Legendary Trader Peter Brandt has sparked interest in the cryptocurrency community with his recent prediction on Cardano (ADA). In a tweet, Brandt expressed his bullish outlook on the ninth largest cryptocurrency by market capitalization: "Alt season???? Make no doubt about it, Cardano (ADA) has bottomed for a grand bull market."
Brandt’s tweet implies that ADA might have bottomed, signaling the potential start of a "grand bull market" for the major cryptocurrency. The mention of "alt season" hints at the possibility of a broader rally in alternative cryptocurrencies, referred to as altcoins.
Brandt's prediction of a grand bull market for Cardano is based on his technical analysis of ADA's price charts. Versatile traders often look out for patterns and indicators that signal a reversal in market trends.
In a chart accompanying the tweet, Brandt identified a "double bottom base pattern" for the Cardano price action, which was preceded by a descending triangle.
The confirmation of a bullish double-bottom base pattern could drive ADA's price higher in the coming days. Positive momentum on the broader crypto market could provide a strong tailwind for ADA and other altcoins.
What's next for Cardano's (ADA) price?
At the time of writing, ADA was up 2.30% in the last 24 hours to $1.08 and up 20.44% in the past week.
Cardano started a recovery that has risen above the 50-day SMA ($1.01). This rebound might extend into the third straight day if taken from Jan. 14. Both moving averages have flattened out; the RSI just above the midpoint suggests a slight edge to the bulls.
Buyers will gain the upper hand on a break and close above the $1.18 level. If that happens, ADA may rise to $1.33. Alternatively, if the price turns down sharply from the daily SMA 50, it might suggest that ADA may return to trade in its prior range for a while.
As Cardano hovers near the $1 mark, all eyes will be on Cardano to see if it can live up to Brandt's bullish prediction. If ADA does enter a grand bull market, it could see substantial gains in the days ahead.
