Posted on

Can The ADA Price Climb Above $20 In The Bull Market? Analyst Provides Answers

The ADA price has always performed incredibly well in the bull market cycles with price rallies that have put millions of holders in profit in the past.

However, like any other cryptocurrency, it can be hard to pinpoint how high the price will climb in the next bull market. Nevertheless, one crypto analyst is taking the bull by the horns to reveal where they expect the altcoin’s price to reach in the next bull market.

ADA Price Could Rise As High As $24

In an analysis posted to TradingView, crypto analyst masoud_paydarsani outlines how the ADA price could rise to double-digits. First, the analyst points to Cardano’s ADA token being a long-term upward channel on the weekly time frame, albeit a rather slow uptrend.

However, this does not invalidate its bullish tendencies, especially when it comes to ADA repeating its previous bull market cycles. Masoud points to the fact that the past crypto market cycles saw approximately 108 weeks of the bear market before 66 weeks of the bull market, and it is within these 66 weeks that ADA shines.

Cardano ADA price chart from Tradingview.com

The analyst believes that if the upward channel is validated, then the next ADA bull run could turn out like the rest. Using the previous performances of the altcoin, eg, the run-up in the year 2021, the ADA price could rise to as high as $24 following the same trend. Also, going by historical performance, the crypto analyst reveals that this could happen sometime in the next 66 weeks. So it could lead up to 2025 before this rally is complete.

Being Bullish For ADA Above $20

Interestingly, the expectation for the ADA price to cross the $20 mark is not unique to Masoud alone. Another crypto analyst, @LucidCiC on X (formerly Twitter) also believes that this double-digit level is possible for ADA.

Lucid actually has an even higher price target for the altcoin compared to Masoud. Where Masoud sees the ADA price reaching $24, Lucid’s forecast goes as high as $30. Lucid compares Cardano to the Ethereum network which was able to reach a $500 billion market cap despite going through multiple hurdles. Given this, the analyst believes Cardano will also be able to rise as well while expecting the crypto market cap to cross $10 trillion in a decade.

Cardano is also seeing a good amount of interest from institutional investors. Grayscale Investments, the company behind the largest Bitcoin trust in the world, recently announced new crypto indices featuring ADA in response to this rising interest. If these large investors continue to double down on their investments, this newfound inflow could drive the price to the double-digit mark predicted by the analysts.

Cardano (ADA) price chart from Tradingview.com

Posted on

When Will The Bitcoin Bear Market End? US Mega Bank Has The Answer

In a recent development, leading investment bank Morgan Stanley has weighed in on when the lingering Bitcoin bear market is likely to end. Interestingly, they share some similar views with analysts who have made predictions in the past. 

Bitcoin Halving A Major Factor

In an article released by the investment bank, Morgan Stanley highlighted Bitcoin’s importance as the leading crypto and how the Bitcoin Halving, which is set to take place in April 2024, could affect its price and other crypto tokens by extension. 

Bitcoin halving is a deflationary measure that occurs every four years, during which the rewards of miners are ‘halved’, thereby creating scarcity. According to the bank, this event could potentially trigger a bull run as it has done in the past. 

The article further noted how there have been such bull runs in the past following the three halving events that have occurred and how the bull run lasted for 12 to 18 months after then. 

Morgan Stanley’s prediction echoes that of several crypto analysts who have predicted that the Bitcoin Halving could spark the next bull run. Specifically, the co-founder of Delphi Digital, Kevin Kell, while highlighting metrics that showed that the next bull run was close, noted that Bitcoin has broken to a new all-time high (ATH) seven months after the last two halvings occurred.

Understanding The Four Phases Of Crypto

While trying to avoid giving a definite time as to when to invest ahead of the next bull run, Morgan Stanley noted the importance of learning about the ‘four phases of cryptocurrency prices’ in order for one to make a conviction play as to the right time to invest. These four phases are said to correspond roughly to the four seasons of the year. 

