A closely followed crypto analyst believes that one Ethereum (ETH) rival is gearing up for a massive gain.
Pseudonymous trader Kaleo tells his 641,800 followers on the social media platform X that Avalanche (AVAX) may be about to mirror a 2021 bullish pattern against Bitcoin (BTC).
“AVAX/BTC: I still wouldn’t sleep on Avalanche here. Chart looks like it’s at a spot similar to where it was in July of 2021. Big gains to start the year, followed by months of bleeding out before it started to rip. Quiet before the storm.”
Looking at his chart, the trader suggests that AVAX/BTC may breakout of a descending channel to 0.0014 BTC ($99.87) similar to how the trading pair soared from around 0.0003 BTC in July 2021 to about 0.0025 BTC in December 2021, a gain of 733%.
AVAX/BTC is trading for 0.0005105 BTC ($36.42) at time of writing, down slightly in the last 24 hours.
Next up, the analyst predicts that memecoin Dogecoin (DOGE) will have a parabolic breakout against Bitcoin (DOGE/BTC).
“DOGE/BTC: you just have to bullieve.”
Looking at his chart, the trader suggests DOGE/BTC could soon soar beyond 0.00000380 BTC ($0.27). DOGE/BTC is trading for 0.00000227 BTC ($0.16) at time of writing, down slightly in the last 24 hours.
The trader believes altseason will officially kick off once Ethereum breaks through the key resistance level against Bitcoin (ETH/BTC) currently around 0.054 BTC ($3,852).
ETH/BTC is trading for 0.05370 BTC ($3,798) at time of writing, down 1% in the last 24 hours.
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Generated Image: DALLE3