Popular cryptocurrency analyst Michaël van de Poppe has revealed on social media that he believes that Cardano (ADA) is now ready to bounce off of lows against the flagship cryptocurrency bitcoin to move to new highs.
In a chart shared with his over 430,000 followers on microblogging platform Twitter, Poppe showed that on the ADA/BTC pair a low appears to have formed and that historical trends appear to show ADA is now set to make a new high against BTC.
While ADA is currently trading for 4,587 satoshis, Poppe predicted a breakout that could see the cryptocurrency trade as high as 6500 satoshis per token. Against the U.S. dollar, CryptoCompare data shows Ada is trading close to $2.2 after rising over 2,100% over the last 12 months.
Cardano’s price surge came ahead of the rollout of the long-awaited Alonzo hard fork, which introduced smart contracts to the network. With smart contracts, Cardano can host decentralized applications and compete with Ethereum, Solana, and others to host its own DeFi space.
Popular cryptocurrency analyst and trader Benjamin Cowen has said in August that he believes the price of ADA has the potential to hit $20 this cycle, seeing it get to $4.5 if it performed as well as BTC, and to $9 if the price of BTC were to hit $150,000. As reported Florian Grummes, managing director of financial consultancy firm Midas Touch Consulting, has revealed he is “pretty sure” the price of bitcoin is set to hit $100,000 in the near future
Similarly Bobby Lee, a cryptocurrency industry veteran who co-founded the BTCC exchange and is the brother of Litecoin creator Charlie Lee, revealed during an interview he expects bitcoin to see a rally driven by fear of missing out (FOMO) by the end of the year that will take its price above the $100,000 mark.
As CryptoGlobe reported, pseudonymous trader and analyst Kaleo has written that in a world where bitcoin trades at $100,000 and ETH at $10,000, Cardano could outpace all other cryptocurrencies to breakout in a way similar to BitTorrent’s BTT token, which went up 1,000% in a matter of weeks earlier this year.
Notably, a recent report published by leading digital asset manager Grayscale Investments found that Cardano is undervalued when compared to its competitors. Not everyone is bullish on Cardano, however, as in June billionaire Mike Novogratz revealed he thinks of it as a “weird cult.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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