Cardano’s price action was smooth lately but hovering around $0.640. But things could change quickly, especially if Bitcoin hits the $100K mark, as predicted by Arthur Hayes, the founder of BitMEX.
In his X post, he stated that Bitcoin could experience another rise towards the 100K mark soon. If true, this means Bitcoin will experience a 13% surge in value which will greatly influence the rest of the crypto ecosystem including Cardano.
On the daily chart, Bitcoin is currently fighting to break out of a symmetric pattern called a double bottom. This is a bullish sign and has shown that Bitcoin is trying to rally itself up for a surge in pricing. After breaking the $91.566 mark, Bitcoin should be able to easily set it’s sights on the 100K goal.
With the high volume of altcoins in the market, Cardano would likely take some of the heat being pulled in by Bitcoin’s performance.
For Cardano, the price has been down since its peak at $1.322 in November 2022, reaching a low of $0.512 this month. However, there are some signs that things could turn around.
Cardano has formed a “falling wedge” pattern, which is often a bullish signal. On top of that, a small “bullish pennant” has also appeared. If Cardano breaks out of these patterns, the next price target could be $1, which is a 55% increase from the current price.
If the coin’s price dips to the lower level of the bearish pennant, the situation for Cardano could worsen, with the next support level becoming $0.456, which could be tested in July last year.
The flexibility for Cardano to surge could solely relies on Bitcoin’s moves, but the overall feeling of the market will factor in as well. Reaching $100K could help Cardano gain towards a remarkable rally, otherwise, it might retreat to the tides sustaining Cardano’s current positioning.
Also Read: Tron and Cardano Battle for 9th Spot on CoinMarketCap
