Crypto analyst and influencer Ben Armstrong expects Cardano’s rally to continue over the next six months.
Armstrong predicts that Cardano (ADA) will reach the $ 8.00 level by October 31, at which point investors will start making profits.
“At the end of the altcoin cycle, I think it will be around Halloween, I can already see Cardano reaching $ 8. I also know that a lot of people want it to reach $ 10. And I think between $ 8 and $ 9, people will start to make a profit and that will somehow end. ”
At the time of writing, Cardano is trading at $ 1.21 and needs to gain over 700% to reach its $ 10 price target. Armstrong explained that he believes Cardano will “be around for a long time” as its adoption continues to grow.
“Now we see that some institutions are interested in Cardano. And I think there is a reason for this. They understand the long-term game, the slow road map. ”
Ben Armstrong adds that he believes Coinbase’s upcoming initial public offering (IPO) is driving the rise of all cryptocurrencies, including Bitcoin.
“… I believe the Coinbase IPO will bring a lot of upward manipulation with it, because it is beneficial for Coinbase. If you look at Coinbase’s valuation, you will see that it is directly tied to the Bitcoin price.
“There are many people who have a lot of money in crypto. And most of these people are affiliated with Coinbase. We know that Coinbase was trading wash a few years ago. They got a huge fine for this. So now we know that they are not under this situation. Sure, they could probably hide this situation a little better right now. I think we will see this in the future … ”
“It will be beneficial for everyone, including Coinbase, that the Bitcoin price will rise on the day of the IPO on April 14th. “