Renowned crypto strategist and trader Michaël van de Poppe has been watching Cardano (ADA) price action closely while predicting the incoming supply shock for Bitcoin (BTC). On the other hand, Cathie Wood, CEO of investment management firm Ark Invest, said at Wall Street’s SALT conference that Bitcoin could reach $500,000 in five years. What’s next for Cardano and Bitcoin? cryptocoin.com We have compiled the opinions of two famous analysts for you.
What does the famous analyst expect from Cardano (ADA)?
Michaël Van de Poppe tells his 404,100 Twitter followers that Cardano (ADA) is slightly correcting against Bitcoin (ADA/BTC) to provide a basis for the next step:
We expect Cardano to continue here. The ADA/BTC pair is doing well.
According to the chart by Michaël Van de Poppe, he expects Cardano to consolidate at the support of 0.000045 BTC, which is worth $2.03 at the time of writing, before continuing the uptrend. As for Bitcoin (BTC), the popular crypto analyst believes the leading crypto asset needs to put some more pressure on lower timeframes before igniting a rally near the $50,000 resistance:
Bullish divergence is ready to be played with Bitcoin as it consolidates at support. A higher bottom would be beneficial to continue towards $50,000.
“The inevitable for Bitcoin is about to happen”
A bullish divergence occurs when a technical indicator enters an uptrend while the price of the asset continues to trade lower. The signal can indicate a trend reversal on the horizon. Michaël Van de Poppe also predicts that Bitcoin will eventually run higher due to the reduced amount of BTC sitting on crypto exchanges:
Bitcoin foreign exchange reserves are coming to very low levels. This is a sign that we have more and more owners. The inevitable is still about to happen. Heavy supply shock to the upside where we’re going to make a big rush to higher numbers.
Low Bitcoin currency reserve levels mean that the current supply of BTC in the market is decreasing; this is a sign that investors are holding onto their coins as they expect the leading crypto asset to trend higher.
Cathie Wood: Price goes up 10x if institutions continue to allocate 5% of their portfolio
Cathie Wood, CEO of Ark Invest, said that Bitcoin could reach $500,000 in five years. The superstar investor believes that if institutions continue to allocate 5% of their portfolio to him, the price of the largest cryptocurrency could rise tenfold. Cathie Wood announced her $500,000 target in May, after the leading cryptocurrency suffered a massive sell-off along with the rest of the market.
The ARK Next Generation Internet ETF, which currently owns $301 million stake in Grayscale’s Bitcoin trust, recently made changes in its prospectus to make it possible to invest in Canadian Bitcoin-linked exchange-traded funds. In late June, 21Shares AG and Wood’s Ark jointly applied to launch a Bitcoin ETF in the US. Such a product has not yet been approved in the United States.
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