The major rally the crypto market is currently experiencing has sent many cryptocurrencies to prices not seen in over a year. In about two months, Bitcoin (BTC) rose from its relative stagnation between $25,000 and $30,000 to well above $40,000. Ethereum (ETH) is similarly close to the highs not seen since early 2022.
Numerous altcoins have also pulled off impressive surges, with Solana (SOL) taking much of the spotlight in November – and remaining strong in December – and Bonk (BONK) surging many thousands of percent in recent months.
Another cryptocurrency that has been offering a very strong performance recently – particularly since the start of November – is Avalanche (AVAX). Driven by the current rally and a number of positive developments and important partnerships, such as those with AWS and BLRD, AVAX has risen 276.88% since January 1, 2023.
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These developments prompted many investors to wonder how much growing room Avalanche has left. In its search for answers, Finbold decided to consult Google’s artificial intelligence (AI) platform – Bard – and see where it thinks AVAX might stand at the start of 2024.
Google Bard offers a possible AVAX price range at the start of 2024
In its analysis of Avalanche, Google Bard proved rather bullish as it pointed out both the positive news pertaining to the cryptocurrency that came out last year and its overall performance – particularly in the context of the ongoing bull run.
The AI explained that despite several moderating factors like the crypto market volatility and competition from other major smart contracts, Avalanche is poised to continue rising into the New Year. According to Bard, AVAX is likely to stand between $55.51 and $63.38 on January 1, 2024.
Bard also conceded that both a prolonged and strengthened bull run and a major crash are not out of the realm of possibility. Should Avalanche continue gaining momentum in its surge, the AI believes it might go as high as $73.93 by New Year’s Day, while the bearish scenario could see it fall to $44.32.
It is worth pointing out that, based on the low figure Bard gave for the bearish scenario, the AI appeared to consider it likely that AVAX will continue surging for some time, at least as the price it offered is higher than the cryptocurrency’s current value.
AVAX price analysis
Recently, AVAX has been performing very well. In the last week, it grew an impressive 82.33%. Its movements are fairly similar in the latest 24 hours of trading as it is priced at $40.42 at the time of publication – meaning it is 13.86% in the green.
It is also worth mentioning that AVAX made two attempts to stabilize above $42 in the last 12 hours and that it retraced both times.
Avalanche has, in fact, been on a relentless surge since early November. In the last 30 days, it is up 118.52%.
Zooming further out, however, reveals that the bulk of its impressive rise is relatively recent, as AVAX spent most of 2023 in relative stagnation between $9 and $16, with the spring showing a bullish sentiment and autumn a bearish one.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
