Can Bitcoin Investors Profit from Predictions by Crypto Experts?

Research output: Contribution to journalResearch articleContributed

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 languageEnglish
Article number102266
Number of pages7
JournalFinance Research Letters
Volume46
Publication statusPublished - May 2022
Peer-reviewedNo

External IDs

Scopus 85109754499
ORCID /0000-0003-4359-987X/work/142255144

Keywords

ASJC Scopus subject areas

Keywords

  • Bitcoin, Cryptocurrencies, Forecasts, Experts, Predictions, Market efficiency, Analysts

Library keywords