A widely followed crypto analyst is expressing bullish sentiment toward a popular layer-1 altcoin.
The pseudonymous analyst known as Bluntz tells his 232,600 followers on the social media platform X that the current price action of Avalanche (AVAX) is mirroring that of Bitcoin (BTC) as it was appreciating in October and November.
The strategist says Avalanche is forming a pattern that could see it hit a price of $50, around 17% above its current level.
According to the trader’s four-hour chart, which utilizes 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’s potentially on course to propel the 10th-largest crypto asset to above $50.
The Elliott Wave Theory is a tool used to forecast future price movements based on the premise that prices move in repeatable and predictable patterns of five waves.
Avalanche is trading at $42.77 at time of writing, up from its price of $9.06 reached on October 20th – a 372% increase.
The analyst also offers his insights on smart contract platform Solana (SOL) paired against Bitcoin (SOL/BTC). According to Bluntz, SOL/BTC has traded in a range for 37 days that is on the cusp of a breakout. Bluntz says that after the breakout, the SOL/BTC pair could experience the “steepest” rise recorded so far.
Solana is trading for 0.00181019 BTC at time of writing.
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