Cardano’s ADA could soar as BTC halving approaches.The reason is as follows
According to U.Today – crypto analyst Ali (ADA), the 8th largest cryptocurrency by market capitalization could be a potential breakout candidate based on its historical performance and patterns.
This prediction is based on the fact that ADA has followed a unique trajectory in the past and is likely to repeat the same pattern in the future.
According to Ali, if the pattern seen in Cardano matches and mirrors the price movement in late 2020, ADA is expected to remain in the consolidation phase until April 2024, setting the stage for the next bull run.
Cardano’s historical pattern saw a consolidation pattern in late 2020, with a historic 3,217.49% spike to $3.06 the following year.
If history repeats itself in the case of Cardano, Ali predicts that ADA could stay within its range until April 2024, after which it could break out and surge 1,767.67% to the target price of $7.919. There is.
The timing of Cardano’s breakout coincides with the halving, which many expect to occur in April 2024.
Bitcoin’s fourth halving is predetermined to occur at block height 840,000, but the exact date is unknown due to the natural volatility and stochastic nature of mining blocks. The widely believed date is April 23, 2024.
The Bitcoin halving, which is considered a bullish event, could have a major impact on the crypto market. Historical data suggests that Bitcoin halvings tend to trigger bullish market cycles as they reduce the supply of new Bitcoins and increase demand and scarcity.
As a result, the price of Bitcoin tends to rise in the months before and after the halving, which also affects the prices of other cryptocurrencies such as ADA.
However, please note that past performance is not a guarantee of future results. At the time of writing, ADA had fallen 2.58% in the past 24 hours to $0.506.
This article was originally published on U.Today