According to Cointelegraph, According to Cointelegraph, Cardano (ADA) has consistently experienced price declines following negative comments made by its founder, Charles Hoskinson, about Bitcoin (BTC). Notably, the ADA/BTC trading pair has plunged by 75% over nearly two years since Hoskinson questioned Bitcoin's long-term viability during an interview with Cointelegraph in October 2022. At that time, ADA/BTC was trading at 2,188 satoshis, but as of September 3, 2024, it had dropped to 562 satoshis, approaching its lowest levels since December 2020.
This trend of ADA/BTC falling after Hoskinson's critical remarks about Bitcoin has been observed repeatedly. For instance, similar declines followed his June 2021 comparison of Bitcoin to a "washed-up football star," his April 2024 assertion that Bitcoin is akin to a religion, his May 2024 claim that "the industry doesn't need Bitcoin anymore," and his June 2024 statement that Cardano would surpass Bitcoin.
Despite these bearish patterns, ADA's technical setup against BTC currently shows signs of a potential bullish reversal. The ADA/BTC pair is trading within a falling wedge pattern, a setup traditionally viewed as bullish. If this pattern holds, ADA/BTC could rally by approximately 25% by the end of 2024, potentially reaching around 694 satoshis. However, a longer-term perspective suggests that a rebound may not indicate a lasting bottom, with further declines potentially bringing the pair down to around 413 satoshis in 2025.
