A popular analyst predicts that Litecoin is poised for a massive rally after years of poor performance. While many altcoins in the market made surprise rallies, LTC followed a stagnant price action. However, LTC has also started to gain momentum recently.
The analyst, known in the industry as “Kaleo”, told his 546,400 Twitter followers that Litecoin will likely repeat the last historical bull runs from a long period of silence. Kaleo claims that Litecoin has emerged from the bearish channel and will greatly appreciate in early 2023. Saying that LTC has been in the accumulation process for a long time and this is reflected in the price, Kaleo thinks that Litecoin will exceed the $ 330 level. He predicts it will drop to $82 later.
Another popular cryptocurrency analyst thinks Litecoin will gain in value. The analyst, known as the “Smart Contracter,” says the price boom is likely tied to the next halving event, which will reduce rewards for Litecoin miners, which in turn will reduce their supply. According to the analyst, who thinks that LTC is following a similar pattern seen in the price action during the Bitcoin halving period, statistically BTC tends to bottom about 500 days before the halving, so this accumulation phase in LTC and the bull run that will take place after it is a logical theory.
According to some analysts, key catalysts that could trigger a massive rally in Bitcoin include the end of the Russia-Ukraine war or the Fed ending its current monetary policy. The collapse of FTX, of course, deeply affected the market. This is an event that will continue to have an impact in the short term. However, we have a year and a half before the next halving. Bitcoin will recover in the long run. LTC is also expected to see new highs in such an environment.