Cryptocurrency analyst Benjamin is warning that Cardano (ADA) and other altcoins are primed for losses when paired against Bitcoin (BTC).
Cowen tells his 738,700 Twitter followers that against Bitcoin, Cardano could bottom out at 0.00000400 BTC, or $0.11, a drop of 69.8% from current levels.
“I think ADA/BTC would be lucky to bottom at 0.00000800 BTC, but 0.00000400 BTC could be final support (though it could represent a higher US dollar valuation at 0.00000400 BTC than at 0.00000800 BTC).”
In a chart depicting the likely trajectory of Cardano when paired against Bitcoin, Cowen seems to suggest that the seventh-largest crypto asset by market cap could hit the final support level in the third quarter of 2023.
“ADA/BTC”
Source: Benjamin Cowen/Twitter
Cardano is trading at 0.00001326 BTC, or $0.37, at time of writing.
Citing his own experience, Cowen says that seemingly small gradual losses as altcoins depreciate against Bitcoin tend to balloon over time.
“A common response to m
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