So often here on steemit people are posting their "future insights" about the price of X coin, Almost 90% of these posts reference only technical analysis. There are many more similiar concepts about why past data(which is what all TA uses), cannot predict future price movements.
The first theory is the "Random Walk Hypothosis"
A researcher started a stock at 50$ and then flipped a coin, Heads he added 50 cents Tails he subtracted 50 cents from the stock price. This data was charted and given to many so called "chartests" and was in distinguishable from real trade data. In fact my chartists enocouraged the researcher to "purchase immediatly" because the underlying would jump 15% according to the chart.
https://en.wikipedia.org/wiki/Random_walk_hypothesis
The second theory is "The Efficient Market Theory"
This thoery which claims that all available information is already priced in to the current price, And it is therefore it is impossible to Buy under valued assets or sell over valued assets. While the cryptocurrency space may have not become a truely "efficient market" yet, We are nearing that position quickly.
https://en.wikipedia.org/wiki/Random_walk_hypothesis
What do you guys think? Are markets predictable?