Just imagine it. You visit a website and it tells you what price a coin will reach in the future. Sounds like fiction or a scam? Perhaps, but there are websites that specialize in cryptocurrency price predictions. Today we are going to review three of the most popular crypto price prediction websites to determine their value when forecasting the future price of cryptocurrencies.
The best way to test them is to compare their predictions and we did exactly that.
When googling fo for almost any coin prediction, walletinvestor.com will show up in the results. This portal offers cryptocurrency price predictions as well as predictions of stocks, commodities, and currency pairs. The crypto predictions are for every day of the month and feature the information about the minimum, maximum and average price of a coin. At the most popular coins, there price predictions that go as far out as five years. Cryptocurrencies with medium or low trading volume have only predictions for the next few months.
The second popular website we looked at is tradingbeasts.com/crypto/. Unlike walletinvestor, it focuses explicitly on cryptocurrencies, forecasts of other assets are not available. No matter the trading volume, TradingBeasts offers price predictions for over 1400 coins for the next three years. Apart from the maximum, minimum and average price, you can also find information about the percentage change.
The third well-established source with cryptocurrency price prognoses is certainly LongForecast.com. This website has price predictions for the next five years with the monthly change and the maximum, minimum price (the system, however, does not generate the average price). Unlike the two sources mentioned above, this portal has price predictions for only the 15 most popular cryptocurrencies.
Analyzing The Predictions
We figured that the best way to compare the accuracy of the price predictions these websites offer is to examine three cryptocurrencies (two popular coins and one with relatively low trading volume). We’ll test short time predictions as well as long-term forecasts. Here is an extracted data from all of these 3 websites
Price prediction for October 2018 (short-term)
Price prediction for January 2021 (long-term)
|walletinvestor.com||26,390 – 32,437||1,422-1,870||–|
|TradingBeasts.com||13,837 – 20,349||562-827||8.11-11.93|
|LongForecast.com||31,478 – 39,070||373-463||–|
Today, on the date of reviewing the predictions, the Bitcoin price is $8,135. The short-term predictions are very similar, with LongForecast.com has lower expectations than the other two sources. Long-term predictions differ significantly more, especially the one made by TradingBeasts.com which are almost half as opposed to the two remaining portals.
Dash is today at $237 and just like with Bitcoin, the most pessimistic prognoses are made by LongForecast.com which expects a drop in the price on a short-term scale. Long-term anticipations are especially bright at walletinvestor.com, which predicts a price double that of the two other websites.
The last forecast is for ARK, the 75th biggest coin by market cap. As was already mentioned LongForecast.com has only predictions of the 15 most popular coins so there is nothing to compare for us. Unfortunately, even walletinvestor.com has price prognostications only until December 2018 so we can compare only its short-term forecasts. The current ARK price is $1.23. The prediction made by walletinvestor.com has quite a big spread and the price should allegedly range from 0.8048-4.704. The predictions made by TradingBeasts.com are very similar, only the minimum price is not that low. The long-term prediction offered only by one from these sites is 8.11-11.93.
Conclusion – Top 3 cryptocurrency price predictions sites
The proper conclusion to this article will have to wait several years; though we’ll find out short-term results in just a few months. With that though, it’s hard to credit any one site as the best predictor without more data; and even a site that could predict the price of BTC correctly could totally miss with DASH or another coin.
We’ll close with a the quotation from TradingBeasts.com: “No one can predict prices of cryptocurrencies with total certainty, thus it is crucial to understand that the price predictions serve merely as a suggestion of possible price development and are not intended to be used as investment advice.”