Cardano's $ADA could skyrocket as the $BTC halving approaches;
Here's why. According to crypto analyst Ali, Cardano (ADA), the eighth-largest cryptocurrency by market cap, could be a candidate for a potential breakout based on its past performance and patterns.
This prediction is based on the fact that ADA has followed a peculiar trajectory in the past and that it could repeat the same pattern in the future.
According to Ali, if the patterns observed for Cardano align and reflect its late-2020 price action, ADA can be anticipated to remain in a consolidation phase until April 2024, setting the stage for its next bullish rally. Historical Pattern Cardano experienced a consolidation pattern in late 2020 before its historic jump of 3,217.49% to $3.06 in the following year. If history repeats itself in the case of Cardano, Ali projects that ADA could continue to range-bound until April 2024 before breaking out and then rallying 1,767.67% to a target price of $7,919. The timing of Cardano's breakout coincides with the Bitcoin halving, which many estimate will occur in April 2024. The fourth Bitcoin halving is predetermined to occur at a block height of 840,000, though the exact date is unknown due to the fact that the price of Bitcoin is expected to rise by 1,767.67%. The Bitcoin halving is due to the natural variability and probabilistic nature of mining blocks. A widely celebrated date is April 23, 2024. Considered a bullish event, the Bitcoin halving could have a significant impact on the cryptocurrency market.
Historical data suggests that the Bitcoin halving tends to trigger a bull market cycle as it reduces the supply of new Bitcoins, thereby increasing demand and scarcity. As a result, the price of Bitcoin tends to rise in the months leading up to and following the halving, and this also affects the prices of other cryptocurrencies, such as ADA.
