Cardano (ADA) Explosive Breakout Is Imminent, Says Crypto KOL Tom Busby
Top analyst Tom Busby from CryptoBusy shares with their subscribers reasons for their bullish view on Cardano (ADA) and makes price predictions for the upcoming months.
The trader kicks off the video by mentioning the rising skepticism towards Cardano’s upcoming smart contract launch. According to the trader, IOHK CEO Charles Hoskinson has once again slammed those who claim that Cardano will not launch smart contracts:
“It’s extraordinary to me the level of skepticism about our upcoming smart contract launch. It’s not something like SCs will be underwhelming, but rather it simply won’t happen. The critics say it with biblical level certainty. We should start a fund to pay for their therapy,” Charles tweeted.
The largest proof-of-stake blockchain is expected to roll out smart contracts in early September, according to IOHK’s previously announced roadmap. However, the majority of Polymarket users believe that Cardano’s Goguen era will not start on Oct. 1, betting against Hoskinson.
Cardano was first set up in the same year as Ethereum. However, its development has been slower, on account of its peer-reviewed implementation structure.
“Some six years after its inception, Cardano’s Alonzo upgrade is about to add a raft of new features that bring it more closely in line with Ethereum and other projects competing to be crypto’s builders playground.”
Cardano is currently in the Goguen era. The trader says that the network has already moved through the Allegra hard fork – which required tokens to be locked up in order for participants to take part in on-chain voting – and the Mary fork which paved the way for NFTs to be used. Next up is Alonzo.
“The addition of the Alonzo upgrade will give Cardano the ability to compete with other decentralized finance ecosystems like Ethereum, Binance, Polkadot, Solana and others.”
In this bull cycle, Busby believes that Cardano can ultimately reach $5 and possibly top out to $7:
“I think between five to seven dollars is pretty reasonable where it could go. Again it could go higher than that but I think we’re keeping it conservative here,”
As for the month of August, the trader says that if Bitcoin (BTC) goes up to $50,000, altcoins would be drag down and Cardano may see the dips at below $1.