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Popular crypto-focused YouTube channel Coin Bureau’s host Guy Turner has expressed his expectation for a bullish rise in Avalanche (AVAX), a major competitor to Ethereum (ETH). The analyst went as far as to predict a sevenfold increase in AVAX.
Sevenfold Increase Forecasted for Avalanche (AVAX)
Speaking to his millions of followers, Turner argued that one of the key narratives driving the next bull market is the tokenization of real-world assets, a mission aligned with Avalanche‘s goal. Based on Avalanche’s aim to “tokenize all real-world assets,” Turner predicted that the altcoin could rise up to 600% from its current levels.
Avalanche’s focus on decentralized finance (DeFi) and a combination of online gaming known as GameFi is also fundamental to Turner’s bullish expectations. Turner believes this combination positions AVAX for significant growth, especially as the cryptocurrency market approaches the peak of FOMO (fear of missing out). Drawing parallels with other high-volume altcoins like Solana (SOL), Turner claimed that AVAX could potentially rise between five to seven times from its current levels in the long term.
Short-Term Expectation: Around 74% Increase
Currently trading at $40.05, AVAX has already achieved significant gains of approximately 350% from its lowest level in October 2023. Referring to a potential bullish formation on the weekly chart, Turner forecasted a short-term increase of around 74%. The analyst claimed that the altcoin could rise to $70 in the coming weeks and could climb even higher if macro conditions remain favorable.
Despite his positive outlook, Turner warned of potential selling pressure on Avalanche in the near future. He highlighted that Terra’s Luna Foundation Guard owns approximately $80 million worth of AVAX and that with Terra’s recent bankruptcy filing in the US, these AVAX holdings could soon be liquidated.
The potential sales indicated by the analyst need to be carefully monitored as they have the potential to affect AVAX’s short-term price trajectory and could lead to a downturn by putting pressure on the price.
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