Bernstein predicts what Cardano price will be when Bitcoin reaches $1 million

If Cardano follows the Bitcoin price trend, then it could easily hit new all-time highs as Bitcoin is predicted by Bernstein to reach $1 million. Markets have not been kind to Bitcoin (BTC) in recent times, as the leading crypto asset has fallen 16.5% from its all-time high of over $73,700 on March 14. Bitcoin’s poor performance has negatively impacted the entire market, with altcoins like Cardano (ADA) also taking a hit. Interestingly, when Bitcoin reached its highest price of over $73,700 on March 14, ADA also reached a high of $0.8104. This represents a yearly high for Cardano and the highest price since the infamous Terra ecosystem crash in April 2022. Bitcoin retraces Q1 2024 gains, Cardano similarly falls. At reporting time, ADA was trading at $0.3881, down 52.08% from its March 14 high. This is due to Cardano being more volatile than Bitcoin. Nonetheless, these price movements confirm Cardano’s price correlation with Bitcoin, a pattern that is both bullish and bearish. IntoTheBlock’s correlation matrix confirms this price relationship, specifically referring to the indicator stating that Cardano has a 90% correlation with Bitcoin over the past month. This correlation could be beneficial for Cardano as Bitcoin moves higher and higher in this market cycle and into the future. Notably, one of Bernstein Wealth Management’s notable price predictions for Bitcoin is to reach $1 million by 2033, with Bitcoin currently trading at $61,541 as of quote time. Over the next nine years, the $1 million goal would require a massive 1,524% price increase. Notably, Bitcoin is up 19,061% over the past nine years, and this historical performance lends some credibility to Bernstein’s prediction. Due to Cardano’s close correlation with Bitcoin, The Crypto Basic recently assessed what Cardano’s price would be if it followed Bitcoin’s lead. With Cardano currently trading at $0.3881, a 1524% increase would bring this value to $6.3, assuming its circulating supply remains stable, this Cardano price could push the coin’s market cap to $225.24 billion. With the developments progressing within Cardano’s ecosystem, the chances of ADA reaching $6 are relatively high. Notably, an anonymous TradingView analyst who has been following the recurring Elliott Wave pattern on Cardano’s daily chart has predicted an immediate surge to $6 following the completion of Wave 5. Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the views of The Crypto Basic. Readers are encouraged to perform thorough research before making any investment decisions. The Crypto Basic assumes no responsibility for any financial losses.