Cryptocurrency analyst Crypto Capital Venture recently discussed the current state of the cryptocurrency market, expressing hope for Bitcoin and altcoins. In a recent video, the analyst discussed the importance of zooming out on Bitcoin charts to get a broader perspective on market trends.
According to the analyst, examining the Bitcoin mini-chart provides a roadmap to understanding the entire cryptocurrency market. Bitcoin's roadmap remains decisive, indicating upside trends even for those primarily invested in altcoins.
The analyst explained the importance of the current moment in the market cycle, especially in relation to the Bitcoin halving event. Compared to previous market cycles, the analyst noted that it typically takes four years to reach the point where the market currently stands, with Bitcoin poised for another bull cycle.
Additionally, the analyst discussed the implications of Bitcoin's performance on altcoins, noting that an upward movement in Bitcoin could positively impact the broader cryptocurrency market. Speaking about specific altcoins such as Cardano (ADA), Ethereum (ETH), and others, the analyst explained the importance of considering historical data and market dynamics in evaluating potential gains.
Cardano (ADA) price reaches ATH
Reflecting on ADA's current position, which is 500% below its all-time high, he drew parallels with previous cycles, especially when ADA was in a similar technical position, just below the dollar, and people wondered if it would reach that milestone. once again. At that time, the index exceeded expectations, rising by more than 2,700%. Now, with ADA at around 50 cents and its previous all-time high at $3, there is potential for gains of almost 500%, with speculative scenarios reaching $7 to $10.
Comparatively, Ethereum presents a different scenario, with less room for gains to an all-time high. Ethereum is currently about 90% away from its peak, indicating more modest potential gains compared to ADA. However, analyzing altcoins like Avalanche, Solana or Polkadot is more difficult due to limited historical data, making it necessary to take into account factors such as the trajectory of the market cap along with the distance from all-time highs.
