Crypto expert Jason Appletonbetter known as Crypto Crow in the crypto community, has provided an in-depth analysis of the Cardano (ADA) ecosystem. Based on his analysis, he predicts that the crypto token could reach unprecedented heights while asserting his bullishness on ADA. entering the bull market.
Cardano will rise to $32
In a after shared on his X (formerly Twitter), Crypto Crow explained in an accompanying video why he believes ADA will rise to $32 in the bull market. According to him, this price level is feasible in the “most favorable conditions near the peak of this bull market cycle.” He also believes that the crypto token could be one of the most valuable altcoins of that period.
In the video accompanying his post, Crypto Crow outlined a hypothetical scenario to drive home his point that ADA would reach $32. In his screenplay ADA could reach this price level if Bitcoin were to reach a market cap of $10 trillion, as he expects this would bring ADA’s own market cap to $400 billion. Meanwhile, he believes ADA’s dominance could reach as much as 4% over that period.
For his more conservative forecast, he expects the ADA to reach at least $16 in the next bull cycle. Based on his hypothetical scenario, this would happen if Bitcoin reached a market cap of $5 trillion, as this would bring ADA’s own market cap to $200 billion.
The crypto expert too referred to the graphs to show why he is so optimistic about ADA. He noted that ADA is already performing better based on historical patterns, as he pointed out in particular in 2017. In the relatively short term, Crypto Crow expects ADA to reach $10 by August 2024, as he highlighted the Bitcoin halving as a major factor in this regard.
ADA trending at $0.63 | Source: ADAUSD On Tradingview.com
Cardano’s DeFi landscape could be the trigger
Dan Gambardello, the founder of Crypto Capital Venture, had that rather emphasized how important Cardano’s growing DeFi landscape was. He noted that this would be one of the factors that would push the price of ADA up considerable heights in the next bull run. This is a real possibility as Cardano has seen impressive growth in this regard.
Facts from DeFiLlama shows that the Total Value Locked (TVL) on the network at a steady increase since the beginning of the year. It recently reached an all-time high (ATH) of $444 million. At the time of writing, the TVL on the network is just over $429 million.
Crypto analyst Psyclops also took this into account when he recently proposed that ADA could reach as high as $10. He highlighted the fact that the network is undoubtedly more useful than when the last bull run occurred. One of these use cases, which he was referring to, is the “massive DeFi” that Cardano now has.
Featured image from The Daily Hodl, chart from Tradingview.com
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