The Crypto Experts Who Failed to Accurately Predict Bitcoin’s Price in September
In the unpredictable world of cryptocurrency, even the most esteemed crypto analysts can sometimes miss the mark. September saw several notable figures in the industry make incorrect predictions about the price of Bitcoin (BTC). Let’s take a closer look at these forecasts and what actually transpired in the market.
The Deviation and Reclaim Narrative Fell Short
One well-known cryptocurrency trader, @Tradermayne, shared a Bitcoin chart on September 15, highlighting a deviation below the $25,250 range and subsequent reclaiming of this level. The prevailing assumption was that this would trigger a significant price increase, especially when combined with bullish indicators on the monthly and weekly timeframes.
Although the price did experience an initial upswing, it failed to break out from a descending resistance trendline and was subsequently rejected on September 19. As a result, the short-term trend turned bearish until the price manages to surpass this trendline. Currently, the nearest support sits at $25,500 (3% below the current price), with the closest resistance at $29,000 (10% above the current price).
The Failure of Corrective Bitcoin Count Predictions
Another prominent crypto analyst, @TheTradingHubb, employed Elliott Wave theory to anticipate a price decline in mid-September after reaching a peak around $26,200. Elliott Wave theory involves studying recurring long-term price patterns and investor psychology to ascertain a trend’s direction.
According to the analyst’s proposed count, BTC was expected to fall below its September 11 lows subsequent to reaching a local high of $26,200. However, the actual price surged to $27,230 before retracing and confirming support around the $26,000 horizontal area.
This movement invalidated the previous belief that the market was following an A-B-C corrective structure. Instead, it suggested the beginning of a new upward movement on September 12. The future outlook will be determined by whether the price breaks below the $26,000 level, continues its ascent, and breaks out from the descending resistance trendline.
In line with the Trust Project guidelines, this article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto upholds accurate and unbiased reporting, but market conditions can change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
While crypto analysts can provide valuable insights, it’s essential to remember that the cryptocurrency market is highly volatile and unpredictable. No one can consistently forecast its movements with absolute certainty. As investors, it’s crucial to conduct thorough research and seek advice from trusted sources.
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