An influential crypto strategist predicts that Bitcoin (BTC), alternative Litecoin will experience a huge breakout following years of poor performance.
Kaleo pseudonymous crypto trader tells His 546.400 Twitter followers believe that Litecoin’s historical bull runs will be repeated in relation to the price for the king crypto, after a long period.
He predicts that Litecoin will break from its bearish channel, and rise to.02 in the early 2023. This is based on its current valuation at.0047 ($77.76 of BTC). The LTC/BTC ratio charts show this.
“Alright, starting to believe this is the real deal for LTC/BTC. It’s long overdue for a solid pump. Here’s how Litecoin works – long periods of slowly bleeding down sideways, followed by a quick pump up to .02 BTC or so when everything else is bearish.”
He predicts then that Litecoin, after reaching its peak value, will fall back to.005.
Kaleo says that the breakout pattern began in August, with bullish sentiment developing around the.0026 LTC/BTC mark after a dip.
Another popular analyst in crypto is forecasting a Litecoin breakout. Smart Contracter is pseudonymous analyst says the price breakout is likely tied to Litecoin’s next halving event, when its programmed code will reduce rewards for LTC miners which, in turn, reduces its supply.
Smart Contracter reports that LTC is following the same pattern as Bitcoin price activity leading to Bitcoin halving.
“Statistically BTC tends to bottom around 500 days before halving so with that in mind this accumulation breakout on LTC starts to make sense considering this accumulation is already three months old and there’s only 227 days until the LTC halving.”
Litecoin’s current price is $79.50. That is 27% more than the close one week ago. The top crypto asset in terms of market cap is $16,545.
Disclaimer: The Daily Hodl opinions are not intended to be used as investment advice. Before making high-risk investments, such as in Bitcoin, cryptocurrency, or other digital assets that could be potentially dangerous, investors should do their research. You are responsible for any losses you might incur and all transfers and trades that you make. The Daily Hodl doesn’t recommend any cryptocurrency or digital asset trading. The Daily Hodl is an affiliate marketer.
Shutterstock/Bushko Olesandr Featured Image