A popular crypto analyst predicts a potential 40x surge in Cardano’s price, backed by historical performance and recent technological advancements. Learn more about the factors that could drive ADA’s next rally.
Recently, Tim Warren, who is one of the two hosts of the “InvestingBroz” channel on YouTube, expressed a bullish stance on ADA, the ninth-largest cryptocurrency by market capitalization. Warren bases his optimistic forecast on Cardano’s historical price movements and suggests that the asset could experience a 40-fold increase from its current value.
Warren took to social media platform X to remind his audience about Cardano’s impressive recovery from its 2020 lows to reach an all-time high. He posited that a similar trajectory could be possible for the cryptocurrency if past trends reoccur.
In a chart illustrating Cardano’s historical price action, Warren highlighted the asset’s dramatic fall from $1.3090 in January 2018 to a low of $0.018926 in March 2020. However, this low point was short-lived, as Cardano soon began a steady climb.
By September 2021, Cardano had achieved a remarkable 16,500% increase from its March 2020 low, reaching an all-time high of $3.1309. At present, the cryptocurrency is trading at $0.2523, which is a 91.88% decline from its previous all-time high. Despite this, Warren believes that if history serves as a guide, Cardano could reach another unprecedented price level.
Remember when $ADA fell 98% and then blew up and then did an 165X? #Cardano pic.twitter.com/2H2YOjqeux
— Tim Warren (@Tims_TA) October 13, 2023
While Warren considers another 165-fold increase to be unlikely, he does see the potential for a 40x surge, which would elevate Cardano’s price to $10.
Yeah. I am in no way predicting another 165x. 40x is doable tho
— Tim Warren (@Tims_TA) October 19, 2023
A video released by Warren two days ago talked in more detail about where he expected the ADA price to go in the long term:
ADA is currently trading at around $0.261, up 3.67% in the past 24-hour period.
Source: TradingView
As CryptoGlobe reported, prominent crypto analyst Ali Martinez recently indicated that ADA is currently in a consolidation phase that closely resembles its pattern between 2018 and 2020. This observation leads him to speculate that ADA could potentially reach a price of $6 in the future.
According to Martinez, if past trends are a reliable indicator, ADA could remain in this consolidation period until July 2024. However, barring any unforeseen disruptive events, he anticipates that ADA could experience a breakout as early as this December.
In a visual representation shared on social media platform X, Martinez pointed out that ADA has the potential to surpass the $0.50 mark by the end of this year. He contends that achieving this milestone could pave the way for ADA to climb to a price of $6 by the end of 2024. The cryptocurrency is presently trading at approximately $0.24 per token.
#Cardano’s current consolidation trend eerily mirrors the 2018-2020 phase!
🔴 If history repeats, $ADA could stay in this consolidation phase until July 2024.
🟢 Barring unforeseen events like the COVID-19 crash, #ADA could break out as soon as December! 🚀 pic.twitter.com/CNsulywN5z
— Ali (@ali_charts) October 12, 2023
Featured Image via Unsplash
