5 famous analysts who had a bad week timing the crypto market

The crypto market has been in a major range move, so much so that the bearish narrative has challenged many analysts and their predictions.

The Bitcoin (BTC) price and the global crypto market continued its sluggish movement for most of the past month. The global crypto market cap has hovered below $925 billion for over a month.

Bitcoin, Ether (ETH) and most of the top altcoins have been trading in the red, noting pullbacks on short-term and long-term price charts. With most of the digital assets (with the exception of a few mid-cap altcoins) trading near their lower long-term support zones, analysts have been doing what they do best – analyzing market price action.

But in a market where price action is now rarely seen, where even dealers have taken a backseat, there’s only so much analysts can do. The once volatile BTC price action has quietly moved below the $20,000 range.

Over the past few weeks, liquidations, low trading volume and less action have been the tone of the market. So, as the crypto market continues to surprise analysts, traders and investors with its price action, here are a few instances when reputable analysts had a bad time timing the top cryptocurrencies.

There is no BTC price prediction

Bitcoin has been known for its volatile price movements, high ROI and significant gains for its so-called HODLers. But with the Bitcoin price down over 70% from its November 2021 peak, BTC is calmer than the sea.

Over the past few months, this calm has led many analysts to believe that BTC price action is actually more like the calm before the storm. Nevertheless, Bitcoin price action has been quite difficult to predict lately.

On September 27, pseudonymous cryptoanalyst CredibleCrypto told his 338.4k followers that the Bitcoin price may be preparing for a rally. He predicted a reversal from the $18,800 level, which could lead to a parabolic recovery. However, the same has not been seen yet.

Likewise, on January 16, 2022, analyst Crypto Capo told his followers that the Bitcoin bottom was successful.

Unfortunately, the BTC price fell by 19% over the next few days from the $42,000 bottom the analyst had predicted. Also, the Bitcoin price was swinging 56% lower than at press time.

In another instance, analyst Justin Bennett appeared bullish on Bitcoin’s price when price action took a bullish turn on October 13. However, on October 15, BTC price started its downtrend and recorded a 17% pullback in the following week.