According to Changelly’s prediction, investors may have to wait significantly longer for Cardano to reclaim its all-time high.
Cardano (ADA), the eighth-largest cryptocurrency by market cap, reached its previous all-time high of $3.10 in September 2021. Since then, the cryptocurrency had struggled before recently recovering to a yearly high around $0.73.
Despite the progress, Cardano investors may have to wait much longer to see the cryptocurrency go back to its previous bull market highs. A recent prediction by popular trading platform Changelly claims that Cardano will not beat its previous all-time high in the current market cycle.
Instead, the cryptocurrency will only reach a maximum price of $0.79 in 2024 and could even trade as low as $0.445 by November. However, Changelly expects that things will start looking up again for Cardano in the year after.
For instance, the forecast suggests that Cardano will enter the single-digit club again by April 2025, when its price will reach $1.04. Additionally, the next twelve months will deliver excellent returns for Cardano investors, paving the way for ADA to reclaim its all-time high by 2027.
The milestone figure will be broken in July 2027, when the cryptocurrency is expected to reach a maximum price of $3.10. From that point onward, Cardano’s price will gradually increase and close out the year around $3.57.
Bearish Forecast Goes Against Current Bullish Trend
While Changelly’s prediction may seem appealing to investors who are bearish on Cardano’s future, it defies the bullish trend that has enveloped the crypto market in recent weeks.
Cardano’s current price is around $0.73, which means that the altcoin only needs a less than 10% gain to beat the maximum predicted price of $0.79 in 2024.
Moreover, Cardano broke its previous all-time high in the last market cycle, and there is no clear indication that markets would do otherwise in the current cycle.
Meanwhile, the global crypto market outlook and macro trend point to a bullish year ahead for risk-prone assets such as cryptocurrencies. Bitcoin’s upcoming halving and the growth of the Cardano ecosystem all further hint at ADA possibly shattering Changelly’s price prediction.
As a result, most market watchers are more bullish than bearish on Cardano. For example, popular analyst Ali Martinez believes that Cardano’s price could surge well into the double-figure range in the current market cycle if history repeats itself.