A well-known cryptocurrency analyst believes that a potential competitor to Ethereum (ETH) is preparing for a significant increase in value.

The trader, known as Kaleo, shared his insights with his 641,800 followers on the social media platform X, suggesting that Avalanche (AVAX) could be on the verge of replicating a bullish pattern seen in 2021 against Bitcoin (BTC).

According to Kaleo, the AVAX/BTC chart resembles a similar setup to that of July 2021, indicating the possibility of significant gains after a period of decline. He noted that there may be a quiet period before a potential surge in value.

Analyzing the chart, Kaleo predicts that AVAX/BTC could break out of a descending channel to reach 0.0014 BTC ($99.87), similar to the impressive increase observed from July 2021 to December 2021, where the trading pair surged from 0.0003 BTC to 0.0025 BTC, marking a gain of 733%.

As of the current time, AVAX/BTC is trading at 0.0005105 BTC ($36.42), showing a slight decrease in the past 24 hours.

In his next analysis, Kaleo anticipates a parabolic breakout for the memecoin Dogecoin (DOGE) against Bitcoin (DOGE/BTC).

Referring to the DOGE/BTC chart, Kaleo suggests that DOGE/BTC could soon surpass 0.00000380 BTC ($0.27). Currently, DOGE/BTC is trading at 0.00000227 BTC ($0.16), with a slight decrease in the last 24 hours.

The trader is also optimistic about the start of altseason once Ethereum breaks through a key resistance level against Bitcoin (ETH/BTC), which is currently around 0.054 BTC ($3,852).

At the time of writing, ETH/BTC is trading at 0.05370 BTC ($3,798), showing a 1% decrease in the last 24 hours.

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