Litecoin to Repeat Historical Bull Run, LTC Price Heading Towards this Level
The top two cryptocurrencies–Bitcoin and Ethereum have almost made up for this week’s losses brought on by the rumblings of the Genesis Global bankruptcy. Talking about altcoins, Litecoin has long held the third spot in terms of market capitalization and for the longest time, it has been profitable for investors.
In the midst of the upheaval, an analyst believes that after a long time of bearish sentiment, Litecoin will likely resume its historical bull runs in relation to the price of Bitcoin.
On the LTC/BTC ratio chart, Litecoin is currently valued at.0047 ($77.76 worth of BTC), and he predicts that it will break out of its bearish channel and rise to near .02 in early 2023.
“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 said in a tweet.
Should Traders Bet on LTC?
Analyst Smart Contracter also expects Litecoin’s price to break out. The price breakout, according to the expert, is probably connected to Litecoin’s upcoming halving event, when its programmed code will lower payouts for LTC miners, thus reducing its supply.
$ltc of all coins trying to break out of a rather large accumulation of all things i wasnt expecting LTC to be the one to do things — Bluntz (@SmartContracter) November 22, 2022
Recently, the crypto community has been more interested in Litecoin as its daily social engagements peaked at 99.91 million. Regardless of LTC’s price direction, according to Lunar Crush, it is time for the community to start paying attention to the coin in the upcoming weeks.
INSIGHT: Yesterday #Litecoin social engagements measured daily hit 99.91M, the highest point in over a year! It's time to start paying attention to $LTC — LunarCrush (@LunarCrush) November 23, 2022
Why Litecoin Rally Seems imminent?
This comes in the wake of a whopping 31 percent increase In just a few hours when the price of Litecoin rose from $61.6 to $81.55 on Tuesday.
#Litecoin's price surge may have shocked some of you, but the large address accumulation has been the key to watch. In the past 2 weeks, addresses holding 1k to 100k $LTC accumulated $43.4M in coins en route to the first price jump above $80 since May. — Santiment (@santimentfeed) November 23, 2022
Recently, the LTC shark accumulation trend was brought to light by the cryptocurrency analytics platform Santiment, which may have contributed to the coin’s rise.
“In the past two weeks, addresses holding 1,000 to 100,000 LTC accumulated $43.4 million in coins en route to the first price jump above $80 since May,” Santiment noted.