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TheCryptoBasic

02/16/2024

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Analyst Inspects Cardano Hitting $1 Before Bitcoin Halving

Dan Gambardello, a well-known pro-Cardano crypto analyst, delved into the compelling query of when ADA might recapture a $1 price amidst the ongoing market fervor. The focus of the inquiry explicitly centered...

Analyst Inspects Cardano Hitting $1 Before Bitcoin Halving

Dan Gambardello, a well-known pro-Cardano crypto analyst, delved into the compelling query of when ADA might recapture a $1 price amidst the ongoing market fervor.

The focus of the inquiry explicitly centered on the likelihood of Cardano reaching the psychological threshold of $1 before Bitcoin undergoes its halving by April, which is barely nine weeks away.

Notably, ADA reclaimed the $0.60 price level in the last 24 hours amid a 12% growth rate over the past week.

Cardano Cannot Make $1 Before BTC Halving

While there is a prevailing belief that ADA should have already crossed the $1 mark, Gambardello holds a contrary view, grounded in the analysis of previous cycle chart patterns. He argues that ADA’s current position actually exceeds expectations.

Furthermore, Gambardello had expressed a strong opinion that ADA cannot reclaim $1 before the Bitcoin halving.

He even created a challenge, pledging to award 1,000 ADA to a fortunate crypto enthusiast should Cardano achieve this target within the specified timeline. However, Gambardello expressed genuine hope that his prediction would prove incorrect. 

When $1 ADA Can Happen

Meanwhile, Gambardello provided insights into when he believes it would be appropriate for ADA to enter the $1 range. 

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First, the analyst highlighted the scenarios where Bitcoin sustains its current bullish trend, surging upwards without retracement before consolidation. 

He emphasized that if Bitcoin were to decline and consolidate before attempting another breakout prior to halving, there would be doubts about ADA’s ability to reach $1.

Meanwhile, he assumed the situation for Bitcoin continuing its explosive trend leading up to the halving. Gambardello referenced Cardano’s historical chart from 2020, specifically in November when Bitcoin initiated the bull market surge. 

The analyst identified the chart pattern ADA exhibited following the late 2020 bull breakout throughout the bullish season. Afterward, he copied and applied the pattern to ADA’s current market position. 

Based on the hypothetical trajectory, he suggested ADA might reach $1 shortly after the halving.

Cardano chart
Cardano Chart | Dan Gambardello

However, the analyst argued that there is no guarantee that Bitcoin would make the explosive move prior to its halving. Yet, he noted it is possible such a scenario could unfold, leading to ADA eventually reaching the $1 mark.

With ADA currently trading for $0.6006, a surge to $1 amounts to an approximately 40% gain.

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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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