Cardano May Experience Further Correction, Warns Analyst Benjamin Cowen
Crypto analyst Benjamin Cowen is cautioning that Cardano (ADA), a competitor of Ethereum (ETH), could see additional correction. In a recent strategy session with his YouTube subscribers, Cowen explains that ADA may decline further against Bitcoin (ADA/BTC) due to the Federal Reserve’s delay in cutting interest rates.
Cowen previously predicted that ADA would reach 800 sats by the summer, which was met with skepticism. However, the cryptocurrency did reach this level. Despite this, Cowen believes that ADA could still drop lower due to the absence of looser monetary policy.
Federal Reserve Interest Rate Cuts Could Trigger a Rally
Cowen anticipates that the Federal Reserve will start reducing rates around March 2024. He points out that historically, the Fed typically pauses for about eight months before implementing rate cuts. Once rate cuts begin, riskier assets like altcoins, including ADA, could find a durable bottom against Bitcoin.
Currently, ADA/BTC is trading at 0.0000102 BTC ($0.39).
Hot Take: Benjamin Cowen Remains Bearish on Cardano’s Prospects
Crypto analyst Benjamin Cowen warns that Cardano (ADA) may continue to face downward pressure against Bitcoin (BTC). Cowen attributes this potential correction to the Federal Reserve’s delay in implementing looser monetary policy. While ADA has already reached levels predicted by Cowen earlier in 2022, he believes it could still decline further. However, once the Fed starts cutting interest rates around March 2024, riskier assets like altcoins are expected to rally against Bitcoin. Currently trading at 0.0000102 BTC ($0.39), ADA’s future performance will depend on the timing of the Fed’s rate cuts.
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