During the course of 2017, several virtual currency advocates and analysts expressed their opinion on the encryption prices for 2018. At that time, Bitcoin (BTC) and other virtual currencies climbed high and the bulls controlled the market. Most of these predictions seemed logical at the time, but turned out to be illogical in 2018.
In a recent post by Larry Cermak on The Block, he collected the most important price forecasts and summarized their correctness or not. According to him, these influential personalities tend to make these predictions, accurate or not, in order to receive significant user involvement on social media.
Lamarck mentioned on this subject:
"When the forecasts come to an end and they will prove, in most cases, to be completely wrong, many people have forgotten." Given the low cost and the high upside, the forecast of price action in the short term it is essentially a strategy of hacking growth ".
Explain that these analysts and figures can build their analyst name if they make a good prediction. In the future, they can remind people of the prediction they have made and how it has been revealed.
However, if a prediction is incorrect, you can delete it or change it as soon as new information is available. In general, the wrong predictions can be linked to unpredictable market factors.
In general, these forecasts tend to be inaccurate and attract speculative investors, some of these are retail investors. In general, these new individuals entering the market do not realize the risks associated with investing in virtual currencies. The CEO of BitMEX, Arthur Hayes, has confirmed to make predictions to maintain volatility in the markets as they earn with it.
Some of the most popular forecasts were made by Tom Lee ($ 25,000), Anthony Pompliano ($ 50,000), Arthur Hayes ($ 50,000) and John McAfee ($ 15,000). There are many other forecasts ranging from $ 6,000 to $ 100,000 +, which at the moment seem highly unlikely.
From Bitcoin of historic high in December 2017 and a few weeks ago, when it reached its lowest point in the years, the virtual currency has fallen by more than 82%. It went from $ 20,000 to $ 3200 or even less on other exchanges.
At the time of writing this article, Bitcoin it is trading around $ 3,800 and has a market capitalization of $ 66.41 billion according to CoinMarketCap.