A widely followed crypto analyst expresses bullish sentiment toward a popular tier-1 altcoin.
The pseudonymous analyst known as Bluntz tells His 232,600 followers on the social media platform
The strategist says Avalanche is forming a pattern that could push the price to $50, about 17% above current levels.
According to the trader’s four-hour chart, which uses Elliott Wave Theory in its technical analysis, Bluntz appears to suggest that Avalanche has so far completed two waves of a bullish five-wave pattern that is potentially on track to become the 10th largest crypto asset to push. to over $50.
The Elliott Wave Theory is a tool used to predict future price movements, based on the premise that prices move in repeatable and predictable five-wave patterns.
Avalanche is trading at $42.77 at the time of writing, up from the price of $9.06 reached on October 20 – an increase of 372%.
The analyst too offers his insights on the smart contract platform Solana (SOL) combined with Bitcoin (SOL/BTC). According to Bluntz, SOL/BTC has traded within a range close to a breakout for 37 days. Bluntz says the SOL/BTC pair could see its “steepest” rise yet after the breakout.
Solana is trade for 0.00181019 BTC at the time of writing.
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Generated image: DALLE3