Analysts Were Nearly Accurate With Bitcoin Run
A report published by Longhash showed that the 2020 forecasts of the price of Bitcoin for the year-end were very close to where crypto analysts and forecasters predicted that the price would settle at the start of 2020. The recent report came from media interviews of 17 notable stakeholders in the crypto project.
The selected individuals precisely revealed their forecasts in early 2020, and Longhash compared the estimates to the exact price of Bitcoin, which was around $28,840 on the last day of the year. The review noted that the nearly accurate predictions were attributed to the Chief Executive Officer (CEO) of Beam, Alexander Zaidelson, and CoinCorner, Danny Scott. The two men had predictions that neared 5% of the exact price on December 31, 2020.
Analyst hangs prediction of historical occurrences in the market
Alexander stated that his judgments were propelled by “basic logic” and the historical ATL and ATH boundaries. He added that the Bitcoin price could crash to its record low or even fall lower at any point in the year. He then begged his low at $3,000.
After hitting its all-time low, according to Zaidelson, the situation of things would start getting better. There would be an explosion in demand for not only Bitcoin but other crypto assets. And the price would shoot up to about $30,000. Meanwhile, Danny Scott said it was difficult to foresee the asset’s price in the short term. As for his long-term forecast, he suggested a range of 12,000 and $28,000.
Bitcoin performed exceptionally well in 2020
Apart from the above two, other projections were close to the 2020 closing price, which Longhash found very hard to predict, considering the asset’s volatility. Comparing the 2020 report to the previous year, the company remarked that nearly all the 2019 Bitcoin forecasts were far from accurate, as most of the projections were overly bullish.
Longhash noted that forecasts were more accurate this year because stakeholders now have more knowledge and understanding of the price of Bitcoin than they had in the past. It further stated that the company might have just chosen more accurate forecasts, or the surge in Bitcoin’s price could have proven the majority of pundits right as regards price forecast.
Regarding the 2021 prediction of Bitcoin’s price, Longhash noted that pundits are still bullish in their outlook. Notable is Citibank’s forecast that Bitcoin’s price will hit $300,000 by the end of 2021.