Knowing the digital currency prediction site and its types is essential for cryptocurrency traders and market participants. Buying and selling digital currency requires proper analysis. In the context of a detailed investigation, it is possible to make a deal with the expected result by predicting the future.
This issue led to the emergence of many digital currency prediction channels and sites and various expert analyses on the price of digital currencies. If you search “cryptocurrency price prediction” on Google, you will find millions of results.
More than ten years have passed since the birth of the cryptocurrency industry. Despite many criticisms, Bitcoin (BTC) and other cryptocurrencies have successfully overcome many challenges; in this sense, they have found a well-known face worldwide.
During these years, many experts in the field of financial affairs regarding the prediction of the price of cryptocurrencies stated every month that the Bitcoin price bubble would disappear shortly. Still, they were wrong every time, and Bitcoin has brought significant profits to its investors by maintaining its superior position among other assets. However, the world of digital currencies is constantly changing, and even some fans of this field have doubts about the profitability of Bitcoin.
Now, the question is how to know if the information of an analyst or a digital currency prediction site is valid. The answer to this question is always negative and impossible to tell. Misinformation abounds on a cryptocurrency prediction website or group, and finding a reliable source is hard.
Stay with us to get to know some foreign digital currency prediction sites.
Digital currency price prediction
Digital currency price forecasting provides an accurate diagnosis of future price trends using various tools and available information. Cryptocurrency market investors make decisions to manage their budgets and future expenses through real-time digital currency forecasting. This process is generally done by estimating and predicting the level of demand for the desired cryptocurrency.
Today, the new phenomenon in the financial markets and industries is cryptocurrencies, which have become the most developed market in the world. Digital currencies are a beautiful research field due to their rich information and complex infrastructure. For this reason, many resources have been created to understand this field better, and people interested in this industry can quickly improve their specialized knowledge by using various tools and platforms and obtain information on cryptocurrency price prediction and market tendencies.
It should be noted that the mentality and tendencies of investors in the market play a vital role in estimating and predicting the price of digital currency. Therefore, it is better to briefly examine the factors affecting the price of cryptocurrencies before expecting them and introducing some digital currency prediction sites.
Factors affecting the prediction of digital currency
If you have read about the most critical factors affecting the price of Bitcoin, you know that the law of supply and demand is the first factor affecting the price of Bitcoin and digital currencies. Bitcoin is priced in digital currency exchange based on the volume of transactions and BTC buys and sell orders. In this regard, the price of Bitcoin and digital currencies varies according to their scarcity level (the total supply of tokens in the market).
Among other factors influencing the price of Bitcoin, which subsequently affects the altcoins in the market, are Bitcoin Halving cycles, the difficulty of Bitcoin Mining, Fundamental news, trends, Investor sentiment, and Bitcoin whale activity noted. The mentioned items are some examples of the factors a digital currency prediction site uses to present its views.
But since Bitcoin, as the first digital currency created in the world, has the highest dominance (Dominance) in this industry and is also the top cryptocurrency in the market, its price changes have a similar effect on other altcoins. These changes may be much higher in some digital currencies than in Bitcoin.
Therefore, many investors and traders are looking for the best digital currency forecasting platform or software to get a vision for the future of their capital by studying analysis and forecasts and having educational materials.
How to predict the price of digital currency
Performing analysis is one of the fundamental principles of digital currency price prediction, but how can an investor predict the price of a cryptocurrency?
The idea that the price of digital currencies follows a linear trend is simply an oversimplification of the factors affecting the price of cryptocurrencies. Digital currencies often experience extreme fluctuations, and the question is what kind of analysis a digital currency prediction site uses to estimate the cost and how micro and macroeconomic conditions change the price of digital currencies.
There are three primary price analysis and forecasting methods in the world of markets and finance. The first and oldest method of accounting in financial markets dates back to the 18th century. At that time, the Japanese designed the first candlestick chart for price analysis and forecasting.
Technical Analysis: Technical analysis includes studying and reviewing statistical trends or indicators, such as the history of price trends, patterns, and various charts. This type of analysis is generally used to predict the price of digital currency in the short term.
