Cardano’s price has the potential to reach a new all-time high if it follows the movements of Bitcoin, which is predicted to hit $1 million by Bernstein. However, Bitcoin’s recent underperformance has had a negative impact on the broader market, including Cardano.
Interestingly, when Bitcoin reached its peak price of over $73,700 on March 14, Cardano also experienced a surge, reaching a high of $0.8104. This was Cardano’s highest price since April 2022. But as Bitcoin retraced its gains, Cardano also declined, currently trading at $0.3881, a 52.08% decrease from its high.
These price movements confirm Cardano’s correlation with Bitcoin, which can be both favorable and bearish. Cardano boasts a 90% correlation with Bitcoin in the past month, according to IntoTheBlock’s Correlation Matrix.
With Bitcoin expected to reach $1 million by 2033, Cardano could benefit from this correlation. If Cardano moves alongside Bitcoin, its price could increase by 1,524%, taking it to $6.3. This would put Cardano’s market cap at $225.24 billion.
Some market analysts have projected a Cardano price push to $6, citing the repetition of an Elliott Wave pattern on Cardano’s daily chart. They predict an imminent surge to $6 upon the completion of Wave 5. Additionally, Cardano’s ongoing development, including the anticipated launch of the Vasil hard fork, increases its chances of reaching the $6.3 level.
It is important to note that this information is for informational purposes only and should not be considered financial advice. Readers are encouraged to conduct thorough research before making any investment decisions.
