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Bluntz, a pseudonymous analyst with over 232,600 followers on social media platform X, has recently shared insights into the cryptocurrency Avalanche (AVAX), drawing parallels with Bitcoin's (BTC) price movement during its appreciation phase in October and November. The strategist highlights that Avalanche is currently exhibiting a pattern indicating a potential rise to $50, marking a 17% increase from its current price level.

This analysis is based on a four-hour chart employing Elliott Wave Theory, a method used in technical analysis to predict future price movements by identifying crowd psychology manifesting in waves. According to Bluntz's interpretation of this theory, Avalanche has completed two of the five bullish waves. This progression suggests that the 10th-largest cryptocurrency by market cap is on track to surpass the $50 mark, as per the ongoing pattern analysis.

The Elliott Wave Theory, a widely used tool in technical analysis, suggests that market prices move in predictable, repetitive wave patterns consisting of five waves. This theory is central to the recent analysis of the cryptocurrency Avalanche (AVAX), which has shown a significant increase in value. Currently trading at $42.77, Avalanche has seen a remarkable 372% rise from its October 20th price of $9.06.

In addition to Avalanche, the analyst Bluntz has shared insights on the performance of the smart contract platform Solana (SOL), particularly in its pairing against Bitcoin (SOL/BTC). Bluntz notes that SOL/BTC has been trading within a specific range for the past 37 days and is poised for a breakout. He anticipates that following this breakout, the SOL/BTC pair might witness its steepest rise to date, indicating a potentially significant shift in its market trajectory.

Thank you for the update. As of now, Solana (SOL) is trading at 0.00181019 BTC. This value is a key piece of information for those tracking the performance of SOL in relation to Bitcoin (BTC), especially in light of the anticipated breakout and potential steep rise as analyzed by Bluntz. It's always important for investors and market watchers to keep an eye on such real-time data to understand the dynamics of the cryptocurrency market and make informed decisions.

Dec 21, 2023