Bitcoin
Here is the price of Cardano if Bitcoin reaches $1,000,000 as predicted by Bernstein
Cardano’s price could easily set a new all-time high if it follows Bitcoin’s price movements as the top cryptocurrency reaches the $1 million price predicted by Bernstein.
The market has not been favorable to Bitcoin (BTC) as of late, as the leading crypto asset plummets 16.5% against its all-time high above $73,700 reached on March 14. Bitcoin’s underperformance has had a negative impact on the broader market, with altcoins like Cardano (ADA) also suffering.
Correlation of Cardano price with Bitcoin
Interestingly, when BTC reached its peak price of over $73,700 on March 14, ADA also rose to a high of $0.8104. This represented Cardano’s yearly peak and its highest price since April 2022, before the infamous Terra ecosystem collapse.
As Bitcoin retraced its Q1 2024 gains, Cardano also declined. Currently trading at $0.3881 at the time of reporting, ADA is down 52.08% from its March 14 high. This is a result of Cardano’s higher volatility compared to Bitcoin.
However, 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 over the past month.
Cardano price if Bitcoin reaches $1 million
With Bitcoin poised to reach greater heights this market cycle and beyond, this correlation could prove beneficial for Cardano. Notably, among some of the notable price projections for BTC is this ambitious one from wealth management firm Bernstein. The firm wait Bitcoin to reach US$1 million by 2033, nine years later.
BTC currently changes hands at $61,541 at the time of publishing. A $1 million target would require a massive 1,524% rise in prices over the next nine years. Notably, Bitcoin is up 19,061% over the past nine years. This historic performance gives some credibility to Bernstein’s projection.
Due to Cardano’s close correlation with Bitcoin, The Crypto Basic recently assessed what Cardano’s price would be if it moved along with 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 Outlook at $6
Some market analysts have projected a rise in Cardano’s price to $6. Notably, a pseudonymous TradingView analyst caught attention for the repeat of an Elliott Wave pattern on Cardano’s daily chart. He predicted an imminent rise to $6 following the completion of Wave 5.
ADA’s chances of reaching the $6.3 level are relatively high amid the ongoing development of its ecosystem. Notable among these developments is the anticipated launch of the Vasil hard fork. This upgrade is expected to push Cardano towards a more decentralized system.
Disclaimer: This content is informative and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the views of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
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