Fundamental Analysis: Fundamental analysis refers to the evaluation of all aspects and factors affecting the market, such as a country’s internal and external factors, as well as its political and economic conditions. This type of analysis helps the investor determine the price of digital currency in the long term and includes a wide range of information.
Quantitative Analysis: Quantitative analysis examines market performance in past periods and is associated with a combination of technical and fundamental analysis. In other words, quantitative analysis includes examining available statistics and facts and announcing the results based on them.
Among other methods of predicting the price of digital currencies, we can mention algorithms and regression analysis. Generally, an analyst or a cryptocurrency prediction site usually uses the above techniques to present its content.
The best digital currency prediction site
The CryptoPrediction site is one of the cryptocurrency price prediction sites that reviews thousands of digital currency projects. This digital currency prediction site provides users with daily, monthly, and yearly views. This platform started in 2021 and is considered one of the most reliable digital currency prediction sites.
On the main page of this website, you can see the essential information of a project, such as the market value (Market Cap), 24-hour changes, and the volume of transactions. Also, on this page, the cryptocurrency price prediction is available for seven days and one year; for more predictions, you should click on the currency’s name. According to CryptoPredictions, this platform predicts the price of digital currencies based on the history of their price performance on cryptocurrency exchanges, and the older a project is, the more accurate the prediction is.
Coincodex is another example of a digital currency prediction site that has attracted much attention in cryptocurrencies. In addition to real-time digital currency predictions, this website shows each cryptocurrency’s price, chart, market value, and trading volume. Coin Kids has embedded a cryptocurrency calculator on its website and provides price forecasts for over 10,000 cryptocurrencies in time frames ranging from 5 days to 1 year.
Coincodex digital currency forecasting software has a simple user interface and predicts the price of digital currencies based on market trends and essential indicators in this field.
Trading Bayest is a complete digital currency prediction site. This platform predicts the future price of a digital currency by applying an algorithm to the available information along with mathematical formulas such as regression functions. This site offers a price forecast for a project for the next three years by providing the latest digital currency forecast.
On this platform, the current price of digital currency is also displayed, and comprehensive educational and news resources are provided to users.
Perhaps the most well-known platform in the cryptocurrency world, CoinMarketCap, was started in 2013 by Brandon and Brian Chiu. In addition to providing the current price of digital currency and changes in all projects in the market, this website also covers news and events related to the initial offering of digital currency.
This platform has a particular digital currency price estimation section called “Estimate” that displays digital currency price predictions by users. Users are allowed to register their predictions until the 21st of each month, and after that, CoinMarketCap will average all the projections and provide users with an overall forecast.
The Coinpedia site, in addition to the various information it provides to users, has dedicated a section to predicting the price of digital currency. This site is a good source for learning and training in this field.
Coinpedia is a news publication that also provides users with cryptocurrency price predictions. The experts make these predictions of this platform. The strength of this digital currency forecasting site is the use of fundamental and technical analysis simultaneously and the provision of a price forecast based on these analyses. Of course, the number of cryptocurrencies for which price predictions are made is less than in previous platforms.
What is the use of digital currency price prediction?
The unpredictability of the future is evident to everyone. Still, as an investor, we can use the available information about the future price of a cryptocurrency to come to a definite view about it. Digital currency price prediction has never been accurate and reliable, and it is best only to use it to get a general idea of the future performance of a digital currency.
The examples of the digital currency prediction sites introduced above are suitable sources to know about the latest changes in a cryptocurrency project and the market’s view of their future. Remember that before making any investment, it is always better to complete and research your information, and you can start your program using these websites.
If you use a particular website, software, or channel to predict the price of digital currency or have any suggestions, criticisms, or questions, you can share them with us in the comments section.
Traders’ most frequently asked questions about digital currency prediction sites.
How to predict the price of a digital currency?
Traders can obtain the desired information and implement their strategy through fundamental and technical analysis and a digital currency prediction site.
What are the common mistakes in predicting the price of digital currency?
An investor should know that there is no exact index for predicting the price in the analysis, and only by evaluating all aspects of a project can a more accurate view be obtained.
What is the best digital currency analysis site?
There are reliable sites for digital currency analysis, including CryptoPrediction and Coin Codex.
What’s up, just wanted to mention, I loved this article.
It was practical. Keep on posting!