Closely followed crypto analyst and trader Justin Bennett expressed his positive feelings towards Litecoin (LTC), which is shown as an alternative to the largest cryptocurrency Bitcoin (BTC). The analyst also warned investors for the largest altcoin Ethereum (ETH).
Bennett told his more than 110,000 Twitter followers that he expects Litecoin to rise and that he expects the 13th largest cryptocurrency by market cap to outperform even Bitcoin. According to the analyst, LTC is likely to remain stuck between around $30 as support and $465 as resistance zone through 2023, as it did in 2022:
“I expect bullishness in LTC in the short term, especially against BTC, but there is no reason to think that this will not happen again in 2023.”
The Litecoin/Bitcoin (LTC/BTC) pair has risen nearly 70% in the last 30 days and more than 20% in the last two weeks.
Cryptocurrency analyst Bennett looked at Ethereum, the largest altcoin after Litecoin. Bennett said he expects the second-largest cryptocurrency by market cap to repeat last month’s price action, possibly falling after hitting the local high.
“I told members about this yesterday, but ETH has established a pattern similar to what we saw at the end of November. It rushes to local tops to trap long positions and then price action may reverse and fall.”
Looking at the price chart shared by the cryptocurrency analyst for Ethereum, it seems to point out that the leading smart contract platform is on its way to reach the local top of around $1,320 before returning to its price at $1,240.