Cardano Price Projection if Bitcoin Reaches $1,000,000 as Predicted by Bernstein
Cardano’s potential for a new all-time high remains promising, closely tied to Bitcoin’s market movements and a bold $1 million price prediction by Bernstein. Bitcoin has faced challenges lately, witnessing a 16.5% decline from its record high above $73,700 on March 14. This downturn has had a ripple effect on the broader market, impacting altcoins like Cardano (ADA).
When Bitcoin peaked at over $73,700, ADA also surged to $0.8104, marking its highest price since April 2022. However, as Bitcoin retraced its gains, Cardano followed suit, currently trading at $0.3881, down by 52.08% from its peak. This decline is attributed to Cardano’s higher volatility compared to Bitcoin.
The correlation between Cardano’s price and Bitcoin’s movements is evident, with a 90% correlation in the past month, as confirmed by IntoTheBlock’s Correlation Matrix. This relationship can be both advantageous and bearish for Cardano, reflecting the influence Bitcoin holds over the broader crypto market.
Looking ahead, if Bitcoin reaches $1 million by 2033, as predicted by Bernstein, Cardano stands to benefit from this correlation. With Bitcoin currently at $61,541, achieving the $1 million target would require a substantial 1,524% price surge in the next nine years. This projection is supported by Bitcoin’s impressive 19,061% growth over the past nine years.
Considering Cardano’s close correlation with Bitcoin, a potential scenario was analyzed where Cardano’s price mirrors Bitcoin’s movements. A 1,524% increase from its current value would place Cardano at $6.3, with a market cap of $225.24 billion, assuming its circulating supply remains constant.
Market analysts have also forecasted a possible push for Cardano’s price to $6, with patterns like the Elliott Wave structure indicating a surge to this level. The upcoming Vasil hard fork is expected to further boost Cardano’s prospects by enhancing its decentralization.
In conclusion, while Cardano’s price trajectory is intertwined with Bitcoin’s performance, ongoing developments within its ecosystem and market projections suggest a positive outlook for ADA’s potential growth. Readers are advised to conduct thorough research before making any investment decisions, as the market remains volatile and subject to fluctuations.
