Cardano price could easily set a new all-time high if it follows Bitcoin price movements as the premier crypto hits the $1 million price predicted by Bernstein.
The market has not been favorable to Bitcoin (BTC) in recent times, as the leading crypto asset collapses 16.5% from its all-time high above $73,700 attained on March 14. Bitcoin’s underperformance has had a negative impact on the broader market, with altcoins like Cardano (ADA) also taking the heat.
Cardano Price Correlation with Bitcoin
Interestingly, when BTC reached its peak price of over $73,700 on March 14, ADA also surged to a high of $0.8104. This represented Cardano’s yearly top and its highest price since April 2022, before the infamous Terra ecosystem collapse.
As Bitcoin retraced the Q1 2024 gains, Cardano has similarly declined. Currently trading for $0.3881 at the reporting time, ADA has slumped by 52.08% from the March 14 high. This is as a result of Cardano’s higher volatility compared to Bitcoin.
Nonetheless, these price movements confirm Cardano’s price correlation with Bitcoin, a pattern that can be both favorable and bearish. IntoTheBlock’s Correlation Matrix confirms this price relationship. Notably, the metric indicates that Cardano boasts a 90% correlation with Bitcoin in the past month.
Cardano Price if Bitcoin Hits $1M
With Bitcoin poised to reach greater heights in this market cycle and beyond, this correlation could be beneficial for Cardano. Notably, among some of the notable price projections for BTC is the ambitious one from wealth management firm Bernstein. The company expects Bitcoin to reach $1 million by 2033, nine years later.
BTC currently changes hands at $61,541 as of press time. A $1 million target would necessitate a massive 1,524% price rally in the next nine years. Notably, Bitcoin is up 19,061% over the last nine years. This historical performance lends some credence to Bernstein’s projection.
Due to Cardano’s close correlation with Bitcoin, The Crypto Basic recently assessed what Cardano price would be if it moved alongside Bitcoin. As Cardano currently trades for $0.3881, a 1,524% increase will take this value to $6.3. This Cardano price could put the token’s market cap at $225.24 billion assuming its circulating supply remains stable.
ADA’s Prospects at $6
Some market analysts have made projections of a Cardano price push to $6. Notably, a pseudonymous TradingView analyst called attention to the repetition of an Elliott Wave pattern on Cardano’s daily chart. He predicted an imminent surge to $6 upon the completion of Wave 5.
ADA’s chances of reaching the $6.3 level are relatively high amid the ongoing development within its ecosystem. Prominent among these developments is the anticipated launch of the Vasil hard fork. This update is expected to push Cardano into a more decentralized system.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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