HBAR’s price has skyrocketed over the last month, with the current trading price around $0.30. Despite the market pullback, analysts are still optimistic about Hedera’s (HBAR) price.
Crypto analyst known as Lee The Captain on YouTube believes that, regardless of the pullback, HBAR’s price is still on its way to reaching $3 in the bull run.
Growth Potential for HBAR Price
The analyst envisions a scenario where, as overall market sentiment improves and shifts into what they describe as “fifth gear,” Hedera could emerge as a standout player in the cryptocurrency space.
The possibility of HBAR’s price reaching $3 would solely depend on strategic partnerships to continue driving HBAR’s growth, with Hedera forging alliances with industry leaders like Ripple and integrating with the FedNow payment system through Dropp to enhance real-world utility.
Lee also noted that Hedera’s governing council, featuring tech titans like Google, Boeing, Dell Technologies, and IBM, strengthens its credibility and growth prospects. With a proposed $3 price target for HBAR in this bull cycle, the project would reach a $15 billion market cap, as we have seen competitors like Binance Coin and Ethereum achieve the same feat.
While pullbacks are a natural part of market dynamics, drawing parallels to Bitcoin’s historical journey through multiple bear markets and price corrections. This resilience shows broader confidence in HBAR’s potential, despite temporary fluctuations.
READ ALSO: Can Ripple (XRP) Reach $100? Analyst Gives Realistic Price Prediction
Lee noted the importance of a dollar-cost averaging strategy. This approach allows investors to lower their average cost by accumulating tokens now that the price is dipping.
The analyst noted that the recent pullback in Hedera price should not be a cause for alarm, maintaining a price target of $3 for the upcoming run, he reflects on previous investment experiences from projects like Floki and Luna, which faced major downturns before rebounding.