The first phase is ‘Summer’ when Bitcoin experiences the most gains, which comes after the halving. The bull run is said to begin with the event and continue when Bitcoin’s price hits its prior peak. The next is the ‘Fall’ when the price “surpasses the old high.” This is the period when the bull market runs its full course after reaching a new high.

After ‘Fall’ comes ‘Winter’, which is when the bear market surfaces as this is the period that investors are locking in their gains, resulting in a massive sell-off. This usually occurs between the “new peak and the next trough.” Historically, there have been three winters, with each of them lasting for about 13 months. 

‘Spring’ is the last phase in the cycle and the one that potentially kickstarts the next bull run (another Summer). This is the period “preceding each halving,’ when Bitcoin’s price “generally recovers from the cycle’s low point, but investor interest tends to be weak.”

By understanding these phases, crypto investors could be well-prepared to take advantage of the next bull run to make the most profits.

Bitcoin price chart from Tradingview.com (US mega bank Morgan Stanley Crypto bear market)

Posted on

Analyst Presents 4 Charts That Prove Crypto Is Not Dead

As the crypto market faces constant volatility challenges and regulatory pressures, major cryptocurrencies have experienced significant declines and slowed growth over the years. However, a new chart report has revealed that despite these downward trends, the crypto industry is still achieving new milestones in terms of adoption. 

Chart Reveals Crypto Adoption On The Rise

The broader crypto market has been recovering at a snail’s pace since the crypto crash in 2021. Cryptocurrencies were at their peak during this time, and Bitcoin had the highest growth rate, reaching a price of over $60,000 while Ethereum’s price was around $4,000. 

However, the upward trend was short-lived and the industry was hit with many challenges including regulatory hurdles that restricted its advancement into different regions and market forces which constantly caused instability in crypto prices. 

Amid all this, DeFi Researcher, Thor Hartvigsen has presented in an X (formerly Twitter) post, chart reports that display the continuous growth in adoption of the crypto industry despite negative trends in the ecosystem. 

Hartvigsen disclosed the four charts showed an increase in crypto adoption in the industry. One of the charts shows a spike in total daily wallets for users in the Ethereum and Layer 2 (L2) landscape which was previously in a bear market.

Another chart reveals a surge in traction in decentralized stablecoins which have been in decline since August 2022. 

The third chart illustrates Ethereum’s growth rate over the years, surpassing $10 billion in revenue and promoting the emergence of innovative businesses in the crypto industry.

The last chart shows liquid staking at an all-time high, growing from $7.9 billion to more than $20 billion in 2023. This report also adds to recent data which revealed a spike in liquid staking platforms in the United States after hitting 370,000 Ether (ETH) in only five days and reaching a new milestone of $20 million staked ether. 

Crypto total market cap chart from Tradingview.com

Major Incentives Driving Growth Rates

The evolution of the crypto industry has been pushed back a couple of years following the Terra Luna crash which saw one of the largest stablecoins declining by 99%. 

After the LUNA crash, the crypto industry suffered another loss from the FTX descent and insolvency. The industry has been under scrutiny by major regulatory authorities like the United States Securities and Exchange Commission (SEC). 

There have also been multiple crypto scams, rug pulls, and cyber attacks over the years on major exchange platforms and marketplaces in the industry. 

Presently, the crypto industry is slowly gaining back its strength and advancing rapidly, as seen in some major innovative developments like the integration of spot Bitcoin ETFs, and Ethereum spot ETFs.

The ecosystem is also thriving with new infrastructure upgrades and improvements in the DeFi ecosystem, ensuring the sustainability and longevity of the industry.

Posted on

Prolonged Crypto Winter Pushes Kraken Exchange Out Of Japan

The crypto winter is a drawn-out one exacerbated by the collapse of large players such as Terra and the FTX crypto exchange. As crypto businesses continue to feel the effects of the current bear market, another major player, Kraken, has been affected to the point that it has, once again, put a pause on operations in Japan.

