Cardano’s (ADA) price began to rally in October 2023, hitting a 2023 high of $0.66 by mid-December. However, ADA fell victim to the market-wide sell-off earlier this year. ADA is currently down by 2.7% in the weekly charts, over 9% in the 14-day charts, and 19.8% over the previous month. However, ADA is still up by 26.1% since January 2023.
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Cardano’s price after Bitcoin’s halving in April
Bitcoin (BTC) will undergo its next halving cycle in April of this year. Many analysts and investors anticipate the crypto market to rally following the event. Google’s Bard AI (Artificial Intelligence) chatbot has given three scenarios for ADA’s price following BTC’s halving event.
In the first scenario, if BTC’s price hits $100,000 after the halving, as predicted by CoinCodex, Cardano’s (ADA) price could surge to between $2.5 and $5. If ADA hits $5, it would translate to a growth of over 940% from current levels. Reaching $5 would also mean a new all-time high for the token.
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In the second scenario, if BTC’s price surges to $250,000, as predicted by BitQuant, Google’s Bard Ai predicts Cardano (ADA) to reach between $5 and $10. If ADA reaches $10, it would translate to a growth of around 1983% from current levels. If BTC reaches $250,000, Bard anticipates a major altcoin rally, with ADA potentially rising 8x to 16x.
The third scenario is a little bearish, with BTC hitting $50,000. In this case, Google’s Bard anticipates ADA to reach a price between $1 and $2. Reaching $2 from current levels would mean a growth of around 316%.
Cardano’s (ADA) price could see a massive price spike if the three scenarios come to fruition. However, there is also the possibility that the market does not respond to BTC’s halving event, which could lead to consolidated prices.