The downward movement of the Bitcoin price curve which has affected the overall market cap raises questions especially on the credibility of some renowned Bitcoin price analysts and predictors. After these analysts got few predictions right, investors began to rely on their high price predictions, and what happened next is obvious.
The former chief market analyst of brokerage firm Convergex and Wall Street guru is known for being one of the first analysts to predict bitcoin to hit $10000. It is interesting to note that despite his experiences and track record, he predicted bitcoin to trade between $6500 and $22000 in 2018. However, bitcoin price fell way below his minimum price prediction, and never went anywhere near the maximum predicted price. It is not just Nic kolas whose prediction woefully failed.
Tom Lee, a co-founder of FundStrat Advisor at the beginning of the year, grabbed headlines with his $22000 bitcoin price prediction. After Bitcoin declined in price contrary to his prediction, Tom Lee recently came out to make another prediction, but this time, he predicted a minimum price of $15,000 and a maximum of $22,000, though he did not play down the possibility of the digital asset reaching $25,000 by the end of the year. With few days to end the year, the big question remains that “is this price point possible”?.
John McAfee, another popular cryptocurrency analyst, has made a series of predictions which cut across most of the known assets. He predicted that Digibyte would perform, and lo and behold, Digibyte indeed recorded its all-time high of $0.13 before falling. McAfee also predicted that Verge would hit $15 by mid-year. However, Verge has become one of the worst performing cryptocurrencies. He previously predicted that bitcoin would trade at $500000 by 2020 but later changed the prediction to $1 million when he realized that the price was moving faster than he thought when bitcoin surged to reach $5000.
It is evident that they have had a series of failed predictions; their analysis should still not be underrated. This is a lesson to investors to do their own research and invest wisely regardless of whom the prediction is coming from, before proceeding with their decisions. Also, it is worth noting that the long-term prediction of the above-listed analysts still stands, and it is just a matter of time to know the outcome.