Litecoin, a cryptocurrency often called “Bitcoin’s silver gold,” is gaining popularity among analysts who predict it could soon surpass Bitcoin.
Tony “the Bull”, certified chartist and head of research at NewsBTC, moved to X on January 12, presenting a bullish outlook for 18. most valuable cryptocurrency. Citing monthly candlestick patterns, the analyst said that the development is a sign of an imminent breakout that could result in an enhance in the coin’s price in the coming weeks.
Litecoin Will Rise Soon?
In particular, Tony “The Bull” said that what is showing up on the monthly chart is “wildly bullish” for Litecoin. This outlook is getting better for Litecoin Bulls given its dismal performance in 2023 as prices stabilized before falling in the second half.
The researcher also shared another chart, predicting that the crypto community is “close to seeing something impressive.” The analyst’s enthusiasm echoes earlier rating Litecoin’s “SuperTrend” indicator, which seems to suggest significant increases in Litecoin prices in the coming sessions.
Litecoin remains in a bearish formation, consolidating, as seen on the monthly chart. It is worth noting that prices are still in the bear trend from August 2023. Despite the general optimism, Litecoin bulls have not yet recovered from these losses and remain in a narrow, flat range, as seen on the monthly chart.
Still, Litecoin could set a up-to-date trend depending on the direction of the breakout. Any enhance above $115 could spur demand that could push the coin’s price towards May 2021 highs of around $400.
Spot Bitcoin ETF failed to push BTC above $50,000
Tony “The Bull”‘s bullish sentiment towards Litecoin comes at a time when Bitcoin, the world’s largest cryptocurrency, is trending lower when looking at its performance on the daily chart. Despite the U.S. Securities and Exchange Commission (SEC) approval of 11 spot Bitcoin ETFs, Bitcoin prices have failed to break above the $50,000 resistance level.
For now, the cryptocurrency community remains positive. Bitcoin supporters have previously claimed that approval of spot Bitcoin ETFs would inject billions into the coin and the sphere more broadly. The derivative product provides institutions with a legal channel to invest in Bitcoin. Still, SEC Chairman Gary Gensler maintained that Bitcoin is a speculative asset despite agency consent.
In contrast to Bitcoin’s impoverished performance, Litecoin has shown resilience by maintaining a resolute stance despite market volatility. This development suggests that Litecoin may outperform Bitcoin in the coming months. The LTCBTC chart shows that Litecoin is up 21% compared to Bitcoin, rebounding from January lows.
Feature image from Canva, chart from TradingView
