AVAX Eyes $816 with Key BTC Pair Breakout

Elliott Wave Analysis Suggests Potential Uptrend

AVAX’s recent price movement aligns with a corrective Elliott Wave structure, indicating that the token is near the final stages of a corrective phase. The current price of AVAX/BTC, at 0.0002708 BTC, reflects a 5.04% increase in the latest session, suggesting that the token may be primed for a breakout.

The Elliott Wave count reveals a three-wave corrective pattern (ABC correction), with Wave (C) completing its final leg near strong historical support. This setup implies that AVAX could soon enter a new bullish cycle, marked by Wave 1. Additionally, Fibonacci retracement levels indicate that the 0.618 retracement level at 0.001879 BTC has historically been a key resistance zone. A break above this level would signal a potential bullish reversal, with an extended move toward 0.006868 BTC in a full expansion.

Key Price Levels and Resistance Targets

The current price structure of AVAX shows that the token is trading within a descending wedge, which is typically a bullish reversal pattern when confirmed by volume expansion. Here are the key price levels to watch for a breakout:

• Immediate Resistance: 0.000429 BTC – This level aligns with previous supply zones where sellers have historically taken control.
• Breakout Level: 0.000873 BTC – This level coincides with the 1.272 Fibonacci extension and is a key target for bulls.
• Next Major Objective: 0.001266 BTC – A successful breakout could push AVAX toward this level before targeting the cycle peak at 0.006868 BTC.

What’s Next for AVAX/BTC?

The coming weeks will be crucial for AVAX as it attempts to establish a firm reversal. A breakout above 0.000429 BTC would strengthen the bullish case, signaling the start of a new uptrend. Conversely, failure to sustain support at current levels could lead to further consolidation within the descending wedge.

If Bitcoin continues to trade at $12,000, the projected price of AVAX could reach up to $816, based on the current market path. Traders should closely monitor key support and resistance levels for confirmation of the breakout. If AVAX successfully navigates these levels, the token may soon enter a high-momentum phase, making it an exciting prospect for investors in the coming months.