Litecoin About To Explode And Outperform Bitcoin? Analyst Is Super Bullish
12 Janeiro 2024 - 8:00PM
NEWSBTC
Litecoin, a cryptocurrency often referred to as the “silver to
Bitcoin’s gold,” is gaining traction among analysts who predict its
potential to outperform Bitcoin shortly. Tony “the Bull,” a
certified chartist and the Head of Research at NewsBTC, took to X
on January 12, laying out a bullish outlook for the 18th most
valuable cryptocurrency. Citing its monthly candlestick
formations, the analyst said what’s panning out are signs of an
imminent breakout that could propel the coin higher in the coming
weeks. Related Reading: Cardano’s 2024 Kickoff: First Two Weeks
Show Major Updates, Report Litecoin About To Rip Higher?
Specifically, Tony “The Bull” said what’s printing out in the
monthly chart is “insanely bullish” for Litecoin. This outlook is
warming for Litecoin Bulls, considering its drab performance in
2023 when prices consolidated before tanking in the second
half. The researcher also shared another chart, predicting
that the crypto community is “close to witnessing something
impressive.” The analyst’s enthusiasm echoes earlier
assessment of Litecoin’s “SuperTrend” indicator, which seems
to suggest significant price gains for Litecoin in the coming
sessions. Litecoin remains within a bearish formation,
consolidating, as evident in the monthly chart. Of note, prices are
still trending inside the bear bar of August 2023. Despite general
optimism, Litecoin bulls have yet to reverse those losses and
remain within a tight, flat-lining range, as evident in the monthly
chart. Still, Litecoin might set a fresh trend depending on
the breakout direction. Any upswing above $115 might ignite demand
that may lift the coin towards May 2021 highs of around $400. Spot
Bitcoin ETF Didn’t Push BTC Above $50,000 Tony “The Bull”‘s bullish
sentiment on Litecoin comes as Bitcoin, the world’s largest
cryptocurrency, is trending lower, looking at the performance in
the daily chart. Despite the US Securities and Exchange Commission
(SEC) approving 11 spot Bitcoin ETFs, Bitcoin prices have failed to
break above the $50,000 resistance level. For now, the crypto
community remains bullish. Bitcoin supporters earlier claimed the
approval of spot Bitcoin ETFs would trigger billions into the coin
and broadly the sphere. The derivative product provides a legal
channel for institutions to invest in Bitcoin. Still, the SEC chair
Gary Gensler maintained that Bitcoin is a speculative
asset despite the agency’s approval. Related Reading: XRP
Burn Hits Major Milestone, Can The Burns Propel Price To $1? In
contrast to Bitcoin’s lackluster performance, Litecoin has shown
resilience, maintaining a firm stance amidst market volatility.
This development suggests that Litecoin may be poised to outperform
Bitcoin in the coming months. The LTCBTC chart shows Litecoin is up
21% versus Bitcoin, rallying from January lows. Feature image
from Canva, chart from TradingView
Bitcoin (COIN:BTCUSD)
Gráfico Histórico do Ativo
De Set 2024 até Out 2024
Bitcoin (COIN:BTCUSD)
Gráfico Histórico do Ativo
De Out 2023 até Out 2024