In an unexpected move during a live stream, cryptocurrency influencer Augusto Backes acknowledged that he no longer understands the intricacies of the market. With a candid admission, he revealed that he would cease making predictions, concluding with a simple, yet ambiguous, statement: "It could go up or it could go down." This declaration follows a series of missteps he made over the past year, which seemed to escalate in November, further damaging his credibility.
The shift in Backes' approach has sparked criticism from his followers. On YouTube, many expressed their discontent, especially those who had been paying a premium for his insights. One comment read, "I’m paying R$150 a month to hear that the market could either go up or down?" highlighting the frustration of subscribers who feel their investment in his advice has been in vain. Others pointed out his previous recommendations, such as $Usual, which saw significant corrections after Backes endorsed it.
This turn of events raises important questions about the reliability of influencers in the cryptocurrency space. While many have praised Backes' transparency in admitting his shortcomings, others argue that this marks the end of his effectiveness as a trusted voice in the market. It serves as a reminder for investors to always exercise caution and conduct their own research, especially when relying on external sources for financial decisions.
Ultimately, this situation underscores the inherent volatility and unpredictability of the crypto market. Regardless of whether influencers can #BinanceAlphaAlert curately predict trends, the market’s movements remain uncertain, often leaving investors to navigate the ups and downs on their
own.
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