AVAX Eyes $147 Target as Elliott Wave Pattern Signals Multi-Year Recovery Phase

TLDR:

• AVAX completed Wave 1 between $8-$5, now entering Wave 2 recovery phase within descending channel 
• CryptoPatel targets $33, $58, $97, and $147 representing potential 2,489% expansion from bottom 
• Critical support at $5.50 must hold on weekly close to maintain bullish Elliott Wave structure 
• Analysis suggests multi-year setup through 2026-2027 suited for spot accumulation and patience

AVAX traders are monitoring a technical analysis that suggests the token could target $147 in the coming years. Crypto analyst CryptoPatel has identified an Elliott Wave formation on the weekly chart, indicating a possible recovery phase after a 95% correction from the 2021 all-time high.

The analysis places AVAX at a critical inflection point, with the asset trading within a multi-year descending channel.

Price action currently hovers near $8.86, presenting what the analyst describes as a macro support accumulation zone.

Technical Structure Shows Wave Completion

The technical framework outlined by CryptoPatel centers on Elliott Wave theory applied to AVAX’s weekly timeframe. According to the analysis shared on X, Wave 1 completed between $8 and $5, marking a macro bottom for the current cycle.

The token now enters what the analyst labels as Wave 2, representing an early recovery phase from the previous correction.

The descending channel formation has contained price action since the 2021 peak. This pattern shows a bearish breakdown followed by a retest of the lower trendline, creating what technical analysts call a deviation setup.

Market structure at these levels suggests accumulation by institutional participants, though this remains speculative based on price behavior rather than confirmed data.

Support zones have formed between $8 and $7, coinciding with weekly demand areas. The liquidity sweep into these zones mirrors fractal patterns from previous market cycles.

Additionally, the compression phase resembles historical accumulation periods that preceded major rallies in past bull markets.

Price Targets Extend Beyond $100 Mark

CryptoPatel’s forecast includes four distinct targets as the Elliott Wave structure potentially unfolds through 2026 and 2027. The progression starts at $33, followed by $58, then $97, before reaching a final target of $147.

These levels correspond to the mid-channel resistance and eventual upper boundary of the descending formation. From the identified bottom to the highest target, the expansion measures approximately 2,489%.

The bullish scenario requires sustained weekly strength with expansion toward mid-channel resistance zones. Price must demonstrate momentum capable of breaking through overhead supply levels that accumulated during the extended correction. However, the analysis also establishes clear invalidation parameters to manage risk exposure.

The critical support level sits at $5.50, representing the Wave 1 low. A weekly close beneath this threshold would negate the Elliott Wave count and suggest further downside potential. This makes the $5.50 level essential for bulls to defend on higher timeframes.

The analyst characterizes this setup as appropriate for spot accumulation and long-term positioning rather than short-term trading.

The asymmetric risk-reward profile stems from proximity to identified support versus the distance to upside targets.

Patience remains necessary as weekly timeframe patterns develop over extended periods, typically spanning months or years rather than days or weeks.

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