A widely-held cryptocurrency strategist predicts that Bitcoin (BTC) replacement Litecoin (LTC) will make a big breakout after years of dominating performance.
Pseudonymous crypto trader Kaleo To tell His 546,400 Twitter followers believe Litecoin is likely to repeat its historic bull market in relation to crypto king prices after a long period of dormancy.
He predicts that Litecoin will break out of the bearish channel and rise from its current valuation of .0047 (BTC’s $77.76 equivalent) to nearly .02 on the LTC/BTC ratio chart in early 2023.
“Okay I’m starting to believe this is the real deal for LTC/BTC. I can’t wait for a solid pump. This is how Litecoin works – slowly bleed sideways for a long time, then everything else went bearish.” At times, it rises rapidly to around 0.02 BTC.”
He predicts that Litecoin will drop to 0.005 after peaking.
According to Kaleo, the breakout pattern first started in August, with bullish sentiment forming around the 0.0026 LTC/BTC level after the plunge.
Another popular crypto analyst is also predicting a Litecoin breakout.Pseudonym analyst smart contract To tell The price breakout is likely related to Litecoin’s upcoming halving event, where code programmed reduces LTC miner rewards, resulting in a drop in supply.
According to Smart Contracter, LTC is following a similar pattern seen in price action leading up to the Bitcoin halving event.
“Statistically, BTC tends to bottom out about 500 days before its halving, so given that this accumulation was already three months ago and there are only 227 days left until LTC’s halving, LTC This build-up breakout of the makes sense.”
At the time of writing, Litecoin is trading at $79.50, up 27% from its close a week ago, and the top crypto by market cap is hovering at $16,545.
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Featured Image: Shutterstock/Bushko Oleksandr
