LuckSide Crypto, a well-known cryptocurrency analyst, expressed optimism about Cardano in his recent YouTube video on December 12th. Despite acknowledging overall market volatility, he highlighted technical indicators, suggesting that Cardano (ADA) could be reaching a bottom and potentially gearing up for a breakout. LuckSide Crypto specifically pointed out a bullish pennant pattern in ADA’s price chart, commonly indicating a continuation of the previous trend.
Regarding the recent crypto sell-off, the analyst speculated that it might signify the anticipated “one last big shakeout” he had been expecting for months. He suggested that significant players might be intentionally inducing fear to consolidate their positions, but noted that this manipulation seems to be ineffective.The analyst emphasized $40,000 as a crucial level for Bitcoin (BTC) to close above in 2023, envisioning it as a precursor for substantial upside in 2024. He expressed the view that Cardano’s all-time highs might still be a couple of years away. LuckSide Crypto also mentioned the potential approval of a spot Bitcoin ETF, anticipating a positive impact on crypto sentiment in early 2023. Despite recognizing lucrative swing trading opportunities in lingering volatility, he personally avoids such risky strategies during bear markets.
