There is no such thing, I repeat, no such thing as a prominent cryptocurrency price analyst. The cryptocurrency world is already brain racking as it is and it is understandable that people place the burden of deciding on what moves will birth the quickest profits on “top price predictors“ and early cryptocurrency investors.
While it is important to pay attention to these individuals for reasons strictly based on experience, a few significant factors have consistently proven that it is nearly impossible to predict accuracy when it comes to something as unstable as a token/coins trading price. And even when one is accurate, it is merely a coincidence.
Regulatory issues
The issue of regulation has for the longest time been of a great hindrance to the cryptocurrency space. The limitation of adaptation is strongly led by the argument that cryptocurrency does not pose as a legal tender.
Not only does this decrease the level of adaptation in cryptocurrency, but it also goes on to deflate the economic value that cryptocurrency would have birthed. When regulatory is considered, it is clear that price will fluctuate time and time again. Since this cannot be controlled, price analysts cannot be entirely trusted to predict a nearly accurate trading price.
Usability
Because the usefulness of cryptocurrency is yet to be fully implemented, it is a sad fact that most cryptocurrency users are only in the game for the big bucks. Seeing that only a few people believe in digital currency as a tool for revolutionizing finance, the bearish seasons always end up sweeping off a large number of traders who either trade at a loss or fully back out till the bulls return. Again, since this factor cannot be controlled, inaccuracy in price analysis is highly expected.
Investment interest
For the same reason that usability is yet to be fully implemented, investors are still skeptical about the level of volatility faced by the cryptocurrency market. As such, investors tend to withdraw funds as swiftly as possible once the bearish tide begins to surface.
Now, if these “prominent analysts” were to speculate a possible price mark when investment interest is high, they would be reliable till the bears strike and these investors, as usual, back out.
Conclusion; While a few cryptocurrency price analysts have been accurate with price predictions, these factors will consistently affect the accuracy of these prices over time. At the end of the day, watching trend lines understanding the patterns of the cryptocurrency market is unarguably the most trusted way to trade and invest. Once again, there is no such thing as a prominent cryptocurrency price analyst.
