The World Is Obsessed With Crypto, but Why Are There So Few Accurate Predictions?

Over the past few years, cryptocurrencies have completely changed the trading and investment market. The market is growing right before our eyes, but here's the rub: "professional" forecasts of asset prices made over the Internet look more like shaking a Magic 8-Ball, Elon Musk can crash expectations for a particular coin with a single Tweet, and whales (the oldest holders of cryptoassets) are spontaneously getting rid of their savings, bringing the crypto market to its minimum values. But despite the tremendous volatility, it is clear today that cryptocurrencies are the uprising of the future of the economy.

One by one, countries are bowing to the power of blockchain and legalizing cryptoassets, which means the general public will have to start understanding the criteria for predicting cryptocurrency prices in order to fully incorporate coins into their investment strategies.

So, the world needs crypto content, but what are the major problems of creating professional cryptoasset analytics and trading predictions?

Problem #1: Defining Trustworthy Sources of Info

First things first – any asset-related material should be based on official market information. Here are the three major sources to start.

• CoinMarketCap. It's a popular website that monitors digital currency prices. There is all the information you need about the current price of a cryptocurrency, the market capitalization, and the higher and lower prices for selected periods. The platform also offers basic information on every single coin. CoinMarketCap makes its own rating for cryptocurrency that most companies accept. So, without a doubt, you can use it to start the preliminary research for analytics.

• CoinDesk. This place is not just an online website with live coin prices but also a trusty source of news and educational materials. The website also shares the latest analytical research, which can be helpful if you need to create complex price predictions instead of a simple coin overview. For every coin, CoinDesk also provides charts. You may use them to show the direction of the prices.

• Cryptocurrency official websites. There is no more reliable source of information about a coin than its official website. There you can find the basic information about the product with history and internal news; the latter is one of the triggers of price movements.

Problem #2: Price Prediction Accuracy

People need price predictions. If you don't know a coin and have no clue how the price can be analyzed, use our advice.

The first suggestion is to use different experts' price forecasts. A mix of opinions will increase your article's relevance and strengthen your conclusions. Below you will find a list of websites that regularly update price forecasts.

• The Economy Forecast Agency. This source provides price predictions for cryptos, stocks, commodities, and fiat currencies as well. You can find monthly and annual forecasts to allow a longer price forecast. There you can receive current coin price updates. The platform’s only disadvantage is a comparatively narrow number of cryptocurrencies.

• TradingBeasts.com/crypto. TradingBeasts provides charts and rate predictions in real-time for cryptocurrency prices. The coin list is huge. Your choice will not, therefore, be limited to predictions on Bitcoin cryptocurrency only. The website has its own market cap cryptographic ranking, which is perfect for recognizing the impact of the coin you are analyzing. TradingBeasts deliver longer-term projections that are more beneficial for crypto analytical articles.

• Wallet Investor. It is another reliable source that provides predictions for a wide range of assets such as crypto coins, stocks, Forex, and funds. It has a ranking of crypto assets that can be sorted by market cap, last price, volume, and percent change. These data fill your article with more fruitful information.

My second suggestion is to be careful about the current price. Before analyzing its future direction, you should understand what the current price is. Please note that the rate varies by the cryptocurrency exchange. Therefore, indicate the platform you use when you mention live prices. Coinbase, Binance, Bitstamp, Kraken, Bybit, and Bitfinex are the most important cryptocurrency exchanges. Always remember how highly volatile the cryptocurrency market is. Therefore, always mind the date of the rate.

Problem #3: Expert Vision

Regardless of whether you can carry out technical analysis or if you would like to find an already released one, the TradingView platform is a must-have solution. It offers many benefits. First of all, you can select your preferred cryptocurrency exchange. Second, you have a variety of tools to analyze the markets and draw up a chart explaining your price movement conclusions.

If you aren’t qualified enough to perform full-fledged technical analyses, you can use the thoughts of analysts and cryptotraders who publish their perspectives on TradingView. However, remember to use the ideas of other experts wisely.

Here is one more tip. The technical analysis can be created for various periods. When you need a short-term TA for the coming days, your intention will be matched by hourly, four-hour, and daily timelines. If a monthly or annual analysis is required, you have to use high time frames like weekly, monthly and annual periods.

Although it's not required to be an analyst to write about cryptocurrencies, I recommend learning basic trading terms such as bulls, bears, take profit, stop loss, etc.

Problem #4: Avoiding Scams

Always use rankings to check potential scam coins. Most of the websites that provide price predictions have their own rankings. I have mentioned some of the most trustworthy ones: CoinMarketCap, Wallet Investor, and TradingBeasts.

If you don't believe in rankings, you can check the market capitalization and the date when the cryptocurrency was launched. If the market capitalization is large, it's the first sign of a reliable cryptocurrency. If it's a newbie coin, we recommend you avoid writing about it. The crypto industry is still full of scams. If the asset hasn't proved its reliability with time, you better skip it.

Almost a Crypto Expert

Yes, the world of crypto is complicated. However, you can also write a relevant article with cold hard facts, with predictions of the prices as well as market analyses if you are equipped with reliable sources. If you are not ready to provide your own predictions, combine crypto expert and analyst projections. Please be precise in your data, and don't forget the changing legal aspects of the topic. Use credible crypto exchanges and mention all relevant information, including the date of the publication.

What is your main problem with creating or consuming crypto content? Let's discuss this in the comments😊