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These Crypto Analysts Failed to Time Bitcoin in June

2 mins
Updated by Ryan James
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In Brief

  • AltstreetBet's bearish count proved out to be untrue since the BTC price invalidated it with a new yearly high.
  • Profit8lue unsuccessfully predicted that the BTC price will break down from a long-term ascending support line and fall to $22,000.
  • Anbessa outlined the possibility of a retest in the neckline of a head and shoulders pattern. The retest never materialized.
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These three crypto analysts failed to make accurate predictions for the crypto market in June, particularly regarding the Bitcoin (BTC) price.

It can be difficult to time or predict the correct movements in the market; even some of the best in the business get it wrong. BeInCrypto looks at crypto analysts who were unfortunately incorrect in their analysis of Bitcoin in June.

AltreetBet’s Bearish Count Does Not Materialize

A crypto analyst specializing in Elliott Wave theory @AltstreetBet believed that the downward movement that began in April was the start of a bearish trend reversal. He tweeted a chart that shows the price falling to a new yearly low.

While the reasons behind the idea are somewhat sound, the decrease never materialized. The decrease since the April high seemed corrective due to the considerable overlap and the wedge-shaped pattern.

After the breakout, the price reached a new yearly high. This completely invalidated (red line) the possibility of a bearish trend reversal.

Bitcoin (BTC) Price Movement
BTC/USDT Daily Chart. Source: TradingView

Therefore, in this case, the wave count given by AltstreetBet did not transpire as predicted. Rather, the exact opposite occurred, and the BTC price initiated a bullish trend reversal.

Ascending Support Line Breakdown is Illegitimate

Finally, a well-known analyst with a bearish bias, @Profit8lue, tweeted a broken ascending support line. Since the line had been in place since the beginning of the year, he predicted a decrease to $25,000 and then $22,000. 

However, the tweet turned out to be premature since it was given at the exact bottom (red circle). The BTC price did not close below the ascending support line; it bounced anew and increased to a new yearly high on June 23.

Bitcoin (BTC) Price Failed
BTC/USDT Daily Chart. Source: TradingView

This failed prediction outlines the importance of waiting for the period’s close before determining the future trend.

Head And Shoulders Neckline Does Not Create Reaction

Well-known crypto analyst @Anbessa100 tweeted a Bitcoin chart showing the price retesting the neckline of a head and shoulders pattern. At the time, this seemed like a regular retest that was followed by a downward movement.

However, the BTC price smashed through the neckline without reacting to it whatsoever (red circle), reaching a new yearly high on June 23.

Bitcoin (BTC) Head And Shoulders Pattern
BTC/USDT Daily Chart. Source: TradingView

While the decrease did not transpire, it is worth mentioning that Anbessa stated that a Bitcoin price close above the neckline would mean that the trend is bullish, while a fake out and decrease will mean that new lows will follow.

Thus, since the price broke out, the analysis suggests that the trend will be bullish in the future.

For BeInCrypto’s latest crypto market analysis, click here.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin-Tahiri.jpg
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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