A widely followed analyst predicts a surge in one big altcoin as the crypto market enters the new year.
A pseudonymous analyst known in the industry as Rekt told his 331,200 Twitter followers that peer-to-peer payment protocol Litecoin (LTC) ended 2022 on a high note.
“LTC has successfully retested the upper end of its historical cumulative range (green) as support.
A monthly close above this green box puts LTC well positioned for a new year’s rally. “
Litecoin closed around $70 in December, above Rekt’s historical accumulation range. As of this writing, LTC is trading at $74.59 and on the day he is up 7.45%.
Looking to Bitcoin (BTC), Rekt predicts King crypto to print bear market bottom near $16,000.
“BTC closed the year 2022 at $16,000.
Historically, wherever BTC initiates a new candle 3, [it] It tends to be very close to where the ultimate bottom forms.
The bottom will be very close to $16,000. “
Rekt’s analysis is based on Bitcoin’s four-year cycle theory. It is a set of principles that attempt to predict the future price action of crypto magnates by tracing the halving of Bitcoin. The next halving, which will reduce the reward issued to Bitcoin miners from 6.25 BTC to 3.125 BTC, is scheduled for 2024.
According to Rekt, the third part of the cycle (Candle 3) is historically when BTC exits the bear market. Crypto analysts predict that BTC could end up between $22,300 and $32,400 in 2023.
At the time of writing, Bitcoin is trading at $16,738, up more than 1% for the day.
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