A prominent cryptocurrency strategist believes that Cardano (ADA) is poised for a significant surge in value. Trader Ali Martinez, with a substantial following of 61,400 on the social media platform X, expresses his bullish stance on ADA. He notes that despite a recent 50% drop in value, ADA appears ready for a parabolic bull run, drawing parallels to previous market movements.

Martinez highlights that in 2019, Cardano experienced a consolidation phase within a parallel channel, which indicated the end of a bear market. Following this period, ADA broke out of the channel with a 75% surge, only to undergo a 56% price correction before embarking on an impressive 4,095% bull run. According to Martinez, a similar pattern may be unfolding this time around, as Cardano has recently consolidated within a parallel channel, marking the end of the bear market. With a 72% surge after breaking out of the channel, ADA has now undergone a 50% price correction, setting the stage for another noteworthy bull run.

Analyzing the trader’s chart, it appears that Cardano could potentially appreciate by approximately 2,080% from its current levels. At the time of writing, Cardano is trading at $0.467. Meanwhile, Martinez also comments on Bitcoin, stating that the Tom DeMark Sequential indicator is signaling a bullish trend for the leading cryptocurrency. Traders rely on this indicator to predict potential trend reversals based on closing prices. Martinez explains that the TD Sequential indicator presents a buy signal on the Bitcoin daily chart, suggesting a rebound of one to four daily candlesticks for BTC.

Bitcoin is currently trading at $62,750, representing a more than 6% increase in the past day. It’s important to note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin or cryptocurrencies. Transfers and trades are undertaken at one’s own risk, and any losses incurred are the individual’s responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, and it is not an investment advisor.