A well-followed crypto analyst has expressed optimism about the future of a popular Layer 1 altcoin, Avalanche (AVAX), suggesting that its price movement reflects the recent surge in Bitcoin (BTC). The analyst, known by the pseudonym Bluntz, indicated that the market’s rising tide, influenced by Bitcoin’s performance, is benefiting AVAX.
Bluntz shared on social media that Avalanche’s current price trend mirrors the trajectory of Bitcoin during its gains in October and November. Additionally, AVAX, alongside the smart contract platform Solana, has captured investor interest with significant price increases.
The analyst predicts that Avalanche could potentially reach a price point 17% above its current level, targeting around $50. Using the Elliott Wave Theory in his technical analysis, Bluntz suggests that AVAX has completed two waves of a five-wave bullish pattern, indicating a potential rise to become the tenth largest cryptocurrency by market capitalization.
The Elliott Wave Theory, which posits that prices move in predictable, repeatable five-wave patterns, is used to forecast future price movements. At the time of writing, Avalanche has seen a 372% increase from its October 20th price of $9.06 to $42.77.
Bluntz also shared insights on the smart contract platform Solana (SOL), paired with Bitcoin (SOL/BTC). He observed that SOL/BTC had been trading within a range on the verge of a breakout for 37 days. Following the breakout, Bluntz anticipates that the SOL/BTC pair could experience its “steepest” rise to date.
In conclusion, the crypto analyst Bluntz compares Avalanche’s current price action to Bitcoin’s past rallies, suggesting a bullish trend for AVAX. He also foresees a significant uptrend for Solana’s SOL/BTC pair, reinforcing his positive outlook on these cryptocurrencies.