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We mentioned the successful crypto currency analysts who stood out with their accurate predictions in July. However, investors also need to know who the worst analysts are. One of them had already made the list in the May report. So, which crypto analysts made headlines with their failures?
The Worst Crypto Currency Analysts
If you make your investment decisions by relying on others incorrectly, you are highly likely to lose money. Especially considering that there are numerous anonymous and malicious analysts, this may be one of the most important issues. Imagine an analyst telling you that they expect a rise for any token. Even if you knew that they had a hidden advertising agreement with that project, would you still consider their recommendations? There are many “crypto influencers” who do this and reach hundreds of thousands of investors. They are a group of malicious people who hide their agreements with exchanges and cryptocurrencies and claim to offer you “opportunities”.
Do the following two crypto currency analysts fall into this category? It is difficult to know, but judging by their recent predictions, we can say that they have been unsuccessful at best.
Tradermayne
On July 18th, well-known crypto currency analyst Tradermayne shared a BTC price chart that indicated the clearing of low ranges that had been ongoing since June 14th. Previously, the sweeping of the lowest levels of the range with a recovery had led to a significant movement in the opposite direction and numerous tests towards the highest level of the range, which was $31,000.
Tradermayne stated that as a result of these bottom tests, an increase towards the middle line of the range and even the top of the range could occur. However, this did not happen, and after a weak rise, the BTC price fell and closed below the lowest level of the range. The decline accelerated on July 24th, and today BTC has fallen below $28,800.
TheMoonCarl
The other popular and equally unsuccessful (for July) crypto analyst, TheMoonCarl, said that the Bitcoin chart formed a large cup and handle formation. This is generally considered a bullish formation that leads to significant upward movements.
The formation’s target was $45,000. However, the BTC price started to fall immediately after it was shared. Losses reached 10% after the chart. A close below the long-term rising support line (at $27,500) would completely invalidate this scenario. The possible target is $24,000.
