These two crypto analysts failed to make accurate predictions for the crypto market in May, particularly regarding the Bitcoin (BTC) price.

Forecasting the direction of the cryptocurrency market is difficult because of its considerable fluctuations and sometimes lack of correlation with broader economic trends.

These two analysts made predictions about the crypto market in May that were untrue. 

Negentropic’s Bullish Move Does Not Materialize

On-chain crypto analyst @Negentropic suggested on May 17 that a bullish movement will soon materialize for the Bitcoin price.

His reasons came from the fact that despite a price fall, the number of shorts decreased simultaneously with an increase in longs. Additionally, open interest was increasing.

An increasing open interest during price consolidation usually leads to a sharp movement in one or the other direction. Due to the decrease in shorts, the idea was that this movement will transpire to the upside.

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Author: Valdrin Tahiri

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