The ADA price has always performed incredibly well in the bull market cycles with price rallies that have put millions of holders in profit in the past.
However, like any other cryptocurrency, it can be hard to pinpoint how high the price will climb in the next bull market. Nevertheless, one crypto analyst is taking the bull by the horns to reveal where they expect the altcoin’s price to reach in the next bull market.
ADA Price Could Rise As High As $24
In an analysis posted to TradingView, crypto analyst masoud_paydarsani outlines how the ADA price could rise to double-digits. First, the analyst points to Cardano’s ADA token being a long-term upward channel on the weekly time frame, albeit a rather slow uptrend.
However, this does not invalidate its bullish tendencies, especially when it comes to ADA repeating its previous bull market cycles. Masoud points to the fact that the past crypto market cycles saw approximately 108 weeks of the bear market before 66 weeks of the bull market, and it is within these 66 weeks that ADA shines.
The analyst believes that if the upward channel is validated, then the next ADA bull run could turn out like the rest. Using the previous performances of the altcoin, eg, the run-up in the year 2021, the ADA price could rise to as high as $24 following the same trend. Also, going by historical performance, the crypto analyst reveals that this could happen sometime in the next 66 weeks. So it could lead up to 2025 before this rally is complete.
Being Bullish For ADA Above $20
Interestingly, the expectation for the ADA price to cross the $20 mark is not unique to Masoud alone. Another crypto analyst, @LucidCiC on X (formerly Twitter) also believes that this double-digit level is possible for ADA.
Lucid actually has an even higher price target for the altcoin compared to Masoud. Where Masoud sees the ADA price reaching $24, Lucid’s forecast goes as high as $30. Lucid compares Cardano to the Ethereum network which was able to reach a $500 billion market cap despite going through multiple hurdles. Given this, the analyst believes Cardano will also be able to rise as well while expecting the crypto market cap to cross $10 trillion in a decade.
Cardano is also seeing a good amount of interest from institutional investors. Grayscale Investments, the company behind the largest Bitcoin trust in the world, recently announced new crypto indices featuring ADA in response to this rising interest. If these large investors continue to double down on their investments, this newfound inflow could drive the price to the double-digit mark predicted by the analysts.
ADA recovers above $0.34 | Source: ADAUSD on Tradingview.com
Featured image from VOI, chart from Tradingview.com
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Author: Scott Matherson