dailyhodl.com
Widely followed crypto analyst Benjamin Cowen is offering up some price targets for Cardano (ADA) should the bear market for digital assets intensify.
In a new strategy session, Cowen tells his 743,000 YouTube subscribers that he’s looking at Cardano against Bitcoin (ADA/BTC) and says the pair is in the midst of a strong downtrend.
According to Cowen, he sees Cardano losing more than half of its value if the ADA/BTC pair revisits its 2018 bear market low of 0.0000085 BTC or $0.25.
“Look, we’re in a bear market. We know that altcoins get absolutely wrecked in a bear market. We know that the Bitcoin valuation of these altcoins get wrecked in a bear market, and they can also get wrecked in a bull market. If we go down to the bottom of the valuations that Bitcoin hit in the bear market in the ADA/BTC valuation, you’d be looking at another 55% drop in the valuation of ADA. A 55% drop from the current price of ADA would put ADA at around $0.25 or so. So another 50% correction.
Don’t tell me it can’t happen. I lived through [the last bear market] and I even started buying ADA at $0.10, and I thought I was smart and then it dropped 80%. You might look at it and say ‘$0.10 ADA, why are you complaining?’ It didn’t really feel smart at the time because it dropped 80%. People forget how brutal these things can be.”
At time of writing, ADA is trading at $0.52, down over 82% from its all-time highs of around $3.