Kraken Consolidating For Crypto The Bear Market

Crypto exchange Kraken plans to stop operations in the Japanese market. The exchange said this in a government publication in the country which states that it will deregister from the Japan Financial Services Agency (JFSA) on Jan. 31, 2023.

The company cites the current global crypto market state as the reason for this move, saying that “the resources needed to further grow our business in Japan aren’t justified at this time.” As such, the exchange plans to stop providing services to users in the country.

The decision comes just a month after Kraken revealed that it was laying off about 30% of its workforce. Given the size of the company and the amount of labor it employs, this came out to about 1,100 employees who lost their jobs at the crypto exchange.

Crypto total market cap chart from TradingView.com (Kraken)

As for its users in Japan, the exchange assured that it would allow users to withdraw all of their funds held on the exchange. Users are advised to withdraw all of their fiat currencies and cryptocurrencies being held on Kraken Japan before the Jan. 31 date. Kraken says it has enough funds to enable all users to withdraw assets.

It further added:

“We value the trust our clients put in us and we will do what we can to minimise the impact of our decision for you. That’s why we are committed to ensure a seamless transition and we hope the information in this email will help you decide what is the best option for you.”

In November, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) fined Kraken over $362,000 over sanctions violation for providing access to users in Iran. The crypto exchange agreed to settle for this figure with an additional $100,000 committed to implementing sanctions compliance controls.

Posted on

How Long Will The CryptoWinter Last? Cardano Founder Provides Answers

It is evident that the market has now officially welcomed a cryptowinter. The market prices of various digital assets show this. However, as is expected, investors in the space are wondering how long this cryptowinter is expected to last. Goin by previous markets, it could be that the market is in for the long haul but Cardano founder Charles Hoskinson has provided his thoughts on how long he believes the bear will stay.

Prepare For Months Of Cryptowiner

With the price of major cryptocurrencies such as Bitcoin and Cardano down, speculations abound about when the bottom of the market will be reached. Mostly, the negative sentiment that has washed across investors in the space has not done much to help things as the prices continue to decline as a result. Nevertheless, this has not stopped some from trying to pinpoint when the market will reach its inevitable bottom.

Related Reading | Bitcoin Funding Rates Remain Unmoved Despite Plunge To $30,000

Addressing the market in a new twee, Cardano founder Charles Hoskinson has presented what he believes will happen to the market. The tweet that he starts out by welcoming those who this was their first cryptowinter also went further to put a timeframe on it. For the Ethereum co-founder, he believes that this downtrend will continue for weeks to months. 

“If this is your first cryptowinter, then welcome,” said Hoskinson. “Been through many since 2011 and they always hit like a cold ice bath. We are in the panicked blood in the street phase. It clears in weeks to months as a bottom is found. Then a long climb up the ladder.”

ADA Continues To Suffer

Of all the digital assets suffering through cryptowinter, Cardano (ADA) has been one of the hardest-hit coins. The digital asset which had made its all-time high of $3.10 last year off the back of the launch of smart contract capability has shed most of that value by May of 2022. Data from Messari shows that the digital asset is currently down 85.39% from its all-time high.

ADA trading 85% below ATH | Source: ADAUSD on TradingView.com

Once bears had pulled the cryptocurrency below the $0.5, it seems all hope was lost for it to ever recover back to the coveted $1 level. What this had meant was the asset was now trading significantly below its 50-day moving average, an important indicator for short-term movement.

Related Reading | Bitcoin Selloff Provides Boost To Miner Fee Revenues

In the longer term, ADA continues to perform poorly. Sentiment has now skewed completely in favor of selling, making this a seller’s market. ADA investors have not been spared the bloodbath either as it is now one of the worst-performing in terms of profit, with more than 70% of investors holding bags of losses.

The digital asset is trading at $0.454 at the time of this writing.

Featured image from Cointribune, chart from TradingView.com