A well-liked analyst believes that one large-cap altcoin is gearing as much as break free from the downtrending crypto markets.
The pseudonymous analyst Rekt tells his 330,000 Twitter followers that peer-to-peer funds community Litecoin (LTC) might have already printed a bear market backside.
“LTC bottoms precede BTC bottoms
In 2015, LTC bottomed in April and BTC bottomed in August
In 2018, each Litecoin & Bitcoin bottomed on the identical time
Now in 2022, LTC might have bottomed in June 2022, however BTC should see new lows
Scenario is resembling 2015 correlation.”
In line with Rekt, historic worth motion signifies that Litecoin tends to go on a powerful upswing earlier than the coin’s halving occasion. LTC is slated to endure its subsequent halving occasion within the third quarter of 2023.
Says Rekt,
“LTC tends to rally previous to its halvings. Nevertheless, the rallies prime out pre-halving.
LTC topped out one month previous to halving one and two months pre-halving two.
May LTC prime out three months pre-halving three?
In that case, prime can be in Could 2023.”
Ought to historical past repeat itself, the crypto strategist says that Litecoin may break away from the general bearish state of the crypto markets and rally by itself.
“It’s potential LTC may get pleasure from a interval of decorrelation from the overall crypto market over the approaching months due to its upcoming Litecoin halving in August 2023.”
At time of writing, Litecoin is altering arms for $68.61, down over 2% on the day.
Whereas the crypto strategist is bullish on Litecoin, he says that Bitcoin (BTC) is flashing indicators of weak spot and is liable to recording a brand new bear market low.
“A textbook BTC breakdown from $19,500 would indicate a aid rally to show $19,500 into new resistance.
However BTC hasn’t been capable of even press previous its rapid resistance at ~$17,150 (weak spot).
Month-to-month shut beneath $17,150 and will drop decrease within the blue vary.”
At time of writing, Bitcoin is buying and selling at $16,700, properly beneath Rekt’s essential month-to-month degree.
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