An analyst closely followed in the cryptocurrency world, Bitcoin (BTC) alternative Litecoin He talked about (LTC). The analyst predicts that LTC will make a big break after years of performance.
The analyst, known under the pseudonym Kaleo, said on his Twitter account: in sharing He discussed a long ‘sleep period’ of Litecoin. According to the analyst, he stated that after this move, he will repeat the bull run in relation to the Bitcoin price.
Litecoin will exit in the bearish channel and LTC/BTC He thinks it will rise from 0.0047, which is the current value on the ratio chart, to 0.02 at the beginning of 2023.
“Litecoin is a little late for a strong pump, but now I’m sure about it. This is how Litecoin works, slowly falling for a long time and eventually attacking up to 0.02 BTC when everything goes down.”
Kaleo then predicts Litecoin will fall as low as .005 after peaking.
According to Kaleo, the breakout pattern first started in August with a bullish sentiment formed around the .0026 LTC/BTC level after a drop.
Smart Contracter Analyst named is also among those who are waiting for a break for Litecoin. According to the analyst, the break will be linked to the next ‘halving’ event. After halving, LTC rewards will decrease, so there will be a contraction in supply.
Koinfinans.com As we reported, Smart Contracter thinks LTC is following a similar pattern seen in price activity leading up to Bitcoin halving events.
“Statistically, BTC tends to bottom around 500 days before halving. So this explosion of accumulation in Litecoin price starts to make sense considering that this accumulation is already three months old and there are only 227 days left to the LTC halving.”
Litecoin is trading at $79.50, a 27% increase compared to the close a week ago. Bitcoin is trading at $ 16,545.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.