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Cryptocurrency markets closely follow an analyst who has revealed his bullish expectations for a popular Layer 1 altcoin. In his assessments, he also glanced at Bitcoin, adding that the market benefited this altcoin as a reflection of the leading cryptocurrency’s rise.
AVAX Reflects BTC’s Performance
Known by the pseudonym Bluntz, the cryptocurrency analyst claimed in his statements to his followers on social media platform X that the current price movement of the popular altcoin Avalanche (AVAX) is a reflection of Bitcoin’s (BTC) price movement during October and November. Additionally, AVAX and the popular smart contract platform Solana have managed to attract investors’ attention with their recent price increases.
The analyst pointed out that Avalanche has formed a pattern that could see it reach a price of about $50, which is over a 17% increase from its current level. According to the four-hour chart shared using Elliott Wave Theory in his technical analysis, Bluntz argues that Avalanche has so far completed two waves of a five-wave bullish pattern that potentially puts it on the path to becoming the tenth largest cryptocurrency.
Expert Opinion on SOL
Elliott Wave Theory is a tool used to predict future price movements based on the assumption that prices move in a repeatable and predictable five-wave pattern. The altcoin of interest, Avalanche, was trading at $42.77, a 372% increase from its price of $9.06 on October 20, at the time of writing.
The analyst also shared his views on the smart contract platform Solana (SOL), which is paired with Bitcoin (SOL/BTC). According to Bluntz, SOL/BTC traded in a range on the verge of a breakout for 37 days. Bluntz added that after the breakout, the SOL/BTC pair could experience the “steepest” rise recorded to date. Consequently, cryptocurrency analyst Bluntz compared Avalanche’s current price movement to Bitcoin’s past rise, suggesting that Avalanche is inclined to show a potential rise and also that Solana’s SOL/BTC pair could experience a significant rise.
