A popular cryptocurrency analyst has predicted the price of Cardano (ADA) could see a massive rally over the next few months, if the prices of the top two cryptocurrencies bitcoin and ether hit new milestones.
In a tweet published to his over 350,000 followers, pseudonymous trader and analyst Kaleo wrote that if BTC and ETH hit both $100,000 and $10,000, he believes the price of Cardano could outpace them by breaking out in a way similar to BitTorrent’s BTT token.
BitTorrent’s BTT, it’s worth noting, exploded earlier this year by over 1,00%, going from $0.001 to $0.01 in a matter of weeks. Kaleo pointed out, however, that given Cardano’s larger market capitalization its price growth won’t be sudden and will instead happen over time.
As Daily Hold reports, the trader also revealed he was bullish on the ADA/BTC pair, sharing a chart that implies the cryptocurrency is about to break a long-term resistance on it to outperform BTC in the short term.
Cardano has been making headlines over the last few weeks as the cryptocurrency is deploying the Alonzo upgrade, which will introduce smart contracts to its network, in the near future. Charles Hoskinson has confirmed that as soon as the hard fork is complete, smart contracts will be available.
As CryptoGlobe reported, Input Output Hong Kong (IOHK), one of the companies working on Cardano, has revealed the Alonzo Purple testnet has already started its user onboarding process.
Demand for the cryptocurrency has been growing over time. Amy Arnott, a portfolio strategist at Morningstar that focuses on cryptocurrencies, has revealed she believes ADA could become one of the largest three cryptocurrencies by market capitalization and go mainstream, along with Bitcoin and Ethereum.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Unsplash