic financial tests, says adviser to BOE’s Carney

Bitcoin to zero, says Jeff Schumacher

Jeff Schumacher, the founder of BCG Digital Ventures, joined the long list of bitcoin detractors that predict the value of the world’s largest cryptocurrency would eventually fall to zero. Speaking at a panel discussion in Davos, Switzerland, he said, “I do believe it will go to zero. I think it’s a great technology but I don’t believe it’s a currency. It’s not based on anything.”

BCG Digital Ventures invests in a number of blockchain-related companies.

What are altcoins and futures doing

Altcoins — the group of coins other than bitcoin — are off to a mixed start on Wednesday. Ether ETHUSD, -0.21%  was down 0.3% at $117.20, Litecoin LTCUSD, +1.30% gained 1.1% to $31.86, Bitcoin Cash BCHUSD, +5.22% added 3.6% to $131.10, and XRP XRPUSD, -0.49% was down 0.6% at 32 cents.

Bitcoin futures ticked lower on Wednesday. The Cboe Global Markets February contract XBTG9, -0.42% is down 0.4% at $3,540, while the CME Group February contract BTCG9, -0.70% is trading 0.7% lower at $3,535.

Read: This country leads the world in crypto trading — and it isn’t the one you think

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