Can Cardano Price Hit $5 If Bitcoin Hits $300,000?

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As a seasoned researcher with over a decade of experience in the cryptocurrency industry, I have seen my fair share of bull and bear markets. The current surge in Bitcoin’s price above $70,000 has certainly piqued my interest, particularly when it comes to altcoins like Cardano (ADA).

The potential exists for a significant increase in the price of Cardano, as some analysts predict that Bitcoin could reach a remarkable $300,000 within the next 10 to 18 months. This bullish outlook stems from Bitcoin’s recent efforts to break free from an 8-month holding pattern. The question remains: Could Bitcoin’s positive trajectory propel the value of Cardano towards $5 or even higher?

Why Is Cardano Price Up Today?

On October 29th, the price of ADA climbed by approximately 4.6% to reach $0.3491 during the early trading hours in London. This uptick could be linked to Bitcoin’s rise surpassing the significant resistance level of $70,000, sparking optimism among investors for a potential new record high in the near future. The overall crypto market is experiencing a 2.5% increase, with meme coins driving the upward trend.

Furthermore, analysts anticipate a potential increase in Cardano’s price due to their recent announcement of an ADA-BitcoinOS bridge. This innovative development aims to leverage the $1.4 trillion Bitcoin market by introducing Decentralized Finance (DeFi) into the cryptocurrency market’s leader, Bitcoin.

BitcoinOS Makes Cardano:

A DeFi Layer for Bitcoin

A Privacy Layer for Bitcoin

An opportunity worth approximately $1.3 trillion is open for usage through Bitcoin as fuel, yet Cardano (ADA) users won’t recognize they are partaking because it operates seamlessly behind the scenes with Bitcoin.

“BitcoinOS is probably the biggest news item Cardano has ever had.” – @IOHK_Charles

— BitcoinOS (@BTC_OS) October 28, 2024

The recent news has significantly boosted Cardano’s popularity on social media, making the term ‘Cardano’ a hot topic on platform X. Increased social dominance often means that an asset is extensively discussed online, especially when the conversations are favorable, it typically results in a rise in its market price.

In recent times, as Bitcoin’s price increases, discussions about Cardano potentially functioning as a Layer 2 for Bitcoin have dominated the cryptocurrency world, sparking speculation that this could boost the value of ADA.

Will ADA Price Hit $5 If Bitcoin Soars to $300K?

As a researcher studying cryptocurrencies, I’m sharing an intriguing prediction made by renowned crypto analyst PlanC. Utilizing his well-known Power Law indicator, he foresees that the price of Bitcoin could surge to anywhere between $150,000 and $300,000 within the next 10 to 18 months. He points out that the recent eight months have served as a constructive period of consolidation for BTC. Once Bitcoin surpasses the $80,000 mark, according to him, the likelihood of it falling below $60,000 becomes extraordinarily slim.

Once Bitcoin breaks $80,000…

I predict there will be a very low probability

of BTC ever dropping below $60,000 again.

— PlanC (@TheRealPlanC) October 29, 2024

 

According to crypto expert Zach Humphries, it’s anticipated that the value of Cardano could reach unprecedented peaks near $5 per unit in the current market phase. Such a surge would inflate the ADA market capitalization to approximately $178 billion, with roughly 35 billion ADA coins in circulation.

It’s quite plausible that Cardano could experience a significant surge in value, given it previously peaked at $3.10. At the moment, its price is 89% lower than its all-time high (ATH), which implies a potential for an approximately 1,300% increase from its current level.

If Charles Hoskinson successfully carries out his plan with BitcoinOS and manages to integrate Bitcoin into the cryptocurrency sphere, it’s likely that the value of Cardano (ADA) could climb significantly above its current $5 mark.

Cardano Price Analysis: Key Levels To Watch

Despite the broader market showing positive trends, the pattern of Cardano’s price movement is less than appealing. Although it has experienced a slight increase by a few percentage points, its overall market structure remains predominantly bearish. This is due to the presence of multiple robust resistance levels that lie ahead.

Nevertheless, there’s no need for concern, because history shows that ADA prices can rapidly increase during market uptrends (bull markets).

Notable points to focus on are $0.43 serving as a potential resistance point, and further up, $0.67 aligning with the 78.6% Fibonacci retracement level. On the flip side, if the bears take over, Cardano could potentially find support between $0.20 and $0.3.

Currently, experts are quite optimistic about the long-term price of ADA, but their short-term view is leaning more towards neutral or mildly positive. However, this perspective might alter rapidly if market circumstances shift. If ADA manages to break above $0.67, the outlook will become highly optimistic. On the other hand, a drop below $0.3 could lead to a bearish prediction.

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2024-10-29 08:12