These Crypto Traders Failed To Predict The Market In 2022

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This year has been quite traumatic for crypto, to put it mildly. If you’re a starter who made it through the entirety of 2022 without going into a fetal position, consider that a win. But hold your hands for investors and traders whose 2022 forecasts missed the mark. They’re going to need it.

BeInCrypto understands that predicting price movements is difficult at the best of times. But especially difficult when you are about to be overtaken by the most dramatic year in crypto history. However, we have compiled a selection of some of the markets’ failed prophecies. Always remember: take forecasts and investment advice with a grain of salt and only invest what you can afford to lose. That being said, let’s get started.

Tim Draper

Tim Draper is a renowned venture capitalist with a history of cheeky predictions. He previously stated that bitcoin (BTC) would hit $250,000 by the end of 2020. However, the price actually closed just below $29,000 USD. So a little off. Unfazed by his own mad enthusiasm, he once again predicted bitcoin would hit the $250,000 mark by the end of 2022.

Following the dramatic market turbulence and the fall of FTX, he told CNBC in an email that I extended my prediction by six months. $250,000 is still my number. Please find someone who looks at you like Tim Draper looks at the number 250,000. That, my friends, is true love.

BTC Yearly Chart: BeInCryptoWilly Woo

Willy Woo, the author of The Bitcoin Forecast Substack newsletter, is another expert with an egg on his face. Hong Kong-born Woo first invested in Bitcoin in 2013 and has since become a well-known presence in the space. He has used his expertise as an on-chain Bitcoin analyst to amass over a million Twitter followers.

Woo was bold enough to predict that BTC would hit a new ATH of 100,000 this year. In an edition of his newsletter he said:

I would say we will be right in the middle. It’s like $100,000 by the end of next year. And whether we go up or down, it could go much higher and come back, but pretty much the middle line is around $100,000.

Bad luck, Woo.

Nathan Sloan

Unlike some of our other mentions, Nathan Sloane is a more conservative forecaster than many of his colleagues. Coming from marketing and financial services, his CV is also less glamorous than many others. However, he has a massive following of 198,000 subscribers on his popular Investing Made Simple YouTube channel, which provides investing and trading advice to viewers with a range of expertise. One of his most interesting calls this year was for the SOL award.

Being conservative, in a video posted on January 8 this year, Sloane said that the price of SOLs could increase 3 times. At the time, SOL was trading at $149. This would mean that SOL could reach $447.

In his defense, he hedged his 2022 prediction by saying a large exogenous shock could mean SOL drops 80% this year. This was not the case. Since his video, the price has dropped 93%. Kudos on a degree of moderation and getting close to most.

Mike McGlone

Mike McGlone is usually on the drier end of crypto forecasters. He currently works as a Senior Macro Strategist at Bloomberg Intelligence, where he provides regular market analysis. On January 6, McGlone predicted that ETH would end the year in the $4,000-$4,500 range. At the time of writing, ETH is sitting just above $1.2000. A significant difference.

However, this is a relatively conservative estimate compared to other analysts, traders, and influencers. For example, Coinpedia predicted that ETH could end 2022 between $6,500 and $7,500 if the market continues on a positive trajectory. The site then changed its forecast for 2022 to $2,500. So only double the actual price.

It just goes to show that even the most conservative forecasts for 2022 can be wrong. Crazy things can and will happen.

Scott Melker

The wolf of all the streets alias. Scott Melker is one of the most well-known thought leaders in the field. He is also the author of the newsletter Wolf Den and a regular contributor to various publications. Melkor has facilitated our work by publishing a list of his own failures in his newsletter here. A laudable act of transparency and accountability.

One of his most regrettable calls was that 2022 would see new all-time highs. Unfortunately for holders, none of the major cryptos have reached a new ATH this year. In fact, since the markets peaked in late November, the industry has lost over $2 trillion in value.

Antoine Trenchev

In April this year, the CEO of crypto lender Nexo told CNBC that the world’s largest cryptocurrency could surpass the legendary $100,000 mark within 12 months. Technically this is not a prediction for 2022, but given that BTC is expected to rise 6x in the next four months, I think we can put this prediction in your dream column. Trenchev himself has since acknowledged that this is unlikely to happen.

Trenchev made this prediction in April 2022, before the first major market downturn in May. He told the CNBC news channel that Absolutely, I’m sticking to my guns. I’m looking for bitcoin at $100,000 12 months from now. It won’t be the craziest thing Bitcoin has done. It only has to triple.

Well, Antoni, as of this writing, a 6X price hike in four months would be the craziest thing bitcoin has done.

Disclaimer All information on our website is published in good faith and for general information purposes only. Any action the reader takes on the information found on our website is strictly at their own risk.

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