Cardano (ADA) To See One More Drop Against Bitcoin Before Year End, Says Analyst Benjamin Cowen
Closely followed analyst Benjamin Cowen says that Cardano (ADA) is most likely in for one additional drop against Bitcoin (ADA/BTC) before 2024 comes to a close. Cowen tells his 889,100 followers on the social media platform X that historically, ADA has oscillated against BTC roughly between 400 and 4,000 satoshis (sats), while making final declines at the end of the halving year. Cowen points out that coinciding with the four-year ADA/BTC pattern is the fact that monetary policy is still relatively restrictive and that the US dollar is in the middle of a rally – two typically bearish conditions for risk assets like crypto. “I think ADA/BTC will get one more drop before EOY (end of year) and then go up in 2025. Showing some stats for comparison… Nov 2020 low: 583 sats Nov 2020 high: 995 sats Dec 2020 low: 503 sats Nov 2024 low: 470 sats Nov 2024 high: 903 sats (so far) Dec 2024 low: ??? If QT (quantitative tightening) were over I would be more ...