Peter Schiff Predicts Car Crash for Cardano (ADA) Price as Strong Bearish Pattern Emerges
Veteran economist and trader Peter Schiff has issued a stark warning for Cardano (ADA), predicting a car crash for the cryptocurrency as a strong bearish technical pattern emerges.
Schiffs cautionary outlook comes amid a broader slump in the cryptocurrency market, with ADA losing around 27% of its value in the past week alone. Notably, the tokens recent decline follows its inability to sustain the $1.33 level, which ADA briefly surpassed last month. After multiple failed attempts to break through this resistance, the asset has entered a steep downward trajectory.
In a tweet on Thursday, Schiff pointed to an inverted head and shoulders pattern forming on both the daily and four-hour ADA charts. This technical setup is commonly linked to bearish price movements, meaning that if the cryptocurrency falls below the neckline of this pattern, it could plummet by roughly 45% to the $0.50 price range.
Schiffs analysis has sparked controversy within the ADA community, with some critics pointing out that his past bearish predictions for the asset have been proven wrong, as ADA has previously surged in value despite similar forecasts. Notably, in April this year when Brandt, predicted a downturn for ADA, only for the token to defy expectations with a 130% price surge.
Despite ADAs recent struggles, supporters remain optimistic. Analysts like Taki, founder of crypto analysis platform InvestingHaven have pointed to key Fibonacci levels that could influence ADAs future price movement. According to Taki, if ADA can hold support at the $0.824 level, the cryptocurrency could experience a bullish resurgence in 2025, with potential price targets ranging from $0.83 to $2.55.
Elsewhere, some analysts are closely monitoring ADAs historical trends. Analyst Gert Van Lagen recently tweeted that ADAs current price movements mirror the Elliott Wave patterns seen in September 2020. This pattern preceded ADAs price retesting of $0.80, which led to an extraordinary 1,350% surge by early 2021. According to the pundit, if this pattern repeats, conservative extension targets range from $5 to $30, with the potential for ADA to surge beyond $700 in the long term.
Looking beyond the technical aspects, the year 2025 holds significant potential for shaping the broader Cardano ecosystem. In addition to the growing momentum from major development efforts aimed at fully decentralizing the network, the introduction of privacy-focused tools like Midnights and integrations with additional blockchain networks are set to attract more users to ADA.
This week, WallStreetBets founder Jaime Rogozinski also shared bold predictions for 2025, highlighting ADAs potential to become the official cryptocurrency for lobbying. This suggests that if ADA gains influence in political and regulatory circles, it could help foster more favorable policies for blockchain adoption.
At press time, ADA was trading at $0.85, reflecting a 10.27% drop in the past 24 hours.
Text source: ZyCrypto
