Crypto Analysts’ Failed Predictions for Bitcoin in June
Even the best in the business can get it wrong when it comes to predicting the movements of the cryptocurrency market. In June, three crypto analysts made inaccurate predictions regarding the price of Bitcoin (BTC).
AltreetBet’s Bearish Count Does Not Materialize
- @AltstreetBet, a crypto analyst specializing in Elliott Wave theory, predicted a bearish trend reversal based on a downward movement that began in April. However, the price of Bitcoin did not fall to a new yearly low as anticipated. Instead, it reached a new yearly high, invalidating the possibility of a bearish trend reversal.
Ascending Support Line Breakdown is Illegitimate
- @Profit8lue, a well-known analyst with a bearish bias, tweeted about a broken ascending support line, predicting a decrease in the Bitcoin price. However, the prediction turned out to be premature, as the price did not close below the support line. Instead, it bounced back and reached a new yearly high.
Head and Shoulders Neckline Does Not Create Reaction
- @Anbessa100, a well-known crypto analyst, tweeted about a head and shoulders pattern and predicted a downward movement after the price retested the neckline. However, the price smashed through the neckline without reacting and reached a new yearly high. This suggests a bullish trend in the future.
Hot Take: These failed predictions highlight the challenges of accurately predicting the cryptocurrency market. It serves as a reminder that even experienced analysts can get it wrong, and it’s important to wait for confirmation before determining future trends.
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