A popular crypto analyst is predicting a significant surge for a competitor of Ethereum (ETH). Known as Kaleo, this trader with a strong following of 641,800 on the social media platform X, suggests that Avalanche (AVAX) could be on the brink of replicating a bullish trend against Bitcoin (BTC) that was seen in 2021.
In his analysis, Kaleo points out that the AVAX/BTC chart resembles a pattern from July 2021, indicating potential for substantial gains. He mentions a period of significant growth at the beginning of the year, followed by a decline before a significant surge. He describes it as the calm before the storm.
According to his chart, Kaleo anticipates that AVAX/BTC could break out of a descending channel to reach 0.0014 BTC ($99.87), similar to the impressive rise witnessed from July 2021 to December 2021, where the trading pair surged from 0.0003 BTC to around 0.0025 BTC, marking a 733% increase.
Currently, AVAX/BTC is trading at 0.0005105 BTC ($36.42), showing a slight decrease in the last 24 hours.
Kaleo also forecasts a parabolic breakout for meme coin Dogecoin (DOGE) against Bitcoin (DOGE/BTC). His chart indicates that DOGE/BTC could surpass 0.00000380 BTC ($0.27) soon, with the current trading price at 0.00000227 BTC ($0.16), showing a slight decrease in the last 24 hours.
The analyst is of the opinion that the start of altseason will be triggered once Ethereum breaks through a crucial resistance level against Bitcoin (ETH/BTC) at around 0.054 BTC ($3,852).
At present, ETH/BTC is trading at 0.05370 BTC ($3,798), showing a 1% decrease in the last 24 hours.
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