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 attracted traders this week.
In the midst of the upheaval, analyst crypto kaleo 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.
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.
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.
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.