The crypto market has been on a larger rangebound movement, so much so that the bearish narrative has challenged many analysts and their predictions.
Bitcoin (BTC) price and the global crypto market continued their sluggish movement for most of the last month. The global crypto market cap has been moving below the $925 billion mark for over a month.
Bitcoin, Ether (ETH), and most of the top altcoins have been trading in red, noting pullbacks on their short-term and long-term price charts. As most of the digital assets (barring a few mid-cap altcoins) trade close to their lower long-term support zones, analysts have been doing what they do best – analyze market price action.
But, in a market where price action is now seldom seen, where even retailers have taken a backseat, there’s only so many analysts can do. The once-volatile BTC price action has quietly moved below the $20,000 range.
Over the last few weeks, liquidations, low trade volumes, and less action have been the market’s tone. So, as the crypto market continues to surprise analysts, traders, and investors with its price action, here are a few instances when renowned analysts had a bad time timing top cryptocurrencies.
There is no BTC price prediction
Bitcoin has been famous for its volatile price moves, high ROI, and significant gains for its so-called HODLers. However, with Bitcoin price down over 70% from its November 2021 all-time high price, BTC is calmer than the sea.
Throughout the last few months, this calmness has led many analysts to believe that BTC price action is, in fact, more like the calm before the storm. Nonetheless, Bitcoin price action has been rather tough to predict of late.
On Sept. 27, pseudonymous crypto analyst CredibleCrypto told his 338.4K followers that Bitcoin price could be preparing for a rally. He predicted a reversal from the $18,800 level, which could lead to a parabolic recovery. However, the same has not been seen yet.
Likewise, on Jan. 16, 2022, analyst Crypto Capo told his followers that the Bitcoin bottom had been successfully made.
Unfortunately, BTC price fell by 19% in the next few days from the $42,000 bottom the analyst had predicted. Moreover, Bitcoin price oscillated 56% lower than those at press time.
In another instance, analyst Justin Bennett seemed optimistic about Bitcoin’s price as price action took a bullish turn on Oct.13. However, on Oct. 15, BTC price started its downward trend recording a 17% pullback over the following week.
Unpredictable altcoins in the crypto market
Analyst Altcoin Sherpa in a Sept. 4 Tweet, marked the $0.40 mark as ADA’s lower support, predicting accumulation on higher time frame charts. ADA price is down 15% from the $0.4 support level.
Lastly, pseudonymous analyst Pentosh1 predicted a LINK rally to the $9.6 and $12.45 mark after a rebound from the lower $7.2 level.
On the contrary, LINK’s price saw a 15% pullback throughout October and traded at $6.65 at press time.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here
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