The ADA price has always performed incredibly well in bull market cycles, with price increases delivering profits to millions of holders in the past.
However, like any other cryptocurrency, it can be difficult to determine how high the price will rise 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 rise in the next bull market.
ADA price can be up to $24
In an analysis on TradingView, crypto analyst masoud_paydarsani outlines how the ADA price could rise to double digits. First, the analyst points out that Cardano’s ADA token is a long-term upward channel on the weekly time frame, albeit a rather slow uptrend.
However, this does not negate the bullish tendencies, especially when it comes to ADA repeating previous bull market cycles. Masoud points to the fact that recent crypto market cycles have seen approximately 108 weeks of a bear market before 66 weeks of a bull market, and it is within these 66 weeks that ADA shines.
Source: Tradingview.com
The analyst believes that if the upside channel is validated, the next ADA bull run could turn out just like the rest. Using the altcoin’s past performance, for example the run-up in the year 2021, the ADA price could rise as high as $24 following the same trend. Also based on historical performance, the crypto analyst reveals that this could happen sometime in the next 66 weeks. So it could take until 2025 before this rally is complete.
Being bullish on ADA above $20
Interestingly, the expectation that the ADA price will cross the $20 mark is not unique to Masoud alone. Another crypto analyst, @LucidCiC on X (formerly Twitter) does too believes that this double-digit level is possible for ADA.
Lucid actually has an even higher price target for the altcoin compared to Masoud. While Masoud sees the ADA price reaching $24, Lucid’s forecast goes as high as $30. Lucid compares Cardano to the Ethereum network, which managed to reach a market capitalization of $500 billion despite several obstacles. Given this, the analyst believes that Cardano will also be able to rise, while expecting the crypto market cap to surpass $10 trillion within a decade.
Cardano is also seeing a lot of interest from institutional investors. Grayscale Investments, the company behind the largest Bitcoin trust in the world, recently has announced new crypto indices with ADA in response to this increasing interest. If these big investors continue to double down on their investments, this renewed inflow could drive the price to the double digits forecast by analysts.
ADA recovers above $0.34 | Source: ADAUSD on Tradingview.com
Featured image from VOI, chart from Tradingview.com