- The Ethereum competitor Avalanche (AVAX) is poised for substantial growth, according to a well-respected crypto analyst.
- Renowned trader Kaleo has highlighted a pattern on his chart that suggests AVAX could replicate a 2021 bullish trend against Bitcoin (BTC).
- “I wouldn’t dismiss Avalanche right now. The chart hints at a potential breakout similar to what we saw in July 2021, indicating significant gains might be on the horizon,” Kaleo informs his followers on social media.
Discover why Avalanche (AVAX) might be on the brink of significant gains and what this could mean for the broader crypto market.
Avalanche’s Potential Parallels to 2021 Bull Market
Kaleo, a seasoned trader with a substantial following on X, is drawing attention to Avalanche (AVAX) and its possible bullish trajectory against Bitcoin (BTC). He notes that the current AVAX/BTC chart looks eerily similar to its pattern in mid-2021, a period before significant price escalation. According to Kaleo, AVAX’s positioning mirrors its July 2021 status, suggesting that a major breakout might be imminent. At that time, the trading pair surged from approximately 0.0003 BTC to around 0.0025 BTC by December 2021, a staggering increase of 733%.
The Current Standing of AVAX/BTC
At the time of writing, AVAX/BTC is valued at 0.0005105 BTC ($36.42), reflecting a minor decline over the past 24 hours. The analyst predicts that if history repeats itself, AVAX could break out of its descending channel to reach 0.0014 BTC ($99.87). Such a move would echo the previous explosive growth AVAX experienced, positioning it for significant future gains.
Dogecoin (DOGE): Another Potential Bullish Move
Alongside AVAX, Kaleo also foresees a remarkable upward trajectory for Dogecoin (DOGE) against Bitcoin (DOGE/BTC). He suggests that DOGE/BTC is poised for a parabolic breakout, possibly exceeding 0.00000380 BTC ($0.27). Presently, DOGE/BTC is trading at 0.00000227 BTC ($0.16), marking a slight decline over the past 24 hours.
Implications for Altseason
Kaleo’s analyses further indicate that the altseason, a period characterized by substantial appreciation in altcoin values, will kick off once Ethereum (ETH) breaks through its key resistance level against Bitcoin, which currently stands at around 0.054 BTC ($3,852). This assertion points to potential widespread bullish activity across various altcoins, contingent on ETH’s performance.
Conclusion
The insights from Kaleo underscore the potential for significant gains in AVAX and DOGE, with broader implications for the cryptocurrency market. As AVAX mirrors its previous 2021 bullish pattern and DOGE hints at an upward trend, investors should stay vigilant and informed. These developments also highlight the potential for an impending altseason, contingent on ETH’s performance against BTC. As always, investors are advised to conduct thorough research and exercise caution in their financial decisions.
