A closely followed cryptocurrency analyst believes that one of Ethereum’s (ETH) rivals is gearing up for big gains.
Pseudonymous trader Kaleo told his 641,800 followers that Avalanche (AVAX) could be about to emulate Bitcoin’s (BTC) 2021 bull run pattern.
“AVAX/BTC: I still can’t sleep on the avalanche. Chart looks like it’s in a similar position to where it was in July 2021. Started the new year with huge gains and it bled for a few months before it started to rip apart. Quiet before the storm.”
Looking at his chart, the trader suggests that AVAX/BTC could break out of the descending channel and reach 0.0014 BTC ($99.87), similar to when the pair surged from around 0.0003 BTC in July 2021 to around 0.0025 BTC in December 2021, a 733% increase.
At the time of writing, AVAX/BTC is trading at 0.0005105 BTC ($36.42), having dropped slightly over the past 24 hours.
Next, the analyst predicts that memecoin Dogecoin (DOGE) will see a parabolic breakout against Bitcoin (DOGE/BTC).
“Dog/BTC: You just have to bully it.”
Judging from his chart, the trader believes that DOGE/BTC could soon surge above 0.00000380 BTC ($0.27). At the time of writing, DOGE/BTC is trading at 0.00000227 BTC ($0.16), down slightly over the past 24 hours.
The trader believes that once Ethereum breaks through Bitcoin’s key resistance level, currently around 0.054 BTC ($3,852), altseason will officially begin.
