Is Cardano (ADA) setting the stage for a huge breakout? A top market analyst and historical price charts hint at a big move on the horizon.
In a recent post on the X social media platform, Ali Martinez flagged a pattern on his latest ADA chart that could signal a major price upsurge.
Bullish ADA Chart Pattern
Technical analyst Ali Martinez has shared a very bullish outlook for the price of Cardano’s ADA. Martinez’s analysis is based on ADA’s pattern during the previous super bull cycle and the possibility of the token replicating the same pattern in the near to medium term.
According to Martinez, Cardano might repeat its price action in late 2020 if history also repeats itself. Going by this analysis, ADA can be expected to remain in a consolidation phase until April 2024, paving the way for the token’s next mega bull run.
Cardano experienced an eerily similar consolidation pattern in November 2020 before skyrocketing 3,217.49% to $3.09 — its current lifetime high — in the following year.
Stars Align For Cardano Monster Bull Run
Assuming all ADA’s on-chain metrics and fundamental stars align, Martinez predicts that the token’s quiescence period could continue till April before breaking out and then rallying over 1,750% to a target price of just below $8.
The projected ADA price upswing coincides with Bitcoin’s highly-anticipated fourth halving event in April 2024. Instead of 6.25 BTC, miners — who mint new coins and secure the network — will be rewarded with 3.125 BTC for each block they process after the halving. Historically, a crypto market bull run followed the next year after halving, and the dominant crypto exploded to an all-time high in the next year.
For that reason, investors should be paying attention to the next halving as it could lead to the craziest bull run of all time for Bitcoin and other cryptocurrencies such as ADA.
It’s pertinent to note that in crypto markets, past occurrences don’t guarantee future price movements. But as American novelist Mark Twain puts it, “History doesn’t repeat itself, but it often rhymes.”
ADA was changing hands at $0.503 at publication time, a 1.1% decline in its valuation over the last 24 hours.
