June 20 (Cointime) - Crypto analyst Benjamin Cowen predicts that Cardano's bear market may continue for the rest of 2023 before hitting bottom. Cowen suggests that monitoring the ADA/BTC pair and its ability to hold at around 0.000004 BTC ($0.11) could signal a bottom for the smart contract protocol.

While Cardano is currently trading at $0.26, it has been on a downtrend since reaching its all-time high of $3.09 in August 2021. Cowen advises that holding Bitcoin may be more attractive during this phase of the market cycle if Cardano continues to bleed against it.