A leading cryptocurrency analyst, Ali, has identified Cardano (ADA) as a strong candidate for an upcoming market breakout. Positioning itself as the eighth-largest cryptocurrency by market capitalization, ADA’s trajectory is under scrutiny as it may mimic previous market behaviors leading up to a significant price surge.
Examining Cardano’s Market Patterns
Ali’s projection is rooted in ADA’s historical market activity, suggesting it may follow a familiar pattern from the end of 2020, entering a consolidation phase before a bullish leap. This pattern could mean that ADA will stabilize until April 2024, setting the stage for an anticipated uptrend.
Previously, Cardano witnessed a consolidation period before catapulting by 3,217.49% to a peak of $3.06. Reflecting on this cycle, the analyst foresees the possibility of ADA maintaining its current range until April 2024, post which it may target a 1,767.67% increase to $7.919.
The prospective timing of ADA’s surge is in line with Bitcoin‘s fourth halving, expected around April 2024, which historically influences market dynamics. While the precise date of the halving varies, the consensus points to April 23, 2024, as a key milestone. This event, by reducing Bitcoin’s new supply, typically induces a bull market, affecting ADA and other cryptocurrencies.
Bitcoin Halving—A Catalyst for Cardano’s Price Movement
The anticipated Bitcoin halving is predicted to exert a bullish influence on the broader cryptocurrency market, including ADA’s value trajectory. The halving event, by creating scarcity through reduced Bitcoin issuance, often spurs a market rally. Currently, ADA is trading at $0.506, with a slight decline over the past day.