Cardano price has moved sideways this month, but could be ripe for a strong bullish breakout if Bitcoin rises to $100k as Arthur Hayes predicts. ADA token was trading at $0.640 on Tuesday, a consolidation that may be calm before the storm.
Cardano Price Could Benefit if Bitcoin Hits Arthur Hayes’ Prediction
Arthur Hayes, the founder of BitMex, has come up with a highly bullish Bitcoin price prediction. In an X post this week, he predicted that the coin would eventually surge to $100K in the near term. Such a move would imply a 13% surge from the current level.
Technicals suggest that this prediction is possible as BTC price has formed a double-bottom pattern at $76,485. This is one of the most bullish patterns in technical analysis. A bullish breakout is confirmed once the coin rises above the neckline, which is at $88,415.
A clear breakout above that level will raise the odds of Bitcoin price soaring above $90,000, followed by the psychological level at $100,000. Robert Kiyosaki believes that the Bitcoin price may surge to $180k this year.
Bitcoin has another catalyst: its role as a safe haven. With gold price reaching a record high, there are signs that investors are moving to BTC, which has similar characteristics. Spot Bitcoin ETFs have had inflows in the last two days as the stock market crashed.
Therefore, a Bitcoin price recovery would benefit other altcoins like Cardano, Solana, Pepe, and Hedera Hashgraph. Historically, these assets have a close correlation with Bitcoin.
ADA Price Analysis: Forms a Bullish Pattern
ADA price has been in a downtrend after peaking at $1.322 in November last year. It bottomed to a low of $0.512, its lowest swing this month.
While Cardano remains below the 50-day and 200-day EMAs, it has formed a rare and highly bullish reversal sign. It has formed a falling wedge, which is characterized by two downtrending and converging trendlines.
ADA price has also formed a small bullish pennant. This pattern features a flagpole-like shape and a symmetrical triangle. It often leads to more gains, which is triggered when the two lines near their confluence level.
Therefore, Cardano price will likely have a bullish breakout. If this happens, the next level to watch will be $1, up by 55% from the current level.
The bullish ADA price forecast will be canceled if the coin crashes below the lower line of the bearish pennant. A drop below that level will bring the support at $0.456 to view. This price is at the highest swing in July last year.
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