Popular crypto analyst and trader Benjamin Cowen says that a 624% increase for Cardano is “realistic” for the smart contracts platform this bull cycle.
Cardano’s native asset ADA has surged this month as the proof-of-stake blockchain platform nears its much-publicized Alonzo upgrade, currently scheduled for next month.
ADA is up a whopping 124% in the past 30 days, according to CoinGecko.
Cowen believes it’s only just getting started.
The analyst says if Cardano were to surge to its prior all-time high in terms of the Cardano/Bitcoin (ADA/BTC) pairing valuation, the asset could go up another 54% against the leading crypto asset.
That puts ADA around $4.50, if Bitcoin stays steady in USD prices, according to the crypto analyst.
Cowen notes, however, that if Bitcoin goes up 2x during this bull cycle, ADA could reach $9. If Bitcoin reaches $150,000, then ADA could be in the $13-$14 range.
“That would just be simply going back up to the prior all-time high against the ADA/Bitcoin valuation. Clearly, we could exceed it. And that’s why… if we exceed it, potentially we could go higher than these levels. Maybe we could go to $15, $16, up to $20 or something. That would be the highest I can imagine…
That $10-$20 range is sort of what I would consider to be too much for the market to continue to bear without having a substantial pullback.”
A move to $20 represents a 624% surge for Cardano from its current price of $2.76.
The upcoming Alonzo upgrade aims to bring smart contract functionality to Cardano via an upgrade called a “hard fork combinator (HFC) event.” The move is designed to provide support for developers who wish to build decentralized finance (DeFi) applications on the platform.
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