ADA price has always performed incredibly well in bull market cycles, with price rallies in the past benefiting millions of holders.
However, as with other cryptocurrencies, it can be difficult to predict exactly how much the price will rise in the next bull market. Nonetheless, one cryptocurrency analyst is keeping a close eye on the bulls to reveal where he expects altcoin prices to reach in the next bull market.
ADA prices can go as high as $24.
In an analysis published on TradingView, cryptocurrency analyst masoud_paydarsani explained how the price of ADA could rise to double digits. First, the analyst points out that Cardano’s ADA token is a long-term upward trend on a weekly basis, albeit with a rather slow upward trend.
However, this does not invalidate the bullish trend, especially if ADA repeats previous bull market cycles. Masoud points out that in past cryptocurrency market cycles there were approximately 108 weeks of bear markets preceding 66 weeks of bull markets, and it is within these 66 weeks that ADA shines.
Source: Tradingview.com
The analyst believes that if the upward channel is validated, the next ADA bull market could emerge like the rest. Taking advantage of the altcoin’s previous performance, including its rise in 2021, the ADA price could follow the same trend and rise up to $24. Additionally, the cryptocurrency analyst reveals that based on past performance, this could happen within the next 66 weeks. So this rally could take until 2025 to be completed.
Bullish for ADA above $20
Interestingly, expectations that the ADA price will exceed $20 are not limited to Masoud. Another cryptocurrency analyst, @LucidCiC of X (formerly Twitter), also believes that double-digit levels are possible for ADA.
Lucid actually has much higher price targets for altcoins compared to Masoud. Masoud sees the price of ADA reaching $24, while Lucid’s prediction goes up to $30. Lucid compares Cardano to the Ethereum network, which was able to reach a market capitalization of $500 billion despite clearing several hurdles. Given this, the analyst predicts that Cardano could also rise, with the cryptocurrency’s market capitalization expected to surpass $10 trillion within 10 years.
Cardano is also receiving a lot of attention from institutional investors. In response to this growing interest, Grayscale Investments, the world’s largest Bitcoin trust company, recently announced a new cryptocurrency index featuring ADA. If these large investors continue to double down on their investments, this newfound influx of money could push prices up into the double-digit figures analysts are predicting.
ADA recovers above $0.34 | Source: ADAUSD on Tradingview.com
Featured image from VOI, chart from Tradingview.com