Crypto expert Jason Appleton, better known as Crypto Crow in the crypto community, has provided an in-depth analysis of the Cardano (ADA) ecosystem. Based on his analysis, he predicts that the crypto token could hit unprecedented heights as he asserted his bullishness on ADA going into the bull market.
Cardano Will Rise To $32
In a post shared on his X (formerly Twitter), Crypto Crow explained in an accompanying video why he believes ADA will rise to $32 in the bull market. According to him, this price level is attainable in the “most prime of conditions by the peak of this bull market cycle.” He also believes that the crypto token could be one of the most valuable altcoins in that period.
In the video that accompanied his post, Crypto Crow drew out a hypothetical scenario to drive home his point of ADA hitting $32. In his scenario, ADA could hit this price level if Bitcoin were to achieve a $10 trillion market cap, as he projects that this would put ADA’s own at $400 billion. Meanwhile, he believes that ADA’s dominance could rise to as high as 4% in that period.
For his more conservative prediction, he foresees ADA hitting at least $16 in the next bull cycle. Based on his hypothetical scenario, this would happen if Bitcoin were to hit a market cap of $5 trillion, as this would put ADA’s own market cap at $200 billion.
The crypto expert also referred to the charts to show why he is so bullish on ADA. He noted that ADA is already performing better based on historical patterns, as he alluded to 2017 in particular. In the relatively short term, Crypto Crow sees ADA hitting $10 by August 2024, as he highlighted the Bitcoin Halving as a major factor in this regard.
ADA trending at $0.63 | Source: ADAUSD On Tradingview.com
Cardano’s DeFi Landscape Could Be The Trigger
Dan Gambardello, the founder of Crypto Capital Venture, had previously highlighted how Cardano’s growing DeFi landscape important was. He noted that it would be one of the factors that would propel ADA’s price to significant heights in the next bull run. This is a real possibility, as Cardano has seen impressive growth in this regard.
Data from DeFiLlama shows that the Total Value Locked (TVL) on the network has been on a steady rise since the beginning of the year. It recently hit an all-time high (ATH) of $444 million. At the time of writing, the TVL on the network stands at just over $429 million.
Crypto analyst Psyclops also factored this into mind when he recently suggested that ADA could rise to as high as $10. He highlighted the fact the network undoubtedly has more utility than when the last bull run occurred. One of these use cases, which he alluded to, is the “massive DeFi” that Cardano now has.