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Market expert Benjamin Cowen has reacted mockingly to a post from a Cardano proponent over a year ago, which doubted his ADA/BTC chart analysis.
In a Monday tweet, the ITC Crypto founder referenced an old post calling him out for predicting that Cardano would lose dominance against Bitcoin. He responded almost a year later with, “I wonder if they still want a comment.”
Cowen’s Analysis Comes to Fruition
Notably, he responded to a remark from a Cardano pool operator, who mocked him following his analysis that ADA would trade at 400 SATs (0.000004 BTC). For context, Cowen predicted in August 2023 on Altcoin Daily that the surging Bitcoin dominance will herald an ADA capitulation.
Cowen also reiterated his assertions in a YouTube post in November, placing the same bet on ADA’s performance against Bitcoin. Meanwhile, the market expert received widespread criticism from Cardano proponents at the time, with the tweet in question resorting to demeaning words.
At the time he made the speculations, ADA/BTC traded at 0.00001020, with Bitcoin changing hands for $37,382 and Cardano at $0.382. However, the pair currently exchange hands at 0.0000049, an equivalent of 490 SATs.
With Cowen’s prediction nearing fruition, he took to X to respond to comments criticizing his assertions from a year ago. Specifically, he asked if one of his critics, who asked for comments when ADA rallied against Bitcoin at the time, still needed his input.
What Next After Cardano Struggle?
Cardano has faced severe downward pressure amidst a broader market correction. The altcoin is down 10.29% in the past week and 16.73% month-over-month, trading at $0.3323 at the time of writing.
Meanwhile, bullish macroeconomics like the latest $1.3 trillion Bitcoin liquidity unlock with the partnership between Emurgo and BitcoinOS, and the switch to decentralized governance in early September have still not helped Cardano’s course.
Despite this, analysts are still keen on higher prices for Cardano. For instance, analyst Alikze speculated that ADA is close to a surge to $0.55, citing an upward wave three structure forming on its ascending triangle.
However, an analyst predicted lower prices for ADA, targeting a downtrend to $0.22. The TradingView analyst asserted the price mark for Cardano if it fails to hold its support at $0.33. Notably, ADA is currently trading at the support, and its next price will be determined by how it reacts to the zone.