Cardano Could Reach $8.39 if Bitcoin Hits This Price, Says Analyst
- Analyst projects 13X gains for Cardano based on technical trend analysis.
- Calculation combines 4.5X increase in ADA/BTC ratio with 3X Bitcoin growth.
- Longer-term projections suggest potential $10-$20 range by 2030.
Crypto analyst Nick Valdez, known professionally as Deezy, has provided a detailed projection for Cardanos potential price trajectory should Bitcoin reach the $250,000 milestone, suggesting ADA could achieve gains of approximately 13X from current levels.
Cardano has displayed remarkable resilience in recent market conditions, maintaining stability and gradual upward momentum despite widespread volatility. Currently trading at $0.6444, ADA has registered a 3.12% increase over the past 24 hours and a modest 0.56% gain across the seven-day period.
In a recent analysis, Valdez examined Cardanos performance against Bitcoin using the ADA/BTC trading pair on weekly charts. He identified a long-term descending resistance trendline.
The analyst also noted that ADA recently lost support at a lower trendline. According to Deezy, these trend levels attract significant attention from large-scale investors due to historical price reactions at these boundaries.
Analyst advises Cardano holders to be patient
The analyst pointed out that Cardano currently trades at approximately 740 satoshis, substantially below its 2021 peak of 6,000 satoshis. Building on this technical foundation, Deezy developed a price projection based on a scenario where Bitcoin reaches $250,000a forecast recently shared by Cardano founder Charles Hoskinson, who suggested BTC could approach $245,000 either this year or next.
Valdezs calculation methodology combines multiple growth factors. Starting with ADAs current value of approximately $0.62, he applies a projected 4.5X increase in the ADA/BTC ratio, then multiplies this by an anticipated 3X increase in Bitcoins dollar value. This formula yields a projected ADA price of $8.39, representing a substantial 1,250% increase from current levels.
This projection avoids both overly conservative and wildly speculative extremes, Deezy emphasized. Its grounded in historical trend analysis and realistic market behavior. The analyst highlighted the growing relevance of Bitcoin DeFi and the UTXO model as areas where Cardano is particularly well-positioned for future growth.
Based on these factors, Deezy advised ADA holders to maintain patience rather than selling prematurely, suggesting significant upside potential may emerge in the coming market cycle.
Read more: https://thenewscrypto.com/cardano-could-reach-8-39-if-bitcoin-hits-this-price-says-analyst/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
