Bitcoin is Mirroring Cardano (ADA), Analyst Says if it Continues, $5,000 BTC/USD in Play

By March 24, 2019 Bitcoin Business
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Bitcoin is Mirroring Cardano (ADA), Analyst Says if it Continues, $5,000 BTC/USD in Play

Since March 4th, Cardano (ADA) is one of the top performers among the top cryptocurrencies. From $0.0399, ADA has gone up to the highest at $0.0642 today, seeing a surge of more than 60 percent in this month.

At the time of writing, Cardano has been trading at $0.0618 with 24-hours gains of 4.13 percent, as per the data provided by Coinmarketcap. In the BTC market as well, it is up by 4.43 percent.

Currently, it is sitting at 10th position with a market cap of $1.6 billion while having a daily trading volume of $127 million.

Cardano price chart, Source: Coinmarketcap

Recently, Cardano 1.5 was released, which brings a new consensus protocol Ouroboros BFT, a key step in the transition from the current consensus protocol running Cardano network, Ouroboros Classic to Ouroboros Genesis, the protocol for the Shelley.

Ouroboros Genesis has been considered an ultimate upgrade to Cardano’s proof-of-stake (PoS) consensus algorithm that will improve the security of the network while enabling a more efficient environment for Dapps.

Moreover, this price hike is on the back of some traders expecting a potential listing of ADA on Coinbase.

Bitcoin to see $5,000 BTC/USD by Following ADA

According to the crypto trader and analyst, Credible Crypto, Bitcoin is a mirror image of ADA in USD since hitting the market lows in December. Currently, however, Cardano is a few paces ahead of the leading cryptocurrency but he says, if BTC “continues to follow ADA’s lead,” we might get to see $5k in play.

Previously, he had expected Bitcoin to see $5k on this rally, but the market scenarios painted that to be a highly unlikely picture. But now, he is “much more convinced of this possibility.”

“This could be a reversal or a hell of a bull trap. Regardless, upside potential here could be massive.”

However, we are still in a make it or break level, and need to see if BTC will clear the $4k zone.

Went ahead and closed my long a couple bucks above where I opened it for a breakeven trade. I'm gonna follow my own advice and re-open this if we can clear the 4k supply zone. A bit of a safer, less risky play. https://t.co/W8jacEgwXq

— Credible Crypto (@CredibleCrypto) March 24, 2019

The flagship cryptocurrency is currently trading at $4,020, with 24-hours loss of 0.18 percent while managing the daily trading volume of $8.9 billion.

Meanwhile, Daniel Ameduri, a self-made millionaire and Future Money Trends LLC president shared his bullish views on Bitcoin in an interview with Forbes where he shared that BTC could see $100k in the next five years.

“It is still very early in the building phase. I would say we are internet and email 1990, 1991, 1992 – still very early for crypto. But I see Bitcoin over the next five years… because there are only 17 million outstanding, and if you look at it as a penny stock, there is so much demand for it. So I would say – although hard to make a price prediction because it is speculative – but upwards of $100,000 is possible because there are only 17 million that are trading.”

Pretty fascinating insights from one of the most respected crypto twitter chart analyst online. For those who are just now entertaining the idea of bitcoin after its 10 year journey, let's recap by letting you in on a little secret that the whales, experts and long-term believers think is happening currently with the BTC value and outlook.

Bitcoin is believed to be rolling through its fourth fractal pattern since its 2009 origins. That is, what some might call a repeating nature of the BTC price action, is starting to reveal itself as coming into its 4th big wave of a 90%+ clawback from its all time high. These waves of 80-90% falls have lasted 1-2 years but have always been followed up with a 10x-20x bounce back .

This, of course, is also factoring in the excitement and build up to the bitcoin block halving slated for May 2020 timeframe which will reduce the mining block rewards from 12.5 to 6.25 BTC per block. While nothing is guaranteed in the cryptocurrency ecosystem, Bitcoin has some metrics and principles that have stayed true through its entire decade long path and looks like it could continue expanding and retracting in similar fashion moving forward.

This is why we have assembled all of the top bitcoin price predictions for 2019, 2020 and beyond. We hope you enjoyed this crypto coin price analysis of Bitcoin's price comparison mirroring that of Cardano (ADA). It is wise to know that bitcoin can spread like a virus, a post that garnered a lot of press and attention but is something to take heed to as you factor in all of the momentum and futuristic promise Bitcoin is offering up to the world at-large.

This Week's BTC Price Analysis from Top Crypto Experts

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