To put it mildly, it has been quite a painful year for crypto. If you’re a holder who has managed to go all the way through 2022 without ending up in fetal position, consider that a victory. But hold your hands together for those investors and traders whose 2022 predictions turned out to be wrong. They are going to need it.
BeInCrypto understands that predicting price movements is difficult at the best of times. But especially tough when you’re on the cusp of one of the most dramatic years in crypto history. However, we have compiled a selection of some of the failed market predictions. Always remember: Take predictions and investment advice with a pinch of salt, and only invest what you can afford to lose. With that being said, let’s get started.
Tim Draper is a well-known venture capitalist with a history of making outlandish predictions. He has previously said that bitcoin (B T c) will reach $250k by the end of 2020. However, the price actually closed just below $29K USD. So a little different. Undaunted by his own wild enthusiasm, he once again predicted that bitcoin would reach the $250K mark in late 2022.
Following the dramatic market turbulence and collapse of FTX, he explained cnbc In an email that “I’ve raised my prediction to six months. $250k is still my number.” Please, find someone who looks at you the way Tim Draper looks at the number 250,000. That, my friends, is true love.
Willy Woo is the author of the Bitcoin Forecasting, the Substack newsletter, is another expert with egg on his face. Born in Hong Kong, Wu first invested in bitcoin in 2013 and has since become a well-known presence in the space. He has garnered over 1 million followers leveraging his expertise as an on-chain bitcoin analyst Twitter,
Wu was bold enough to predict that BTC would reach a new ATH of 100,000 this year. In one edition of his newspaper he said:
“I would say we’ll be right in the middle of that. It’s like $100,000 by the end of next year. And whether we whip up or down, it can go up a lot and come back, but roughly the middle line.” Around $100,000.”
Bad luck, woo.
Unlike some of our other mentions, Nathan Sloan is a more conservative forecaster than many of his colleagues. His CV is also less glamorous than many others, with a background in marketing and financial services. However, he commands a massive following of 198K subscribers on his popular YouTube channel investing simplified, which provides investment and business advice to audiences with a range of expertise. He had one of the most interesting calls this year Fifth note of musical scale worth.
Being a “conservative”, in a video published on January 8 this year, Sloane said that the price of SOL could increase by 3 times. at that time, Fifth note of musical scale was trading at $149. it would mean sol could reach $447.
In his defense, he hedged his 2022 prediction by saying that a significant external shock could mean an 80% drop in SOL this year. It did not happen. The price has dropped by 93% since his video. Kudos for exercising some degree of restraint and coming the closest you can.
Mike McGlone is usually on the dry end of crypto forecasters. He currently serves as a Senior Macro Strategist at Bloomberg Intelligence, where he provides regular analysis of the markets. McGlone predicted this on January 6 ETH The year will end in the range of $4,000-$4,500. At the time of writing, ETH sits at just above $1.2K USD. an important distinction.
However, this is a relatively conservative estimate compared to other analysts, traders and influencers. For example, Coinpedia estimates that ETH could end 2022 between $6,500 and $7,500 if the market continues on a positive trajectory. The site later changed its prediction for 2022 to $2,500. So just double the actual price.
It just goes to show that even the most cautious 2022 predictions can be wrong. Crazy things can and will happen.
The wolf of all streets aka. Scott Melker is one of the most well-known thought leaders in the space. He is also the author of the Wolf Den newsletter and a regular contributor to various publications. Melkor has made our job easier by publishing a list of his failures in his newsletter. here, A commendable act of transparency and accountability.
One of his most regrettable calls was that 2022 would see a “new all-time high”. Unfortunately for holders, none of the major cryptos reached a new ATH this year. In fact, since the market high in late November, the industry had lost more than $2 trillion in value.
In April of this year, the CEO of crypto lender Nexo told cnbc that the world’s largest cryptocurrency could soar above the hypothetical $100,000 mark “within 12 months”. This isn’t technically a 2022 prediction, but with BTC going up 6x in the next four months, I think we can put this prediction in the “in your dreams” column. Trenchev himself has admitted that this is unlikely to happen.
Trenchev made this prediction in April 2022, before the first major market drop in May. He told CNBC’s news channel, “Absolutely, I stand by my word. I look for bitcoin at $100k in 12 months from now. It wouldn’t be the craziest thing bitcoin has ever done. It has to triple.” .
Well, Antoine, at the time of writing this, the price had increased by 6X in four months. would like The craziest thing bitcoin has ever done.
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