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Cryptocurrency price prediction blogs put to test (Tradingbeasts vs Walletinvestor)

 
Cryptocurrency price prediction blogs put to test (Tradingbeasts vs Walletinvestor)
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Cryptocurrency trading has hit a new height with the high influx of newbies into the market. This has given rise to a number of price prediction blogs/websites that update investors and traders with varying cryptocurrency price predictions in both the short term and the long term. In as much as there is no guarantee for success in this field, some of these blogs utilize a deeper knowledge in technical and fundamental analysis to come up with these prices which mostly have small deviations from the actual price. In a bid to test the accuracy of some of the cryptocurrency price prediction blogs, this article will present and compare two websites that are well-known in this field, and test their predicted prices to the current prices of the selected digital assets. 

Tradingbeasts

Tradingbeasts was selected because of its credential in the field. The website basically deals with trading analysis and comprehensive guide to traders. Its price prediction page; https://tradingbeasts.com/crypto is very easy to navigate and mobile friendly, though what matter most is the accuracy of predictions. Tradingbeasts offers information for about 1515 cryptocurrencies. Regardless of the size of the market cap of the listed assets on the website, Tradingbeast provides their current prices, coin information and price prediction. Based on our observation, they offer short term and long term price predictions up to the next three years. 

Tradingbeasts Bitcoin Price Predictions

Looking at the short term price prediction of Bitcoin, Tradingbeasts predicted that Bitcoin would begin the month of September 2019 with an average price of $8,638. According to them, the minimum price may be $7,413 and the maximum price was set to $10,902. 

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The long term prediction which is up to December 2022 was said to be around $1515.

Ethereum

Tradingbeast similarly predicted a short term price of $164 for Ethereum by the beginning of September 2019. According to them, Ethereum may trade at a minimum price of $141 and a maximum price of $207. For the long term price prediction, they stated that Ethereum may trade around $364 by December 2022.

Verge

Verge has be struggling to bounce back to its all time high price of $0.2 since the market pullback. According to Tradingbeasts, Verge will trade at $0.0064903 by the beginning of September 2019. It was also predicted that the price may be as low as $0.0055988 and as high as $0.0082335. For the long term price, it was predicted that the digital asset may trade at $0.01 by the end of 2022.

Walletinvestor

Walletinvestor is another prominent price prediction website on the internet. Unlike Tradingbeasts that focuses much on cryptocurrency predictions, Walletinvestor offer price predictions for a list of assets of cryptocurrency, stock, forex, commodity and funds. Walletinvestor provides the percentage change of each digital asset, the short term price prediction, as well as the long term prediction for up to the next five years for the leading cryptocurrencies.

Walletinvestor Price Forecasts for Bitcoin

According to the prediction provided by the Walletinvestor, Bitcoin short term price would be around an average price of $10,304 on the beginning of September 2019. They predicted that the minimum price may be $7,314 and the maximum price may be $12,943. For the long term price prediction, Walletinvestor predicted that Bitcoin may trade at $13,545 by 31 December 2022. The minimum price would be $888 and the maximum price would be $18284. 

Ethereum

As displayed on the Walletinvestor website, Ethereum is likely to begin September 2019 with an average price of $166. The minimum price for Ethereum on the said date would be $21 and a maximum price of $322. Surprisingly, it was stated that Ethereum may record a minimum price of $2.707 on 2 September 2019 which is a huge drop. For the long term price prediction, Walletinvestor predicted that Ethereum may trade at $127 on 31 December 2022. The minimum price was displayed as $0.000001 and a maximum price of $289.

Verge

The short term price prediction of verge was pegged at an average price of $0.00386. Walletinvestor estimated that Verge may possibly trade at a minimum price of $0.00360 and a maximum price of $0.00413 on 1 September 2019. For the long term price prediction, Walletinvestor predicted that Verge would trade at an average price of $0.00342 on 31 December 2022.

Price Analysis

The above listed short term prices would be effective on 1 September 2019, but since it is just some few days from the time this article was being written, we will compare the current prices to the predicted prices and see the most feasible one. 

As at 29 August 2019, around 13:00 GMT, Bitcoin was trading at $9,501, Ethereum was trading at $169 and Verge was trading at $0.0044. 

Tradingbeasts predicted that Bitcoin would be within the range of $7413- $10902 with an average price of $8638 by the beginning of September. Walletinvestor had a maximum price of a little over $12,000 and an average price of $10,304. Comparing these to the current price of Bitcoin makes Tradingbeast more accurate assuming the rate at which the Bitcoin price is falling continues.

When we look at the Ethereum, Tradingbeasts predicted an average price of $164 and a minimum price of $141. Walletinvestor predicted an average price of $166 and a minimum price of $21. Though the predicted average prices are very close, the minimum price predicted by Tradingbeasts ($141) looks more realistic than the predicted minimum price of ($21) by Walletinvestor.

Conclusion

Cryptocurrency price predictions are not 100% accurate. Predicted prices may be near or largely deviate from the actual price. Regardless, we can conclude that the prices predicted by Tradingbeasts look more realistic when we consider the displayed minimum prices of the two blogs. Walletinvestor is usually near accurate with the average price, but has a big gap in its minimum prices unlike Tradingbeasts.

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