The analyst outlined two Cardano price scenarios with targets of $7.7 and $9.7.

Chris, co-founder of the Cardano Ghost Fund, recently proposed two possible price scenarios for ADA in the current bull run, with target prices of $7.77 and $9.71 respectively.

In a recent article on X, the Cardano bull noted that this is just “for fun,” emphasizing that investors should not consider it as investment advice. He noted that the first price scenario that was recently formed is conservative and depends on the overall direction of the entire cryptocurrency market.

First Scenario: Cardano reaches $7.71

It is worth noting that the global cryptocurrency market capitalization is currently $2.61 trillion, about $390 billion lower than the peak valuation of $3 trillion in November 2021. Despite Bitcoin (BTC) hitting new highs, altcoins are seeing lower market capitalizations as they fail to reclaim their previous highs.

For example, Cardano (ADA) is currently trading at $0.5957, down 80% from its 2021 all-time high of $3.10. Some experts expect ADA and other altcoins to reach new heights with the upcoming Bitcoin halving this month. They believe that the halving will usher in the much-needed altcoin season.

If this happens and the entire cryptocurrency market sees a significant rise, Chris predicts that the global cryptocurrency market capitalization will increase by at least 2 times to a range of 6 trillion to 7 trillion US dollars. The market veteran foresees Cardano regaining the dominance of its peak as the bull run matures.

For context, ADA reached a market dominance of 4.47% in August 2021. If Cardano regains its dominance of 4% with a global market cap of $6 trillion, its valuation would reach $240 billion. Furthermore, if the global cryptocurrency market cap reaches $7 trillion, ADA’s valuation would reach $280 billion.

Based on this figure, if Cardano’s 36 billion token supply remains relatively stable, a market cap of $240 billion would put ADA’s price at $6.6. Furthermore, if the valuation reaches $280 billion, ADA will be worth $7.7. Chris noted that this represents his conservative price scenario.

Second Scenario: ADA reaches $9.71

In a more ambitious scenario, the expert focused on an analysis he conducted on Cardano last July. The analysis evaluates the possible price of ADA in this bull run based on three parameters: the ADA/BTC pair, Cardano’s dominance in the entire cryptocurrency market, and Ethereum’s (ETH) gains in the previous market cycle.

Based on the ADA/BTC pair, he noted that Cardano had reached highs of 0.00006 sats on the ADA/BTC chart over the past two cycles. According to him, if ADA is able to recover to its previous highs against BTC, the price of ADA will reach $8.28 in the event that Bitcoin price reaches $138,000.

Regarding the global cryptocurrency market cap, he highlighted that ADA reached a dominance of 4.5% during the 2021 bull run. He stressed that if the global cryptocurrency market cap rises to $5.8 trillion in this bull run and ADA regains its dominance at 4.5%, its price will soar to $7.45.

Regarding Ethereum’s gains in the last cycle, Chris pointed out that ETH’s price increased by 6,000% from bottom to top. However, ADA’s gains were even more impressive, reaching 15,400%.

To be conservative, he puts ADA in a position where it replicates Ethereum’s 6,000% gain in this cycle, rather than a 15,400% surge. Starting from ADA’s lowest point in this cycle at $0.22, an increase of 6,000% would bring the price to $13.42.

Chris then compared these three prices: $8.28, $7.45, and $13.42. The average of these values is $9.71, and his price prediction for ADA ranges between $7.45 and $13.42. Meanwhile, Cardano is currently trading at $0.5957, up 1.43%, and looks set to recover towards the $0.60 price level.

Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may contain the personal opinions of the author and do not necessarily reflect the views 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.