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Author Topic: maybe there is enough data?  (Read 329 times)
pleaseexplain
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January 18, 2015, 11:38:32 AM
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I see many people are doing charts of where the price of bitcoin may end up but I am a little skeptical of them as bitcoin is relatively so new and so much happens that effects its price.

So I looked back to see if anyone was predicting where bitcoin might be now/soon and how good their predictions were.
Some were miles off but I found this (there may well be others with similar figures)

 The person is called "ChartArt" and puts the charts up on tradingview.

Anyhow
105 days ago when the price was $369 ChartArt said the price could go to $250 and the worst case was $85-$110.(the bearest figure)
28 days ago when the price was $327 ChartArt said the price go to $99 if there was a fast crash through $300 and then $275 (the bearest figure). the most bullish figure was $314
4 days ago when the price was $222 ChartArt said the price could be down to $65 (the bearest figure) .

Now it seems to me that these are fairly "good" predictions  given how messy bitcoin's price is at any time. By good I mean getting within say $100 and providing useful potential bottom exposure figures for the small person-in - the-street who is thinking of buying a few bitcoins (ie forwarning about the size of the downside is it goes that way?)
So maybe bitcoin can be charted now?
Or is it just that the ranges are so broad that they always make the prediction look good post the time of prediction?


 

Disclaimer: I do not know ChartArt nor have any interest in tradingview etc.


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