Cardano Could Rise to $27 After Bitcoin Halving

If Cardano is able to replicate the growth of 61,00% recorded after Bitcoin’s 2020 halving event after its halving, it could surge to $27.
With the Bitcoin halving event less than 48 hours away, discussions about its impact on the cryptocurrency market have intensified. If history repeats itself, the halving event and its impact on altcoins like Cardano (ADA) could be significant.
The data confirms that each halving tends to precede a significant rise in Bitcoin prices, which then further fuels a bull run in the entire market.
During the last Bitcoin halving in 2020, the price of Bitcoin surged from around $8,500 to $69,000, an increase of more than 7,00%. Given this, expectations remain high for the upcoming halving event, as a repeat of 2020 has Bitcoin targeting $500,000.
Interestingly, some industry leaders, such as SkyBridge Capital founder Anthony Scaramucci, expect Bitcoin to reach this price threshold. In November 2021, when Bitcoin was trading at $63,758, Scaramucci said it could easily reach $500,000.
Possible impact of Bitcoin halving on Cardano
After the last halving event in May 2020, altcoins saw a massive injection of liquidity due to the Bitcoin effect. Cardano’s price at the time of the 2020 halving event was around $0.05. However, by September 2021, the price of ADA had grown by 61,00% to a peak of $3.10.
If the price of ADA sees the same growth as it did after the 2020 halving, it could experience a drastic change after this year’s halving event. Currently, ADA is trading at around $0.44 and if it follows the same growth of 6100%, its price has the potential to rise to $27.
Aside from increased liquidity and rising investor interest, Cardano’s efforts towards decentralization and regular development have also added enthusiasm to the momentum of its price. If Bitcoin does repeat its success after the 2020 halving, ADA could witness similar gains or even exceed them.
Cardano has also received attention from market analysts with multiple price predictions. For example, analyst Ari Martinez stressed that he expects ADA to reach $9 soon. Furthermore, Cardano bull supporter Chris recently proposed two possible trajectories that could push Cardano to $7.7 or $9.7.
While the optimism of these forecasts is based on historical data, it is important to note that such scenarios are highly speculative. The cryptocurrency market forecast is uncertain amid geopolitical tensions between Iran and Israel, volatile interest rates, and institutional money entering the crypto market.
Disclaimer: This content is for informational purposes only and does not constitute financial advice. The opinions expressed in this article may contain the author’s personal opinions and do not necessarily reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.