Bitcoin’s price soared to $71,997 today before plummeting to $70,633 within minutes, driving the market into a frenzy. Despite this volatility, significant analysts remain optimistic about certain altcoins, highlighting potential upward trends. One prominent market analyst has shared insights on AVAX, DOGE, and Ethereum, suggesting these altcoins may see substantial gains.
Is AVAX Set to Rise?
A well-known analyst has indicated that AVAX, often dubbed an Ethereum killer alongside Solana, is poised for significant returns. According to a post on X by the analyst known as Kaleo, Avalanche (AVAX) might replicate its bullish pattern against Bitcoin from 2021.
During July 2021, AVAX/BTC surged from approximately 0.0003 BTC to 0.0025 BTC by December, marking a 733% increase. This analyst forecasts a similar trend, potentially driving AVAX to 0.0014 BTC (around $99.87) from its current levels.
Currently, AVAX/BTC trades above $35, despite a 2% drop in the last 24 hours. Market volume remains robust at over $14 billion, with a 13% rise in trading volume reaching $327 million.
What About DOGE?
The analyst also turned their attention to Dogecoin (DOGE), a leading meme coin. They predict that DOGE could experience a parabolic breakout against Bitcoin (DOGE/BTC).
Based on the shared chart, DOGE/BTC could surpass the 0.00000380 BTC ($0.27) level soon. Currently, DOGE/BTC trades around $0.1579, having dropped 2.55% in the last 24 hours.
Ethereum’s Outlook
The final cryptocurrency in the analyst’s review is Ethereum, the top altcoin. The analyst suggests that if Ethereum breaks the key resistance level at 0.054 BTC ($3,852) against Bitcoin (ETH/BTC), it could trigger a much-anticipated altcoin surge.
As of now, ETH/BTC trades at 0.05370 BTC ($3,798), reflecting a 1% decline in the past 24 hours.
Key Takeaways for Investors
Here are some actionable insights based on the analysis:
- Keep an eye on AVAX as it may replicate its past bullish trends.
- DOGE could potentially see a significant breakout against BTC; monitor key resistance levels.
- Ethereum’s breaking of the 0.054 BTC resistance could signal a broader altcoin rally.
These insights suggest strategic opportunities in the altcoin market, worth considering for both short-term gains and long-term investments.