Two Crypto Analysts Fail to Accurately Predict Bitcoin Price in September
Predicting the movements of the crypto market can be challenging, even for the best analysts. In September, two well-known crypto analysts made incorrect predictions about the price of Bitcoin (BTC). Let’s take a closer look at their analyses.
Deviation and Reclaim Don’t Lead to BTC Price Increase
On September 15, a cryptocurrency trader named Tradermayne shared a Bitcoin chart on Twitter. The chart showed the price deviating below the $25,250 level before reclaiming it. According to Tradermayne, this deviation and subsequent reclaim were expected to result in a significant price increase.
Although the price did initially move upward, it failed to break out from a descending resistance trendline. On September 19, the price was rejected and has been falling since then. As a result, the short-term trend is considered bearish until there is a breakout from this trendline.
Corrective Bitcoin Count Turns Out to Be Invalid
Another well-known analyst, TheTradingHubb, used Elliott Wave theory to predict that the Bitcoin price would decrease in mid-September after reaching a high near $26,200. However, this prediction turned out to be incorrect.
The price of BTC reached a high of $27,230 instead and then fell back to validate the $26,000 support area. This movement invalidated the previous A-B-C corrective structure proposed by TheTradingHubb. The correct outlook for Bitcoin will depend on whether it breaks down below the $26,000 area or continues its ascent and breaks out from the descending resistance trendline.
Hot Take: Accuracy in Crypto Market Predictions Is Challenging
Predicting the crypto market, especially the price of Bitcoin, is no easy task. Even experienced analysts can get it wrong. The September predictions by Tradermayne and TheTradingHubb serve as a reminder of the challenges involved in accurately forecasting market movements.
It’s important to approach crypto analysis with caution and consider multiple factors before making investment decisions. Always stay updated with the latest market analysis to make informed choices in the volatile world of cryptocurrencies.
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