With the Bitcoin halving set to happen in April, the crypto community is eager to know the potential impact of this anticipated event on the prices of altcoins when BTC starts to exhibit its historical rally after the event.
In this insight, we quizzed Bard, Google’s artificial intelligence (AI) chatbot, on what could be Cardano’s (ADA) potential price movement if BTC hits $200,000 price after the halving event.
For context, Bitcoin is currently priced at $43,890, reaching $200,000 would imply about a 359% surge, which is attainable considering the past price actions.
On the other hand, ADA is presently changing hands at approximately $0.48, reflecting an 8.2% drop in the past 24 hours. The last two weeks saw ADA register a 19.8% decline in market value.
The massive price decline has been attributed to the United States Securities and Exchange Commission’s (SEC) speculated rejection of all Bitcoin spot Exchange Traded Funds (ETFs).
Having established the above facts, we shall now delve into Bard’s insight on the likely price of Cardano (ADA) after Bitcoin’s ascent to $200,000 post-halving.
Notedly, despite acknowledging ADA’s possible price predictions as challenging, the chatbot still deduced probable price actions based on historical correlation and market dynamics.
Bard noted that in a highly optimistic outlook, which entails a generalized positive market sentiment and Bitcoin reaching $200,000, ADA could spike 10 – 20 times its current value.
This implies that Cardano (ADA) could trade between $5 and $9.6 based on current prices. Bard added that aside from the overall positive market sentiment, other factors like Cardano blockchain technology’s strong adoption and the significant growth within the coin’s ecosystem are also crucial.
For a moderate outlook, Bard insisted that Cardano’s price would likely increase proportionally to Bitcoin’s. It projected a 3 to 5 times increment from ADA’s current value.
Based on Bard’s rationale above, ADA could surge to prices ranging from $1.44 to $2.4. Clarifying what could drive ADA to the projected height, Bard remarked, “This scenario would likely involve a spillover effect from Bitcoin’s rally but a slower adoption rate for Cardano compared to the optimistic scenario.”
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According to Bard, a pessimistic outlook would entail the market’s failure to respond positively to Bitcoin’s price surge or Cardano facing specific difficulties within its ecosystem.
The chatbot noted that in a pessimistic scenario, ADA could remain stagnant or even drop to lower values.
Concluding its take on ADA’s possible price trajectory post-Bitcoin halving, Bard emphasized the need for research, diversification of crypto portfolios, and prioritizing fundamental analysis over speculations as crucial to becoming a profitable crypto investor.
Chinedu Agbakwusi is a medical student at the prestigious Nnamdi Azikiwe University with sound knowledge of the crypto space. I am here to be a reliable plug for well-researched crypto content ranging from crypto news to market analyses and blockchain inventions.
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