How reliable is a Bitcoin price prediction? – Coin Rivet

When it comes to a Bitcoin price prediction, you can never be too cautious.

After all, any sort of forecast on the evolution of cryptocurrency prices is at the very best an educated guess. There’s still no software or analyst that can predict market movements accurately.

Moreover, if someone could actually correctly predict the Bitcoin price, the cryptocurrency market would immediately lose much of its purpose.

That doesn’t mean a Bitcoin price prediction is useless though. Many predictions are guidelines that can help traders and even influence the market for short periods.

From zero to one million

Bitcoin has had some wild periods since its launch 10 years ago, and conditions are still far from stable. Its volatility and price fluctuations continue to keep investors and traders on a knife-edge. Moreover, Bitcoin’s changes seem to influence the entire crypto market. This makes things even harder for people who own digital assets.

Thousands of investors and cryptocurrency owners are trying to make the next accurate Bitcoin price prediction to profit from it. Some even come up with what appear to be outlandish statements.

At the beginning of 2019, for example, top crypto investor Jeff Schumacher, founder of BCG Digital Ventures, caused quite a stir when he predicted that the Bitcoin price would go to zero.

This type of statement is hard to believe when the price is stable or on a bullish breakout. Yet, people still analysed every word of it for days and months in search of clues that could point them to better investments.

At the opposite extreme, there are the investors and analysts who still bet everything they own on Bitcoin. Last year, John McAfee made a $500,000 Bitcoin price prediction. Later on, he changed his mind, and now sustains that Bitcoin will reach the $1,000,000 milestone by the end of
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