Avalanche (AVAX) Price Prediction: Top Analyst Bullish on October Surge

Avalanche (AVAX) is making waves! A top analyst is eyeing a potential surge, and here's the lowdown. October is historically a strong month for crypto, and AVAX could be a major beneficiary.

Avalanche Price Prediction: October's Potential Surge

One analyst from Altcoin Doctor YouTube channel points to a recurring “September trap and October pump” pattern. According to him, October has consistently been a bullish month for crypto. AVAX has started October strong, trading around $30 with a market cap of about $12.74 billion.

Technical Indicators Pointing Upward

According to the analyst, on the weekly chart, AVAX is moving above the 0.136 Fibonacci level. If this setup holds, Avalanche price could rise almost 95% from its current level toward the 0.382 Fibonacci zone, potentially reaching the $61 level this month.

Altcoin Season on the Horizon?

The analyst also suggests that Bitcoin dominance is approaching a resistance level, historically signaling the start of altcoin season. A drop in USDT dominance further supports this, indicating investors are moving funds back into crypto assets, potentially fueling rallies for tokens like AVAX.

Broader Market Trends Supporting AVAX

The total market capitalization of cryptocurrencies is retesting the $3.6 trillion zone, targeting $5.6 trillion. The total altcoin market cap excluding Bitcoin sits at about $1.61 trillion, with expectations of a rise toward $2.44 trillion. This could mean a 2x move for many altcoins, including Avalanche.

Spot AVAX ETF?

Adding fuel to the fire, analysts are noting that Bitwise has filed for a spot AVAX ETF, further boosting investor sentiment. All of this points to potential upside for Avalanche.

Final Thoughts: Is AVAX a Buy?

While the future is never certain, the analyst's insights, coupled with favorable market trends, paint a bullish picture for AVAX in October. Keep an eye on those charts, and remember, October in crypto is often full of surprises! Whether it will happen or not, only time will tell!