Benjamin Cowen shared the speculation with his Twitter followers.
The analyst built his argument on technical analysis data, presenting a chart illustrating the projected direction of ADA price movement relative to bitcoin.
Cowan noted: his forecast uses a model that reflects retrospective data on the market price of ADA from 2018. And this data forms a trend line. Based on them, the analyst suggested that in the next five to six weeks, the crypto-asset could repeat the behavior seen in the third quarter of 2019.
Crypto-community experts did not unanimously agree on Benjamin Cowan’s forecast of a possible drop in the value, but concurred that his analysis was a wake-up call for all altcoin investors.
Crypto investors’ fears are fueled by rumors leaked online that Robinhood and bankrupt cryptocurrency lender Celsius intend to sell all ADA-denominated user assets at one time. The proceeds could amount to hundreds of millions of dollars, which would negatively affect the market value of the crypto-asset.
Recall that the Securities and Exchange Commission (SEC) lawsuit against cryptocurrency exchanges Binance and Coinbase Cardano cryptocurrency (ADA) was classified
category of unregistered securities.