Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $1,286 trillion. Bitcoin manages to withhold the $30k level after a disappointing week. Ethereum lost almost 3% of its value over the past seven days. XRP decreased by nearly 3% this past week. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector lost over $0.3 billion from the…
There are now several websites that provide, besides crypto live prices, some forecasts on the future of the leading cryptocurrencies. However, considering the market’s high volatility and the few analysis tools available to the public for formulating these forecasts, it must monitor these portals carefully.
This article will report some of the primary sources of price forecasts in the crypto industry. However, we remind you that the information contained in the text does not constitute financial advice, and we invite readers to conduct their research in this area.
CryptoPredictions is a popular website in the crypto price forecasts marketplace. The portal clarifies that each forecast is strictly based on observing historical data through statistical tools.
The greater the number of historical data for a cryptocurrency, the higher the confidence level of the forecast provided (or, at least, this is how CryptoPredictions puts it). You can manually search for your favourite coin on the portal or use the following filters:
- Category: here, we find elements like “Artificial intelligence”, “Fan Token”, “Music”, and many more
- Algorithm: it is possible to indicate the algorithm on which a cryptocurrency is based
- Platform: the site also allows you to select the blockchain of your preference
CryptoPredictions provides the ability to see price forecasts for over 12,000 different cryptocurrencies, placing the site among the best known in this sector.
CoinMarketCap is perhaps the most popular site for finding the price of a cryptocurrency. However, not many people know that CoinMarketCap offers numerous additional services to its audience. Registering on this portal allows you, for example, to create a virtual investment portfolio to keep track of your coins.
Users can also indicate a forecast on the performance of a single coin. In such a young market, CoinMarketCap has decided to rely on individual investors to report estimates on the future of cryptocurrencies.
The “Price estimates” section of the site provides a summary view of the forecasts generated by the portal users. In addition, CoinMarketCap also places a forecast accuracy percentage close to each cryptocurrency, based on past performance.
The “Leaderboard” section is an exciting feature since CoinMarketCap reports a list of users (with masked names) who had greater precision in their past forecasts.
Artificial intelligence (or AI) has also arrived in the financial market predictions sector, and Wallet Investor demonstrates this. The site reports forecasts on four different time horizons: seven days, three months, one year, and three years, for nearly 10,000 cryptocurrencies.
Wallet Investor spreads long-term forecasts for all users with an AI-based system, even without registration. Instead, it will be necessary to create a profile on the site to know the short-term forecasts on all the coins monitored by the portal.
The site also allows the search for a particular cryptocurrency and the filter of those coins that Wallet Investor believes can grow more over a given time horizon.
Another famous alternative for looking for a crypto prediction site is TradingBeasts. The website provides several price forecasts over the next four years, divided by monthly predictions.
The team claims that the whole process is updated daily using linear and polynomial regressions. However, TradingBeasts reminds everyone that it is impossible to formulate a perfectly accurate prediction on the crypto market.
By giving a detailed monthly vision of the future, TradingBeasts brings some fascinating insight that needs to be studied by investors.
For example, while many competitors claim that the short-term, medium-term, and long-term trends will go in the same direction (either up or down), TradingBeasts offers a different vision.
The website, indeed, shows the chances of a difference in the trend for the current year and the next one. To mention a representative case, the portal anticipates a decline in the price of Bitcoin (BTC) until June 2024, followed by a growth phase until the end of 2025.
Final thoughts on crypto price predictions
More and more investors are looking for quality cryptocurrency predictions. This is not surprising, the crypto market has enormous volatility, and the desire for quick and easy enrichment can appeal to anyone.
However, it is essential to note that predicting cryptocurrencies is by no means easy. Even people with great experience and financial knowledge can make huge assessment errors in this sector.
The cryptocurrency sector represents a very young reality and, consequently, with little data that it can use to formulate quality forecasts. There are, however, some websites that try, with different methods, to develop some price forecasts.
The hope is that, with the sector’s growth, the crypto data will increase to the point of making this type of analysis less complex and risky.