Quote
Arman Shirinyan
Analyst Benjamin Cowen's bearish prediction for Bitcoin hitting $23,000 in September proved to be off mark
Analyst Benjamin Cowen's bearish prediction for Bitcoin hitting $23,000 in September proved to be off mark
Since his prediction is out of line he admitted that he was wrong in his prediction:
The article also stated that instead of Bitcoin plummeting to $23k, Bitcoin market instead shows a more stable outlook.
This simply shows that even veterans and seasoned analyst with their accumulated market experience cannot predict the future price of Bitcoin. It is not because of unpredictable Bitcoin market volatility but because they are just human who has no power to see the future. Imagine if an investor shorts his trade to buy at lower price because he believe on the prediction of Cowen that price will go down to $23k at the end of September, this person could have been in a loss.
So this is a great reminder to us investors to not just believe anything that a person, no matter how popular or knowledgeable they are, stated without doing any researches to verify their statement. After all it was out money that is on line.