Is Litecoin set to surpass Bitcoin and grow explosively? Analysts are very optimistic
Litecoin, the cryptocurrency often referred to as “Bitcoin’s gold to silver,” is gaining attention among analysts who predict it may soon surpass Bitcoin.
Certified Chartist and NewsBTC Research Director Tony “the Bull” offered a bullish outlook for X on January 12th. 18th most valuable Cryptocurrency. Citing the monthly candlestick formation, the analyst said it is a sign of an imminent breakout that could push the coin higher in the coming weeks.
Is Litecoin set to go higher?
In particular, Tony “The Bull” said what was printed on the monthly chart was “incredibly bullish” on Litecoin. This outlook for Litecoin Bulls is warming, considering the flat performance of 2023, which consolidated before the price plunged in the second half of the year.
The researcher also shared another chart predicting that the cryptocurrency community is “close to witnessing something impressive.” Analyst enthusiasm resonates earlier. evaluation Litecoin’s “SuperTrend” indicator appears to be suggesting a significant price increase for Litecoin in the coming sessions.
As you can see from the monthly chart, Litecoin is continuing its downward trend and consolidating. What is noteworthy is that the price is still trending within the August 2023 bearish bar. Despite general optimism, Litecoin bulls have yet to reverse these losses and remain within a tight and flat range, as seen in the monthly chart.
Nonetheless, Litecoin could set a new trend depending on the direction of the breakout. A rally above $115 could spark demand that could push the coin up to its May 2021 high of around $400.
Spot Bitcoin ETFs failed to push BTC above $50,000.
Tony “The Bull”’s bullish sentiment on Litecoin comes as Bitcoin, the world’s largest cryptocurrency, is showing a downward trend when looking at its performance on the daily chart. Despite the U.S. Securities and Exchange Commission (SEC) approving 11 spot Bitcoin ETFs, Bitcoin price failed to break the $50,000 resistance level.
Currently, the cryptocurrency community remains optimistic. Bitcoin proponents previously argued that the approval of a spot Bitcoin ETF would spark billions of dollars into the coin and the broader sector. Derivatives provide a legal channel for institutions to invest in Bitcoin. Despite this, SEC Chairman Gary Gensler argued that Bitcoin is a speculative asset. despite Agency approval.
Unlike Bitcoin’s lackluster performance, Litecoin has shown resilience and maintained a firm position despite market volatility. These developments suggest that Litecoin may be poised to surpass Bitcoin in the coming months. According to the LTCBTC chart, Litecoin is up 21% against Bitcoin, rebounding from January lows.
Featured image from Canva, chart from TradingView
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