7.5 C
London
Monday, February 26, 2024
HomeBitcoin NewsCrypto Analyst Predicts Bitcoin To $100,000 But Says Cardano Is Dead, Here’s...

Crypto Analyst Predicts Bitcoin To $100,000 But Says Cardano Is Dead, Here’s Why

Date:

Related stories

Can BRICS Launch a New Currency & Jeopardize the US Dollar?

The BRICS alliance is aiming to launch a new...

BRICS to Launch a Single Currency Similar to Euro?

The BRICS alliance is looking to work on an...

Cryptocurrency: 3 Coins That Could Surge in March

March is shaping up to be a pivotal month...

BRICS: 30 New Countries Prepare To Join Alliance in 2024

A handful of developing countries are preparing to join...

US Dollar Weakened: Gold Price Passes $2040

The US dollar has continued to weaken over the...

Tom Dunleavy, Partner and Chief Investment Officer (CIO) at MV Capital, recently elaborated on the reason for his price predictions for Bitcoin and Cardano. As part of his predictions, the crypto analyst had, at the beginning of the year, stated that Bitcoin was going to hit $100,000 soon enough. 
In an interview with Scott Melker, Dunleavy alluded to the Bitcoin Halving as the reason why he believes Bitcoin will hit $100,000. Interestingly, he stated that this prediction was a “bit light” if the past post-halving numbers are to be considered. He noted how Bitcoin’s price usually sees at least a 4x increase once the Halving event takes place. 
Bitcoin Halving continues to be predicted as the event that will spark the next bull run, ushering in these price increases for Bitcoin. Skybridge Capital CEO Anthony Scaramucci also referred to this event as the reason for his prediction that Bitcoin will rise to $170,000. Like Dunleavy, he also noted how Bitcoin usually sees at least a 4x increase after miners’ rewards are cut in half
Indeed, Bitcoin is known to have experienced a big rally after the Havling took place. Historically, Bitcoin’s price has seen an 8,000%, 284%, and 559% gain one year after the Halving in 2012, 2016, and 2020 respectively. Furthermore, Bitcoin’s price has hit a new all-time high (ATH) in each of these instances, making the $100,000 price prediction very feasible. 
Bitcoin Cardano
Dunleavy also highlighted the Spot Bitcoin ETFs and macroeconomic factors like the expected interest rate cuts as other reasons why he thinks a 2x increase in Bitcoin’s price is a “solid base case.” These ETFs are expected to keep contributing to an increased demand for the flagship crypto token, while a rate cut is usually bullish for Bitcoin. 
In his predictions for 2024, Dunleavy boldly claimed that Cardano would lose its relevance and a new chain would take its place. Elaborating on the reason for this assertion, he alluded to the network’s lack of a stablecoin and that DeFi (Decentralized Finance) was basically “non-existent” on it. 
The crypto analyst went on to call Cardano’s founder, Charles Hoskinson, a “megalomaniac” who is “unwilling to change or adapt to the ecosystem.” He suggested that this was the reason why projects on the network are looking to migrate to other networks, a move which he believes is going to cause Cardano to fade off in the long run. 
Dunleavy also noted how Cardano’s lack of Venture Capital (VC) has handicapped the network, considering the recognition and users these VCs bring “directly through their capital.” This was another reason why the crypto analyst wasn’t so hopeful about the network’s future. 
Bitcoin price chart from Tradingview.com (Cardano)
Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott’s dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.
We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.
© 2024 NewsBTC. All Rights Reserved.
© 2024 NewsBTC. All Rights Reserved.

source

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here