Bitcoin‘s price surge to near-record highs was met with a downturn as investors began to cash in, leading to heightened market volatility. Amid these fluctuations, a prominent analyst has cast a bleak forecast for Cardano (ADA), suggesting it may plummet in value.
Cardano Under Fire from Bitcoin Proponent
Max Keiser, an advisor to El Salvador’s pro-Bitcoin President Nayib Bukele, has singled out Cardano, predicting a dire outcome for the ADA cryptocurrency. Keiser, known for his advocacy of Bitcoin and criticism of alternative cryptocurrencies, has publicly derided Cardano’s founder, Charles Hoskinson, and denounced ADA as worthless.
Keiser’s remarks have sparked controversy and debate within the crypto community. The Bitcoin enthusiast’s scathing comments have included personal jabs at Hoskinson, accusing the Cardano founder of neglecting his project and engaging in trivial social media disputes.
Market Analysts Offer Contrasting Views
Despite Keiser’s prediction of ADA’s demise, other analysts maintain a more positive outlook for the broader cryptocurrency market, including Bitcoin. Some suggest that the negative opinions of Bitcoin maximalists may not accurately reflect the potential of altcoins like Cardano.
Technical analysis shows ADA Coin showing signs of recovery, with indicators suggesting a break from recent bearish trends if current support levels hold. As Bitcoin’s price hovers above $47,500 and altcoins experience slight recoveries, the weekend could see further improvements if the market remains stable.