Charles Hoskinson Predicts Timeline For Cardano Price & Crypto Market Bull Run

Cardano price has moved sideways this week as the recent crypto market bull run stalled. This retreat has sparked concerns on whether ADA has more upside to go. Speaking at the Consensus event, Charles Hoskinson provided the timeline for when Cardano and other cryptocurrencies will resume the bull run.

Cardano Price Wavers as Hoskinson Provides Prediction of the Next Bull Run

Cardano price today, May 16, trades at $0.784, down a bit from this month’s high of $0.862. It remains 52% above its lowest point in April. Speaking at the Consensus event in Toronto, Hoskinson, Cardano’s founder, predicted that the crypto market bull run was here. However, he cautioned that the industry will undergo a “heartburn” period for two to three months.

“The overall state of affairs is bullish, it’s just that we are not where we need to be yet. There will be about 2 to 3 months of heartburn from macro issues like tariffs.”

Hoskinson expects the crypto bull run to resume after these issues are sorted out. He also believes that it will last for about six to twelve months.

His Cardano and crypto prediction coincided with the summer months when activity in the industry stalls. As the chart below shows, June, July, August, and September are typically the worst months for Bitcoin and other altcoins. Bitcoin then normally surges in the last months of the year.

Hoskinson believes that the next catalyst for Cardano price will be the Midnight project that is now under development. Midnight is a zero-knowledge sidechain that aims to provide a secure way for handling sensitive personal data.

One use case for Midnight will be its integration with Bitcoin, which will allow BTC holders to generate an annual yield in a safe environment. In a statement, he said that the NIGHT and DUSK tokens will be airdropped to millions of users across eight blockchains, including Cardano.

This airdrop likely explains why Cardano whales are accumulating the coin. As the chart below shows, accounts with between 10 million and 100 million coins have boosted their holdings to 12.93 billion, up from below 11.97 billion in January.

ADA Price Technical Analysis Confirms Hoskinson’s Views

The weekly chart shows that the value of ADA is moving in an upward trend since July 2023. It has remained above the 100-week moving average, which has acted as a good support level.
Cardano price has also formed a giant megaphone chart pattern, comprising of two ascending and diverging trendlines. The upper side connects the highest swings since April 2023, while the lower ones links the lower highs since July of that year.

Therefore, as a result of the heartburn that Hoskinson is talking about, there is a likelihood that it will drop to the lower side of the wedge in the next few months, and then resume the bull run. This ADA price forecast implies a potential drop to $0.4 and then a rebound to $2 and above in the fourth quarter.

Summary

Hoskinson believes that the ongoing market noise on tariffs will lead to volatility in the short term and then a strong surge starting in Q3 or Q4. A drop to $0.40 will still imply that Cardano is in an uptrend since it matches with the lower side of the megaphone.

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crispus

Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.