New statements came after the rise of Bitcoin from the analyst using the pseudonym Capo, who made a name for himself with his accurate predictions about Bitcoin and the cryptocurrency market in 2022.
Capo of Crypto, who is known for his bearish views and is frequently criticized by investors for his bearish comments, evaluated the altcoin rally and Avalanche (AVAX) on Telegram.
First of all, the analyst stated that he expected the rise in Bitcoin to continue and claimed that BTC would reach $ 50,000 and peak there.
The analyst, who expects altcoins to outperform Bitcoin in the coming days, said:
“The market is moving as expected.
BTC broke 45,000 strongly and continues to move towards 50,000, which should be a local top.
“Altcoins are also moving, but they will start to outperform BTC in particular in the coming days.”
“Target for Avalanche is $55!”
The analyst, who specifically examined Avalanche apart from the general altcoin rally, said that AVAX was trying to break an important resistance.
According to the analyst, AVAX may reach $50-55 at the end of this breakdown.
“Looking at the chart, we can see how AVAX started the uptrend and is now trying to break an important resistance level.
After a clean break through resistance here, AVAX should continue to reach the $50-55 target. “
Achieving the analyst's $55 target means an approximately 50% rise for AVAX.
AVAX continues to trade at $37 at the time of writing.
*This is not investment advice.