Avalanche (AVAX) against Bitcoin (BTC) is signaling a potential breakout as it nears the end of a corrective Elliott Wave structure. Currently trading at 0.0002708 BTC, a 5.04% increase in the latest session, AVAX is at a critical juncture on the AVAX/BTC weekly chart. With Bitcoin priced at $12,000, the next resistance target for AVAX could push the token’s value to approximately $816, marking a potential rally if the current price levels hold.
$AVAX / $BTC pic.twitter.com/APBbQnJGpt
— BigMike7335 (@Michael_EWpro) February 13, 2025
Elliott Wave Analysis: Setting Up for an Uptrend
Elliott Wave analysis reveals a three-wave corrective pattern (ABC correction) nearing completion, with Wave (C) having reached a critical low. This aligns with previous cycle bottoms, suggesting that AVAX is setting up for an impulse wave (Wave 1) of a bullish cycle. Historically, the 0.618 Fibonacci retracement level at 0.001879 BTC has acted as strong resistance, and a break above this level could trigger a bullish reversal, sending AVAX toward an extended move of 0.006868 BTC.
Resistance Levels to Watch
AVAX is currently trading within a descending wedge, a bullish reversal pattern that typically indicates an impending price surge when confirmed by volume expansion. Immediate resistance stands at 0.000429 BTC, a level where sellers have historically gained control. The next key resistance is at 0.000873 BTC, which coincides with the 1.272 Fibonacci extension. Clearing this level could pave the way for further upside, with the 0.001266 BTC zone being the next price target before potentially reaching the cycle peak of 0.006868 BTC.
Also Read: Avalanche (AVAX) Battles $35 Support: Key Levels and On-Chain Trends to Watch
What’s Next for AVAX/BTC?
The next few weeks will be crucial for AVAX as it looks to confirm a reversal. A breakout above 0.000429 BTC would strengthen the bullish case, while failure to maintain current support could lead to further consolidation within the wedge. If Bitcoin remains at $12,000, the projected price of $816 per AVAX remains a strong possibility should the breakout scenario unfold. Traders should monitor key price levels closely to confirm any upcoming momentum shifts.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
