Cardano (ADA) has seen a significant decline against Bitcoin (BTC), dropping 75% since Cardano founder Charles Hoskinson questioned Bitcoin’s future in a 2022 interview. In October 2022, Hoskinson suggested that Bitcoin should move away from its blockchain to faster networks like Cardano or Ethereum. At that time, the ADA/BTC pair traded at 2,188 satoshis, but by September 2024, it had fallen to 562 satoshis—its lowest level since December 2020.

Hoskinson’s remarks have historically coincided with negative market reactions to ADA. For example, after his June 2021 critique likening Bitcoin to a “washed-up football star,” ADA’s price saw a decline. Similar downtrends followed his April 2024 comparison of Bitcoin to religion and his later comments claiming that the cryptocurrency industry no longer needed Bitcoin.

ADA/BTC weekly price chart. Source: TradingView

In total, ADA has plummeted nearly 94% from its all-time high in January 2018.

Despite these setbacks, there are potential bullish signs on the horizon. ADA/BTC appears to be trading within a falling wedge pattern, often seen as a bullish reversal signal. If this pattern holds, ADA could see a 25% rally by the end of 2024, with a price target of around 694 satoshis.

Source: X

However, caution is advised, as longer-term trends suggest further potential declines. ADA/BTC has already broken below its lifetime ascending trendline support and could drop another 25% to test the 1.0 Fibonacci retracement level at 413 satoshis in 2025.

As Cardano continues to navigate market challenges, investors remain cautious, keeping a close eye on both technical patterns and ongoing comments from Hoskinson that could influence future price action.