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A cryptocurrency strategist who put an end to Bitcoin’s (BTC) bull market last year said one of its Ethereum (ETH) rivals is gearing up for a rally.
A pseudonymous analyst known in the industry as Pentosi has told his 660,100 Twitter followers that smart contract platform Avalanche (AVAX) looks bullish on the shorter timeframe.
“I bought AVAX. I plan to add some dips. It’s forming a pretty decent low timeframe structure in my opinion.”
At the time of this writing, AVAX is trading at $13.66, suggesting that Avalanche could rise nearly 10% if it hits Pentoshi’s initial target of $14.83.
Looking at Bitcoin, Pentosi believes the top cryptocurrency still has room to perform before facing key resistance levels around $17,500.
If you don’t like the idea, you don’t have to follow it. We are still trading in small sizes for now.
At the time of writing, Bitcoin is trading at $17,016.
As for Chainlink (LINK), Pentosi expects the decentralized oracle network to rise nearly 20% from its current $7.35.
“Link update: $8.88 Coming soon! On schedule so far.”
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Featured Image: Shutterstock/YanaBu
