https://ift.tt/0aMVCTW Rival Gets Ready For New ATHs | CryptoGazette

Ethereum rival is getting ready for a new ATH. Check out the latest reports on the matter.

A closely followed crypto analyst explained that he’s bullish on one Ethereum (ETH) competitor and predicts a potential trend reversal for Bitcoin (BTC).

Pseudonymous analyst Smart Contracter told his followers that he’s following the price action of smart contract platform Avalanche (AVAX).

The crypto strategist says he believes AVAX is gearing up for a strong rally after completing a corrective pattern.

“Where alts are concerned, I’m really digging AVAX. Not only did it have a very strong reaction from a very major 0.618 level but also [the] move down from the highs was a three-wave corrective ABC.”

Check out more details about what he said:

“Expecting this to outperform many alts, potentially even [an] all-time high.”

Smart Contracter is a popular practitioner of Elliott Wave theory – this is a technical analysis technique that predicts future price action by following crowd psychology that tends to manifest in waves.

The Elliott Wave theory reveals that the resumption of an uptrend is likely after an asset completes an ABC correction.

The analyst also addressed the price of Bitcoin, and he said that the king coin is showing signs of strength after managing to close above the diagonal resistance that has kept the king crypto bearish since November.

“Solid daily close above downtrend. First signs of bullish market structure in almost three months.”

Retail investors are still bullish

It’s been revealed that there is a new survey conducted by global decision intelligence firm Morning Consult that shows an upbeat sentiment among retail Bitcoin (BTC) investors, despite the market downturn.

The new Morning Consult survey explained that the share of adults contemplating buying Bitcoin during the last week of January remained the same as it was at the start of November of 2021.

If you recall, back then, the price started falling after hitting a record high of $69,044.