Benjamin Cowen, a crypto analyst and trader, has stated that Cardano (ADA), the 5th largest cryptocurrency by market capitalization, has the potential to hit $5 to $10 before the end of the current bull cycle.
Cowen shared this in an interview with Altcoin Daily hosts, Aaron and Austin Arnold. According to the analyst, it’s crucial to know whether an altcoin is outperforming Bitcoin (BTC) in a bull market when considering its value in USD. In this regard, he’s certain that Cardano (ADA) has so far outperformed the flagship digital currency in this bull cycle.
Benjamin Cowen noted:
“If an altcoin can’t outperform Bitcoin, then there’s no point in holding it. Can ADA outperform it… ADA outperforms Bitcoin in a bull market…
“Going back to ADA, I see this as still a long-term play. Now, buying ADA at $1.37 is much riskier than buying it at $0.02… but in the grand scheme of the cycle, I do think ADA has a ways to go. I don’t think 1.37 is the market cycle top by any means. Market cycle tops don’t look like this.
I think in the grand scheme of the market cycle, I think it’s going to go much higher than where it currently is. If I had to throw a ballpark number out there, I would say somewhere between like $5 to $10 is my guess… If I’m wrong because it goes higher than $10, that’s something I don’t mind being wrong about.”
Despite the fact that the crypto trader is optimistic that Cardano (ADA) will keep rising against USD, he warns that there may be steep pullbacks in the course of its climb:
“I can also tell you too that if we go there, it’s going to be one crazy journey and we’re not going to go straight to those levels.
“We’re probably going to have some major pullbacks along the way and the way we look at that is noting Ethereum had some pretty major pullbacks last cycle as well… I think it can go those levels, but it’s certainly not going to be an easy ride.”