Do a google search for bitcoin price predictions and you will get plenty of results. One of the first results is a link to the cryptocurrency forecasting section on walletinvestor.com.
But is this a solid resource to get a glimpse into the future price on bitcoin and other cryptocurrencies? Let’s take a closer look and find out.
At first sight, the site seems similar to CoinMarketCap. The site features a long list of 2,501 different cryptocurrencies and a bunch of information for every single one of these.
In addition to cryptocurrencies, they also show information for various stocks, commodities and (normal) currency crosses. There is also a blog section which you can find here.
Details on Bitcoins price prediction
Let’s get back to the forecast section. Here you can see a long list of several different coins, along with a forecast of the price for these coins in;
If you click on any of the listed coins, you will be taken to a page with more details (for the coin in question). Let’s look at BTCUSD in this example.
Today (at the time of writing this, Feb. 18th, 2019) this is whey they have posted about BTCUSD (seemingly auto-generated based on technical analysis);
Historical index for the Bitcoin price prediction: C "Should I invest in Bitcoin CryptoCurrency?" "Should I buy BTC today?"
According to our Forecast System, BTC is a bad long-term (1-year) investment*.
Bitcoin predictions are updated every 3 minutes with latest prices by smart technical analysis.
Q&A about BTC projections. See Our Other Forecasts At Walletinvestor.com we predict future values with technical analysis for wide selection of digital coins like Bitcoin.
If you are looking for virtual currencies with good return, BTC can be a bad, high-risk 1-year investment option. Bitcoin price equal to 3911.440 USD at 2019-02-18, but your current investment may be devalued in the future.
If we look at the first chart on the left, it shows
- the expected price action for BTCUSD for the upcoming 10 days (the blue line)
- an expected range for BTCUSD to trade in, in the upcoming 10 days (the grey covered area) (this is what I assume it shows, as there is not actual details about grey area)
- the actual price (the green line)
This very chart gives us a bit of history and a tiny glimpse into the future. With the recent move on BTCUSD (some 6% yesterday), it is quite clear that the forecast is off. Today, the actual price of bitcoin is both far away from the expected price and it is trading outside the expected range.
On the right we have another chart showing a Bitcoin Forecast, Long-Term Price Predictions for Next Months and Year: 2019, 2020. It is quite clear that walletinvestor believe bitcoin will continue to drop, going forward.
Further down on the page, they have some detailed trend components of the bitcoin forecast & prognosis along with some pivot, resistance and support levels.
Finally we have some questions & answers about bitcoin projection.
WalletInvestor tries to give us a quick and simple overview of the expected future on bitcoin and other cryptocurrencies (along with a wide range of “classic” instruments). This is seemingly all based on simple technical analysis, but we really don’t know much more than this.
There isn’t a whole lot of information about how they arrive at the forecasts posted on the site. There isn’t much historical data either, which makes it difficult to judge any historical performance of their price predicting tool.
The forecasts mostly seem to be based on some sort of trend analysis, meaning if the crypto cross has been declining in the past, they expect this trajectory to continue in the future. Trend analysis itself is a traditional way to analyze different instruments, but it is certainly a simplified view of something that is affected by lots of different variables.
There is a thread on reddit with a lot of critiques mentioned about walletinvestor here – Judge for yourself.
Verdict on walletinvestor
Personally, I would not base any cryptocurrency trading on the ideas from walletinvestor, but I think the website is a nice addition to this space.
It is somewhat of an alternative to coinmarketcap in some ways and offers a different take on certain aspects.
There are plenty of tools and apps to help traders get a technical view of the market (tradingview probably being the most popular), and if walletinvestor wants to be a trusted player in that niche, we need to know how they arrive at the conclusions, posted on the site (at the very least).