Is it possible to predict prices of cryptocurrencies?

In the crypto world people are always concerned about price predictions. On numerous websites you can find Bitcoin, Ethereum or Harmony price prediction as well as forecasts for many other cryptocurrencies. The question is: can we trust those predictions and who makes them? Let’s find out!

For a novice trader crypto prices graphs can look like meaningless lines going up and down. However, they actually show the data that can be useful for predicting future crypto prices. By analysing these graphs you can see how recent events in the crypto market have affected prices and foresee what might happen next. There are three main types of analysis: technical,fundamental and sentimental. Technology has made them more accessible and easier to conduct.

  • Technical analysis involves noticing statistical trends based on historical activity. It includes exploring price movements and other vital indicators, such as trading volume. In this case, the analysts base their forecasts on the idea that prices follow trends and history repeats itself. Technical analysis uses 2 main techniques: trend lines and moving average.

Crypto experts often use traditional machine learning and deep learning methods while making price predictions. Machine learning methods have been at the center of predictive models in capital markets for the last decade. The school of deep learning proposes deep neural network methods for making price predictions.

If you don’t think you have enough knowledge or experience to make your own predictions, you can find crypto forecasts on different websites. These platforms allow you to see forecasts for different cryptocurrencies: not only Bitcoin or Ethereum but also Verge XVG, Ripple XRP, Harmony ONE and many others. Just remember to use reliable sources while doing your research. For example, CoinSocialStory website posts different price predictions based on trustworthy material.

The CEO of CoinSocialStory says, “It is definitely possible to predict price movements of cryptocurrencies, but in the crypto market you should always be ready for unforeseen changes”.

In conclusion, there are various techniques that can allow you to predict the time frame and price range for the exchange rate fluctuations. These mostly rely on an analysis of the exchange rate chart related to the cryptocurrency in question. Those who are not familiar with these techniques can rely on the price predictions made by market analysts. Just keep in mind that comprehensive research that combines data from various sources is still the best way to plan your investments.

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