A popular crypto analyst suggests that a potential Ethereum (ETH) competitor is preparing for a significant increase in value. Known as Kaleo, the trader with a large following of 641,800 on the social media platform X, believes that Avalanche (AVAX) could be on the verge of repeating a bullish trend against Bitcoin (BTC) that it experienced in 2021.
According to Kaleo, the AVAX/BTC chart indicates similarities to a previous pattern in July 2021. He notes that after significant gains at the beginning of the year, there was a period of decline before a notable increase. He describes the current situation as “quiet before the storm.”
Based on his analysis, Kaleo suggests that AVAX/BTC might break out of a descending channel to reach 0.0014 BTC ($99.87). This would be reminiscent of the pair’s surge from approximately 0.0003 BTC in July 2021 to about 0.0025 BTC in December 2021, marking a 733% gain.
As of the latest data, AVAX/BTC is trading at 0.0005105 BTC ($36.42), showing a slight decrease in the past 24 hours.
In his next prediction, Kaleo anticipates a parabolic breakout for meme coin Dogecoin (DOGE) against Bitcoin (DOGE/BTC). Looking at the chart, he hints that DOGE/BTC could soon surpass 0.00000380 BTC ($0.27). Currently, DOGE/BTC is trading at 0.00000227 BTC ($0.16), with a slight decrease in the last 24 hours.
The analyst also believes that the altseason will kick off once Ethereum breaks through a key resistance level against Bitcoin (ETH/BTC) around 0.054 BTC ($3,852).
At the time of writing, ETH/BTC is trading at 0.05370 BTC ($3,798), showing a 1% decrease in the last 24 hours.
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