Renowned crypto analyst Kaleo is optimistic about the potential for a significant increase in a rival of Ethereum (ETH).
With a following of 641,800 on the social media platform X, Kaleo suggests that Avalanche (AVAX) could be primed for a major upswing, potentially following a bullish pattern against Bitcoin (BTC) that was observed in 2021.
According to Kaleo, the AVAX/BTC chart indicates similarities to its position in July 2021, hinting at the possibility of substantial gains after a period of decline. The trader anticipates a breakout from a descending channel to reach 0.0014 BTC ($99.87), comparable to the impressive surge from 0.0003 BTC in July 2021 to around 0.0025 BTC in December 2021, representing a 733% increase.
At the current time, AVAX/BTC is trading at 0.0005105 BTC ($36.42), showing a slight decrease in the last 24 hours.
In his next forecast, Kaleo predicts that meme coin Dogecoin (DOGE) will experience a parabolic breakout against Bitcoin (DOGE/BTC), expressing his confidence with the statement “DOGE/BTC: you just have to bullieve.”
Analyzing the chart, Kaleo suggests that DOGE/BTC could soon surpass 0.00000380 BTC ($0.27). As of now, DOGE/BTC is trading at 0.00000227 BTC ($0.16), slightly down in the last 24 hours.
Kaleo believes that the start of altseason will be signaled by Ethereum breaking through the key resistance level against Bitcoin (ETH/BTC) currently at 0.054 BTC ($3,852).
As of the current writing, ETH/BTC is trading at 0.05370 BTC ($3,798), showing a 1% decrease in the last 24 hours.
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