Not all predictions should be trusted
Many of the wrong predictions are famous people
Do not blindly trust the forecasts
International consortium of news organizations developing transparency standards.
Predicting the behavior of digital assets is not as easy as it might seem. The behavior of cryptocurrencies is influenced by many factors, some of which are impossible to predict.
Despite the fact that it is almost impossible to predict the exact trajectory of the course of an asset, every day new forecasts appear on the network. Often their authors are popular people in the crypto community. At the same time, practice has shown that the loudness of a name is not a guarantee that the prediction will come true..
The BeInCrypto editorial team has collected the top 3 of the most unlucky, but at the same time popular in the crypto space, authors of cryptocurrency forecasts.
Co-founder of Fundstrat Global Advisors, Wall Street Analyst Tom Lee
Ranked first in the ranking of the most unlucky forecasters, the analyst became famous for his overly optimistic, and at the same time unreasonable predictions of the further movement of the bitcoin (BTC) rate. For example, at the beginning of 2018, Tom Lee expressed the opinion that during the year the coin could rise to $ 25 thousand.
Bitcoin 2021 Price Prediction & Forecast
Later, in an interview with Bloomberg, Tom Lee confirmed his prediction. He explained the prediction of the growth of a digital asset with the prospect of the coin going into a positive movement against the background of the annual Consensus conference in 2018. Traditionally, the event attracts public attention to digital assets, which positively affects their prices..
Ahead of Consensus 2018, Tom Lee made an even brighter statement to the crypto community. The analyst predicted bitcoin at $ 64K by the end of 2019. In 2020, in his opinion, the coin should reach $ 91 thousand.
Contrary to Tom Lee’s expectations, by the end of the 2018 conference, the cryptocurrency rate dropped by 3.25% (to $ 8,250). Subsequently, the coin continued to fall to a local minimum, which was recorded near the level of $ 3 thousand. In 2019, bitcoin still realized growth. However, its maximum ($ 13 800) was far from the analyst’s forecast.
Bitcoin chart. Data: TradingVew
It is noteworthy that during 2018, Tom Lee has repeatedly adjusted his forecast. In July 2018, in an interview for CNBC, he clarified that against the background of the current circumstances, he sees the possibility of Bitcoin growth only up to $ 22 thousand (instead of the previously promised $ 25 thousand). Subsequently, in the fall of the same year, he lowered the bar to $ 15 thousand..
Bitcoin plunged 16% Tuesday and fell as low as $ 4,200.22.
Crypto evangelist Tom Lee joined us to discuss why he is lowering his bitcoin price target to $ 15,000 from $ 25,000. https://t.co/H04pEqEm7v pic.twitter.com/AZ2zQZWcea
$35,000 XRP Price Prediction When They Win The SEC Lawsuit
– CNBC (@CNBC) November 20, 2018
The analyst explained the failure of his theory of the growth of a digital asset against the background of the conference by the uncertain situation in the regulatory market.
In 2020, against the backdrop of the potential for a positive movement in the BTC rate after the halving in May, the cryptocurrency is still far from the levels named by Tom Lee. The analyst’s fresh forecasts, according to which bitcoin could reach $ 28 thousand by August of this year, as it becomes clear when looking at the graph of a digital asset, did not come true.
Previously, Tom Lee also actively promoted ideas according to which institutional investors should have come to the digital asset market with the launch of the Bakkt crypto platform. Their money, according to the analyst, could become the basis for the further growth of the bitcoin rate. Unfortunately, Bakkt, even years after its launch, has failed to live up to expectations..
John McAfee, founder of MGT Capital Investments, entrepreneur and ex-presidential candidate
Silver medalist of the BeInCrypto ranking is known for his prediction of Bitcoin for $ 1 million by the end of 2020. Initially, the rate was half as much, but later McAfee decided to increase it. It is noteworthy that the entrepreneur accompanied the forecast with a promise to eat his manhood on the air of national television in the event that his assumption turns out to be incorrect..
Despite the fact that subsequently McAfee repeatedly tried to reduce everything to a joke, netizens still remind him of the forecast..
Hello @officialmcafee ..sir I’m still here! pic.twitter.com/X73AneX59l
– ϻ 𝔤 𝔲 𝔯 𝔞 [ꜩ] (@MagUraCrypto) July 17, 2020
John McAfee was recently arrested. It is not known when he will have access to the network again, and whether the law enforcement officers will be able to secure him from fulfilling the promise.
Read also: McAfee drastically changed his mind about cryptocurrencies
Billionaire Galaxy Digital CEO Mike Novogratz
In one of the fall 2017 interviews for CNBC, Mike Novogratz said that by the end of 2018 Bitcoin could grow to $ 40 thousand. Unfortunately, this did not happen..
The man who called #bitcoin $ 10K back in October now sees this @novogratz pic.twitter.com/ZeO1ztoRUx
– CNBC’s Fast Money (@CNBCFastMoney) November 27, 2017
It is noteworthy that against the background of an active decline in the rate of a digital asset during 2018, Mike Novogratz, following the example of his colleague Tom Lee, adjusted the forecast to $ 9 thousand.
Contrary to predictions, during the period designated by the billionaire, the cryptocurrency showed negative dynamics. In addition, at the end of 2018, BTC dropped to a local minimum of $ 3 thousand..
Later, in August 2019, Mike Novogratz shared his opinion that Bitcoin will never return to the $ 5,000 level..
Will #btc ever go back to $ 5K? “I don’t think so. I think if it goes below $ 8,500 I’ll get nervous. If it goes below $ 6,000 I’ll get real nervous, ”says @Novogratz pic.twitter.com/oWMdGTtZYU
– Squawk Box (@SquawkCNBC) August 1, 2019
In March 2020, against the background of the coronavirus pandemic, the cryptocurrency fell to $ 3800.
Bitcoin chart. Data: TradingVew
Mike Novogratz did not comment on his unfulfilled predictions and continued to give new predictions.
The level of fame of the authors of predictions in the crypto space should not be taken as a guarantee that the forecast will come true. Practice shows that even the most confident statements and assumptions about one or another scenario of the movement of the cryptocurrency rate often do not coincide with reality..
At the same time, effective work without studying the opinions of participants in the crypto community is almost impossible. You will find news, discussions and advice from experienced traders in the BeInCrypto Telegram channel.
All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..
CONTENT Bitcoin rate reacts to decisions of country regulators The current position of the cryptocurrency may support the bitcoin rate Despite the bans,…
CONTENT Crypto community members disagree Not everyone is sure about the further growth of bitcoin Many believe that the moment has come for BTC to exit…
CONTENT Cryptocurrency Users See Prospects for Positive BTC Movement The weakness of the US dollar may be one of the reasons for the growth of bitcoin…
CONTENT BTC volumes on exchanges indicate that the coin is ready to rally Stablecoin Inflow Data Confirms Whale Readiness for Bullish Attack From a…
CONTENT Memes about DeFi are still relevant Bitcoin’s growth has become a reason for jokes Investors continue to joke about altcoins International…