Litecoin has been an investor favourite since 2023 started after the digital asset went by a number of rallies that noticed it ship double-digit positive aspects for buyers. However regardless of how a lot the cryptocurrency has already grown, the bull case for the asset continues. This time, a cryptoanalyst has come out to color a really bullish image for LTC, predicting that the worth will double from right here.
LTC heading in the direction of $200, cryptoanalyst says
As Litecoin continues on one other spectacular rally, crypto analyst Michael van de Poppe says the rally could be beginning. In response to the diagram posted by the analyst, LTC may proceed this breakout, and run all of it the way in which to $200.
If this had been to occur, LTC might be poised for an additional 100% rally that will see it outperform the overall market, and main cryptocurrencies equivalent to Bitcoin and Ethereum. Nevertheless, it will not be a wholly up-only motion for the digital asset.
LTC anticipated to breakout towards $200 | Supply: Twitter
Michael van de Poppe’s chart exhibits a doable retracement again to the low $90 degree. This may not be out of the atypical because the cryptocurrency continues to rally, then buyers will wish to money out some positive aspects, resulting in a brief pause within the rally. Nonetheless, a restoration will shortly observe with LTC registering the next low.
What Can Drive Litecoin Worth?
Over the previous couple of months, anticipation has constructed round Litecoin’s upcoming halving. This occasion has been behind the bullish sentiment seen amongst crypto buyers. Because it approaches, this bullish sentiment has continued to develop stronger, resulting in a number of rallies for the digital asset.
If the present bullish development continues, with the halving occasion only a month away, it’s doable that the shopping for stress will proceed to extend. If so, Michael van de Poppe’s forecast may play out shortly with LTC reaching the $200 degree.
The expectation that LTC will change into scarcer as the speed at which new cash are introduced into circulation is halved is at the moment the most important bull situation for Litecoin. After the occasion, it’s doable that the worth will shortly fall because the euphoria subsides and buyers take their earnings.
At the moment, the worth of LTC is trending at $101 after rising over 20% within the final 24 hours. This makes it one of many high winners within the crypto market, in keeping with Coinmarketcap. Its every day quantity is $1.7 billion, with its market capitalization exceeding $7.4 billion.
