The host of the Coin Bureau YouTube channel, Guy Turner, is expressing bullish sentiment on one blue-chip Ethereum (ETH) competitor.
In a new video, Turner tells the 2.41 million subscribers of the Coin Bureau YouTube channel that one of the major narratives that will drive the next bull market is the tokenization of real-world assets.
[adinserter block="1"]Turner says that with the mission of Avalanche (AVAX) being to “tokenize all real-world assets,” AVAX could surge by up to 600% from the current level.
“Throw in Avalanche’s GameFi focus and you have the recipe for a truly massive rally once the crypto market reaches peak FOMO (fear of missing out).
While it’s hard to say just how high AVAX could go if it follows the other large-cap altcoins like Solana (SOL), it could pull a 5x to 7x from its current levels, if not more, in the long term.”
GameFi or game finance is the combination of decentralized finance and online gaming to enable participants to accrue value from their activities.
AVAX is trading at $40.05 at time of writing – a gain of approximately 350% from its October 2023 lows.
Over the short term, the Coin Bureau host says that Avalanche could increase by around 74% from the current level.
“[AVAX] appears to be painting a massive bull flag on the weekly chart. Depending on how you draw your lines, AVAX could rally as high as $70 in the coming weeks. And it’s possible it could go even higher if the macro conditions are favorable.”
Turner, however, warns that Avalanche could come under selling pressure soon.
“There’s just one thing to remember, however, and that’s that Terra’s Luna Foundation Guard is apparently still holding just under $80 million worth of AVAX. Some of you might have heard that Terra recently filed for bankruptcy in the United States. This means it’s possible that this AVAX will soon be liquidated.”
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
