Cardano is one of the fastest-growing ecosystems in the crypto market. Historical data suggests that its native token ADA could likely break its all-time high and surge to $27 after the Bitcoin halving, which is a few hours away.
This price increase could happen if Cardano repeats the 6,100% surge it recorded after Bitcoin’s halving in 2020. However, some top analysts, such as Ali Martinez, are more conservative, forecasting ADA to rally to $9 despite the current dip in prices.
Nothing has really changed for #Cardano. $ADA is exactly where it should be, consolidating in the $0.55 to $0.80 range before a breakout to $1.70! https://t.co/414rFQhxLf pic.twitter.com/Djx9YqOp7F
— Ali (@ali_charts) April 9, 2024
Bitcoin Halving Could Force ADA to Rally Above All-Time High
With Bitcoin’s halving less than two days away, several analysts are making predictions for crypto assets. If history repeats itself, the halving will positively affect altcoins. Bitcoin recorded massive gains during the 2020 halving, rising from $8,500 to $69,000.
This represents a 700% increase for the top cryptocurrency. Therefore. Bitcoin could rally above $500,000 in the current cycle. Also, ADA benefitted from the post-halving rally rising to an all-time high value of $3.09 on September 2, 2021.
Cardano rose from $0.05 during Bitcoin’s 2020 halving to its ATH of $3.09, which is a 6,100% price increase. If a similar pattern occurs in 2024, ADA could rally to $27.
A strong case for its price gains is the ongoing developments on the Cardano blockchain and its decentralization efforts. However, this prediction remains speculative due to the highly volatile state of the market reflected in the recent decline.
Crypto analyst and chartist Ali Martinez shared his thoughts on Cardano’s price performance. According to Martinez, ADA is exactly where it needs to be at this time.
He also noted that ADA was consolidating at the $0.55 to $0.80 range and could breakout to $1.70. Last month, Ali claimed that Cardano’s price moves resemble the pattern observed between 2018 and 2021.
He believes that if the pattern continues, Cardano will rise to $1.70 after a period of consolidation. Once ADA claims the $1.70 price level, it will prepare to rally to $5. These projections by Ali Martinez for ADA are for the coming weeks.
However, an X user, Crypto-Pepe, reacted to Ali’s predictions, noting that the timeframe was too short.
According to Crypto-Pepe, it took approximately 18 months after the halving for ADA to reach its all-time high. So, he doubts if ADA will reach a new ATH earlier in this cycle.
Meanwhile, the co-founder of Cardano Ghost Fund, Chris, shared his views last month on Cardano’s possible future price direction. According to Chris, there are two price scenarios for ADA in this current cycle with the first being more conservative.
He noted that if the total market cap size doubles in this bull run then ADA’s value will rise between $6-$7 trillion.
If this happens, ADA will trade in a price range of $6.66-$7.77. However, he stated that this price is based on bullish factors such as Blackrock and Fidelity ETFs.
The second scenario for ADA is more optimistic, with the analyst tipping it to trade at $9.71 in this cycle. ADA is still one of the most popular altcoins and will likely rally if Bitcoin recovers after the halving.
Nevertheless, these predictions are speculative and do not factor in market sentiment and issues such as inflation rates. As such, investment decisions should be made with caution, given that crypto prices sometimes deviate from predicted patterns.
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