Highly regarded cryptocurrency analyst Benjamin Cowen, founder of Into The Cryptoverse, has recently predicted a significant price drop for Cardano 's native token (ADA) in relation to Bitcoin (BTC). As of Friday, Cowen anticipates ADA, which traded between 800-1,200 Satoshi throughout the summer, to potentially fall to a low of 400 Satoshi in the coming months. This forecasted price level is reminiscent of figures last seen in the third quarter of 2019 and even harks back to 2018, marking it as a critical support level for ADA.
Earlier this month, Cowen expressed concerns about ADA and the broader cryptocurrency market. He hinted at a possible market downturn, identifying decreased liquidity as a primary contributing factor. He labeled this potential dip as a "depression phase," projected to begin once ADA's price falls below $0.24. At present, ADA's trading value stands at $0.2448.
According to Cowen, this bearish trend may persist until there is a shift from quantitative tightening to easing, in sync with potential changes in the U.S. Federal Reserve's policy. However, he cautions that this shift might not occur until approximately the latter half of 2024.
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