The Cardano (ADA) market has recorded diminishing losses YTD after experiencing a choppy bear market last year. Trading around 27 cents on Thursday, ADA price is retesting last year’s lows and is likely to rebound from a possible double bottom. Moreover, the weekly RSI shows a rising divergence in regard to the double bottoms. However, things are different with the Cardano and Bitcoin pair on the macro time frame.
With Bitcoin’s dominance increasing against the altcoin market amidst minimal new cash flow to crypto products, the altcoin BTC pairs are expected to drop further in the coming weeks.
Analyst Sees a 50% Drop in Cardano (ADA) Bitcoin Pair
According to veteran crypto analyst Benjamin Cowen, the Cardano market in 2023 is likely to play out in a similar way as 2019. With that in mind, the analyst expects Cardano price to drop further, with the Bitcoin pair shedding nearly 50 percent from current levels.
According to Bitboy analysts in a recent YouTube recording, the chances of the Cardano market dropping 50 percent in both USD and Bitcoin derivatives stands in the second half of the year. However, the analyst noted that Cardano (ADA) price could spike towards 38-40 cents and Bitcoin hits this year’s high of around $36k.
Moreover, the analyst agreed that Cardano’s price is less likely to react to the news that the United States SEC thinks of it as unregistered securities. According to our latest market data, Cardano (ADA) had a market capitalization of about $9.7 billion and a 24-hour traded volume of approximately $223 million.
Source: https://coinpedia.org/price-analysis/cardano-price-crash-ada-btc-on-verge-of-50-plunge-in-coming-days/