Can Bitcoin Investors Profit from Predictions by Crypto Experts?
Research output: Contribution to journal › Research article › Contributed
Contributors
Abstract
Using a hand-collected dataset containing bullish, neutral, and bearish predictions for Bitcoin published by crypto experts, we show that neutral and bearish predictions are followed by negative abnormal returns whereas bullish predictions are not associated with nonzero abnormal returns. Based on all outstanding predictions, we compute prediction revisions relative to (i) the latest issued prediction and (ii) the outstanding consensus prediction. Downward revisions are followed by negative abnormal returns. We conclude that crypto experts are skilled information intermediaries on the Bitcoin market.
Details
Original language | English |
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Article number | 102266 |
Number of pages | 7 |
Journal | Finance Research Letters |
Volume | 46 |
Publication status | Published - May 2022 |
Peer-reviewed | No |
External IDs
Scopus | 85109754499 |
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ORCID | /0000-0003-4359-987X/work/142255144 |
Keywords
ASJC Scopus subject areas
Keywords
- Bitcoin, Cryptocurrencies, Forecasts, Experts, Predictions, Market efficiency, Analysts