The crypto market has been on a huge rangebound movement, so much so that the bearish story has challenged many analysts and their predictions.
The price of Bitcoin (BTC) and the global crypto market continued its sluggish pace for most of the past month. The global crypto market cap has been going below the $925 billion mark for over a month now.
Bitcoin, Ether (ETH), and most of the top altcoins are trading in the red, with downsides on their short-term and long-term price charts. As most digital assets (except a few mid-cap altcoins) trade close to their lower long-term support areas, analysts are doing what they do best – analyze market price action.
But, in a market where price volatility is now rarely seen, where even retailers have retreated, there can only be so many analysts. The once volatile BTC price action quietly moved below the $20,000 range.
Liquidations, low trading volume and low action have been the tone of the market over the past few weeks. So, as the crypto market continues to surprise analysts, traders, and investors with their price action, here are some examples of when well-known analysts had a bad time with top cryptocurrencies.
no btc price prediction
Bitcoin is famous for its volatile price moves, high ROI, and significant profits thanks to its so-called hodlers. However, BTC is calmer than the ocean, with the price of bitcoin down more than 70% from its November 2021 all-time high.
Over the past few months, this calmness has led many analysts to believe that BTC price action is indeed the calm before the storm. Still, bitcoin’s price action has been hard enough to predict as of late.
On September 27, pseudonymous crypto analyst Credible Crypto told his 338.4K followers that the price of bitcoin could be preparing for a rally. He predicted a reversal from the $18,800 level, which could lead to a parabolic recovery. However, this has not yet been seen.
Similarly, on January 16, 2022, analyst Crypto Capo told his followers that the bottom of bitcoin had been created successfully.
Unfortunately, BTC price declined over the next few days from the lows of $42,000 predicted by analysts. Furthermore, the price of bitcoin was down 56% as of press time.
In another example, analyst Justin Bennett seemed bullish on the price of bitcoin as the price action took a sharp turn on October 13. However, on October 15th, the price of BTC began to decline and recorded a 17% drop in the following week.
Unexpected Altcoins in the Crypto Market
Analyst Altcoin Sherpa in a September 4 tweet marked the $0.40 mark as lower support for ADA, predicting accumulation on the higher time frame charts. ADA price is down 15% below the $0.4 support level.
Finally, pseudonymous analyst Pentosh1 predicted a LINK rally towards the $9.6 and $12.45 marks after a rally from the $7.2 lows.
Conversely, the price of LINK saw a 15% drop throughout October and was trading at $6.65 at press time.
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