In the dynamic world of cryptocurrency, crypto analyst Ali suggests that Cardano (ADA), currently holding the eighth spot in market capitalization, is poised for a potential breakout. This projection is rooted in ADA‘s historical performance and recurring patterns.
Ali’s analysis hinges on Cardano‘s distinctive trajectory in the past, indicating a potential replication of this pattern in the future. Drawing parallels with its late 2020 price behavior, Ali anticipates that Cardano might undergo a consolidation phase until April 2024, laying the groundwork for an upcoming bull rally.
Examining Cardano’s historical trends, late 2020 witnessed a consolidation phase before an extraordinary surge of 3,217.49%, propelling ADA to $3.06 in the subsequent year.
If historical patterns persist, Ali envisions ADA maintaining its range until April 2024, followed by a breakout and an impressive surge of 1,767.67% to a target price of $7.919.
The timing of Cardano’s potential breakout aligns with the much-anticipated Bitcoin halving, tentatively slated for April 2024. The fourth Bitcoin halving is expected at block height 840,000, with a widely speculated date of April 23, 2024.
Bitcoin halving, recognized as a bullish event, historically triggers a positive market cycle by curbing the supply of new Bitcoins. This scarcity fosters increased demand, influencing the prices not only of Bitcoin but also of other cryptocurrencies like ADA.
However, it’s crucial to acknowledge that past performance doesn’t guarantee future outcomes. As of the latest update, ADA experienced a 2.58% decline in the last 24 hours, reaching $0.506. Crypto enthusiasts will keenly observe whether Cardano follows the predicted pattern amidst the broader market speculation surrounding the upcoming Bitcoin halving.
