‘Grand Bull Market’ For Cardano? Analyst Declares The Bottom Is In

Christian Encila

4 months ago

3 mins read

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Veteran trader Peter Brandt has suggested that Cardano (ADA) has “bottomed” and is preparing for a “grand bull market,” which has brought the cryptocurrency into the limelight. Brandt’s analysis, which carries weight in trading circles, has elicited enthusiasm among investors in ADA.

A Sequence Of Reversals

The technical basis of Brandt’s analysis is the so-called double-bottom base. This base, which has been sustained for the past year, points to a possible change from a bearish to a positive direction. ADA lately exceeded its local high of $0.81, a crucial level now used as a support zone. For traders, this is a very important sign of resilience.

Brandt is of the opinion that this pattern establishes the foundation for a consistent upward trajectory. He observes that the cryptocurrency is currently consolidating above $1.10, a level that has previously served as resistance. Converting this into support could establish the beginning of substantial price increases.

Alt season????
Make no doubt about it, Cardano $ADAUSD has bottomed for a grand bull market
Blue check mark only so no rude trolls pic.twitter.com/Xn33Twot47

— Peter Brandt (@PeterLBrandt) January 16, 2025

Momentum Of The Present Market

ADA is currently trading at $1.13, with an intraday high of $1.14 and a low of $1.03 as of January 17, 2025. Although these figures may appear modest, they are in close alignment with Brandt’s optimistic expectation. The incremental price pattern is indicative of the underlying market confidence for those who are closely monitoring the altcoin’s trajectory.

The overall sentiment of the cryptocurrency market has a role as well. As talk of an “altcoin season” heats up, interest in alternative digital assets like ADA grows. This market-wide confidence frequently leads to larger price volatility for individual cryptocurrencies.

This focus on support and resistance zones underscores the importance of technical analysis in understanding cryptocurrency trends. Brandt’s emphasis on these levels adds a layer of credibility to his bullish forecast.

ADA market cap currently at $39.6 billion. Chart: TradingView.com

Breaking Resistance Levels

Cardano’s ability to convert resistance levels into support has been a key driver in its price movement. The first step was to exceed $0.81. The next issue is keeping the price over $1.10. If this level is maintained in the coming months, ADA may set more ambitious goals.

Broader Implications For ADA

The recognition of the double-bottom base by Peter Brandt implies Cardano has a bright future. Given the altcoin is consolidating above important levels and the larger market is in a positive state. ADA might be preparing for a major bull run. Still, investors should exercise great caution and be informed as the state of the market is erratic.

Cardano (ADA) Price Growth Catalyst

Meanwhile, a potential catalyst for Cardano’s price ascent is the approval of exchange-traded funds by the US Securities and Exchange Commission.

Polymarket traders anticipate that the SEC will give the green light to several XRP and Solana ETFs. According to analysts, billions of dollars will flow into these funds once the approval is given.

Featured image from Paleothea, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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