From ultra-bearish Bitcoin calls to Ethereum’s turnaround: these are the things crypto experts got totally wrong in 2021
U.Today is taking a look at some of the worst crypto predictions made by analysts, influencers, traders and fund managers.
Elon Musk’s SNL appearance is bullish for Dogecoin (Ed Moya)
Many were convinced that billionaire Elon Musk’s hosting debut on “Saturday Night Live” would push the price of Dogecoin higher with a viral skit. Ed Moya, market analyst at Oanda, told CNN that the Dogecoin army would be motivated to send the meme coin to the moon:
Musk will undoubtedly have a sketch on cryptocurrencies that will probably go viral for days and further motivate his army of followers to try to send Dogecoin to the moon.
Contrary to expectations, Dogecoin started to crumble when Musk appeared on SNL.
Bitcoin plunging to $10,000 (Scott Minerd)
In June, Guggenheim’s Scott Minerd predicted that $10,000 could be Bitcoin’s “real bottom,” but bears did not manage to push the crypto king below $28,500.
Minerd’s call was so bad that Guggenheim Partners, which claims $ 325 billion in assets under management, ended up get out of Bitcoin position after a botched trade.
Bitcoin ending 2021 above $100,000 (Tom Lee)
Fundstrat’s Tom Lee has repeatedly said this year that Bitcoin would end up trading above $100,000 by the end of 2021.
Despite a pretty big hiccup, the permabull is now seeing the flagship cryptocurrency climbing to $ 200,000 in 2022.
Ethereum soaring to $10,000 this year (Megan Kaspar)
In an interview with Yahoo Finance, Megan Kaspar, co-founder of Magnetic, predicted that Bitcoin would soar to $10,000 by the end of the year.
Shiba Inu goes to zero (Peter Mallouk)
In early November, Peter Mallouk, CEO of Creative Planning, tweeted that Shiba Inu was going to zero. It was a little dramatic since SHIB remains the 13th largest cryptocurrency by market capitalization despite a significant decline.
Ethereum flipping Bitcoin this year (Adam Cochran)
Ethereans got a bit overexcited this year, with “flippening” calls becoming rampant. In early May, Adam Cochran, a partner with Cinneamhain Venture, said that he was “very confident” that Ethereum would flippen Bitcoin if the bull run were to continue.
Even though the rally resumed in the fourth quarter, with Bitcoin hitting several new highs, Ether is still a long way from matching the King’s market cap despite having gained a lot of ground this year.
The stock-to-flow model (PlanB)
The influential stock-to-flow model became a laughing stock in early December after Bitcoin failed to reach its target by some 50%. Yet, PlanB, its pseudonymous creator, is not giving up, claiming that the cryptocurrency is still trading within the model’s lower band.
