Mechanics Behind the Process
CoinMarketCap puts crypto prices to its community as a vote each month. Once the voting period ends, the site publishes the predicted price. From there, investors can use it as an additional research point to inform their decisions.
Of course, before taking the data on board, users must understand there are no guarantees the price will hit the predicted levels. Market factors can impact predictions and change the course of real-time price changes. However, CoinMarketCap has seen impressive levels of accuracy over the last six months, with some cryptos seeing up to 92% accuracy.
BTC July Entry Price Predicted to See Slight Decline
Over the last six months, CoinMarketCap has had 85% accuracy on Bitcoin price predictions. However, the May price prediction had 91.4% accuracy. It shows the community’s accuracy level is increasing as the knowledge level of its user base grows.
The community predicts the July entry price to be $25,000.87. It’s a 3.45% decrease from the June entry price. It’s important to note the context of the price prediction, though. There has been a drop in the value of Bitcoin over the last month, which will inform the voting of the community. On its own, this context does lean towards a likely price drop.
However, the 91.4% accurate community prediction for May was also $2,410.80 below the actual BTC price. It means crypto traders must consider the full context when deciding on their investment strategy.
Bitcoin is currently showing similar trends to the 2016 bull run, which saw the crypto hit record prices. The BTC price is also trading above its moving average, indicating the potential for substantial growth further down the line. Although Bitcoin has seen minor drops over the past month, it doesn’t mean a rapid decline is on the horizon.
ETH July Entry Price Predicted an Almost 10% Increase
The CoinMarketCap community is seeing incredible levels of accuracy with ETH. The lower price could mean less potential for deviation from the mean, but it could also mean a better-informed Ethereum community. Whatever the cause, the historical accuracy is 92.25%, which is massively impressive.
The May exit price for ETH was $1,874.13, and the CoinMarketCap community final prediction was $1,838.43. So, this is an incredible 98% accuracy for May! Ethereum saw a substantial drop on the 14th of June, falling from $1,728 to $1,637 in the space of an hour. However, it has seen a slight recovery to hit $1,663 at the time of writing.
The July entry price is predicted to be $1,809.74, an almost 10% increase from the current price. The current 92% historical accuracy shows a positive chance of a month-on-month price increase. However, as is always the case, the market’s volatility can see an impact from many outside factors, meaning there are no guarantees of a price increase.
Using the Data
All data in this article shows predictions and real-time market positions for cryptocurrency. Users must understand the volatile market; the piece has no trading advice. It’s purely to provide statistical information and should not therefore be construed as financial advice.
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