One of the closely followed analysts of the crypto world, Benjamin Cowenshared its price forecast for Cardano (ADA) in case the bear market continues and strengthens.
Speaking at a recent strategy session, Cowen told his 743,000 YouTube subscribers that he is closely examining Cardano against Bitcoin (ADA/BTC) and that the pair is in the midst of a strong downtrend.
According to Cowen, if the ADA/BTC pair revisits the 2018 bear market low at 0.0000085 BTC or $0.25 Cardano (ADA) may lose more than half of its value.
“We are in a bear market right now and we know very well that this bear market is destroying altcoins. In such cases, the value can be lost against Bitcoin and the graph can become quite distorted. If we get to the bottom of the valuations that Bitcoin hit in the bear market in ADA/BTC parity, we will be looking at another 55% drop in ADA valuation.
A 55% reduction from the current price of ADA, ADA priceIt will reduce the price to a value of around $0.25.
Please do not say that such a scenario cannot happen. I saw the last bear market and even started accumulating ADA at $0.10 and then it lost 80%! People forget how cruel the market can be.”
At the time of writing, ADA was trading at $0.52, down more than 82% from its all-time high of $3.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.