These Were The Most Irresponsibly Cryptocurrency Price Predictions for 2018 from Bitcoin Experts
During 2017, several virtual currency supporters and analysts gave their opinion about crypto prices for 2018. At that time, Bitcoin (BTC) and other virtual currencies were skyrocketing and bulls controlled the market. Most of these predictions seemed logic at that time but turned out to be illogical in 2018.
In a recent post uploaded by Larry Cermak on The Block, he gathered the most important price predictions and made a summarize about whether they were correct or not. According to him, these influential personalities tend to make these predictions, accurate or not, in order to receive significant user engagement on social media.
Lamarck Mentioned on this issue:
“By the time the predictions come due and prove, in most cases to be entirely wrong, most people have forgotten. Given the low cost and high upside, predicting short.term price action is essentially a growth-hacking strategy.”
He explains that these analysts and figures can build up their names as analysts if they make a good prediction. In the future, they can remind people about the prediction they made and how it turned out to be.
However, if a prediction turns out to be wrong, they can delete it or just change it as soon as new information is available. In general, wrong predictions can be linked to unpredictable market factors.
In general, these predictions tend to be inaccurate and attract speculative investors, some of those are retail investors. In general, these new individuals entering the market do not realize the risks involved in investing in virtual currencies. BitMEX CEO, Arthur Hayes has confirmed that they do predictions in order to keep volatility in the markets since they make money with it.
Some of the most popular predictions have been made by Tom Lee ($25,000), Anthony Pompliano ($50,000), Arthur Hayes ($50,000) and John McAfee ($15,000). There are many other predictions that range between $6,000 and $100,000+, which at the moment seem highly unlikely.
Since Bitcoin’s all-time high in December 2017 and a few weeks ago when it reached the lowest point in years, the popular virtual currency dropped more than 82%. It moved from $20,000 down to $3,200 or even less in other exchanges.
At the time of writing this article, Bitcoin is being traded around $3,800 and it has a market capitalization of $66.41 billion according to CoinMarketCap.