Cryptocurrency analyst and influencer Ben Armstrong expects Cardano’s rally to continue for the next six months.
Armstrong predicts that by October 31st, Cardano (ADA) will have hit the $8.00 mark. At that point, he says investors will begin to take profits.
“By the end of, you know, the altcoin cycle, I think it will be around Halloween, I can see Cardano reaching $8. I can see a lot of people wanting it to get to $10. And I think between $8 and $9, people will start taking profits, – and that will kind of be the end.”
At the time of writing, Cardano is trading at $1.23 and would need to appreciate by over 700% to reach a price target of $10.
Armstrong reveals he believes Cardano is ‘going to be around for a long time’ as its adoption grows.
“We’re seeing now like some institutions are looking at Cardano. And I think there’s a reason for that. They understand the long-term play, the slow roadmap.”
The cryptocurrency influencer and analyst adds that he believes the upcoming initial public offering (IPO) is bullish for cryptocurrencies including Bitcoin.
“…I believe the Coinbase IPO is going to bring with it a lot of manipulation to the upside, because it’s beneficial for Coinbase. If you look at the valuation of Coinbase, it’s directly tied to the price of Bitcoin.
“There are a lot of people in crypto with a lot of money. And a lot of those people are tied to Coinbase. We know Coinbase was wash trading a few years ago. They just got a big fine for that. So we know it’s not beneath them.
Of course, now, they could probably hide it a little better. I think we are going to see… it’s going to be beneficial for everyone including Coinbase if the price of Bitcoin is up the day of the IPO which is April 14th.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Art Furnace