Bitcoin
Here’s What Cardano’s Price Will Be If Bitcoin Hits $1,000,000, As Predicted By Bernstein
Cardano price could easily hit a new all-time high if it follows Bitcoin’s price movements as the leading cryptocurrency hits the $1 million price tag predicted by Bernstein.
The market has not been favorable to Bitcoin (BTC) in recent times, as the leading crypto asset has fallen 16.5% from its market value. all-time high above $73,700 reached on March 14. Bitcoin’s underperformance has had a negative impact on the broader market, with altcoins like Cardano (ADA) also suffering.
Cardano price correlation with Bitcoin
Interestingly, when BTC reached its peak price of over $73,700 on March 14, ADA also went up to a high of $0.8104. This represented Cardano’s yearly peak and its highest price since April 2022, before the infamous Terra ecosystem collapse.
As Bitcoin retraced Q1 2024 gains, Cardano also declined. Currently trading for $0.3881 at the time of reporting, ADA is down 52.08% from its March 14 high. This is a result of Cardano’s greater volatility compared to Bitcoin.
However, these price movements confirm Cardano’s price correlation with Bitcoin, a pattern that can be both favorable and bearish. IntoTheBlock’s Correlation Matrix confirms this price relationship. Notably, the metric indicates that Cardano boasts a 90% correlation with Bitcoin over the past month.
Cardano price if Bitcoin reaches $1 million
With Bitcoin poised to reach greater heights this market cycle and beyond, this correlation could be beneficial for Cardano. Notably, among some of the notable price projections for BTC is an ambitious one from wealth management firm Bernstein. The company Bitcoin wait reach US$1 million by 2033, nine years later.
BTC is currently changing hands at $61,541 at press time. A $1 million target would require a massive 1,524% price rally over the next nine years. Notably, Bitcoin is up 19,061% over the past nine years. This historical performance lends some credibility to Bernstein’s projection.
Due to Cardano’s close correlation with Bitcoin, The Crypto Basic recently assessed what Cardano’s price would be if it moved along with Bitcoin. As Cardano currently trades for $0.3881, a 1,524% increase will take this value to $6.3. This Cardano price could put the token’s market cap at $225.24 billion, assuming its circulating supply remains stable.
ADA Outlook at $6
Some market analysts have projected a rise in Cardano’s price to $6. Notably, a pseudonymous TradingView analyst caught attention to the repetition of an Elliott Wave pattern on Cardano’s daily chart. He predicted an imminent rise to $6 after the conclusion of Wave 5.
ADA’s chances of reaching the $6.3 level are relatively high amid ongoing development within its ecosystem. Prominent among these developments is the anticipated launch of the Vasil hard fork. This upgrade is expected to push Cardano towards a more decentralized system.
Disclaimer: This content is informative and should not be considered financial advice. The views 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 do thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
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