Litecoin, a cryptocurrency often referred to as “the silver to bitcoin’s gold,” is gaining traction among analysts who predict its potential to overtake bitcoin soon.
Tony “the Bull,” a certified chartist and head of research at NewsBTC, spoke to X on January 12 and presented a bullish outlook for the 18th most valuable cryptocurrency. Citing his monthly candlestick formations, the analyst said that what is being seen are signs of an imminent breakout that could drive the currency higher in the coming weeks.
Is Litecoin about to go higher?
Specifically, Tony “The Bull” said that what is printed on the monthly chart is “incredibly bullish” for Litecoin. This outlook is warm for Litecoin Bulls, considering its monotonous performance in 2023, when prices consolidated before plunging 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 is repeated before. assessment of the Litecoin “SuperTrend” indicator, which seems to suggest significant price gains for Litecoin in the coming sessions.
Litecoin remains within a bearish formation, consolidating, as evidenced in the monthly chart. Of note, prices are still trending within the August 2023 bear bar. Despite the overall optimism, Litecoin bulls have yet to reverse those losses and remain within a tight, flat range, as evidenced by the monthly chart.
Still, Litecoin could set a new trend depending on the breakout direction. Any rise above $115 could generate demand that could push the coin towards May 2021 highs of around $400.
bitcoin Spot ETF Failed to Boost 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 on the daily chart. Despite the US Securities and Exchange Commission (SEC) approving 11 bitcoin spot ETFs, bitcoin prices have failed to break above the $50,000 resistance level.
For now, the crypto community remains optimistic. bitcoin supporters previously claimed that the approval of spot bitcoin ETFs would generate billions into the currency and the entire sphere. The derivative product provides a legal channel for institutions to invest in bitcoin. Still, SEC Chairman Gary Gensler maintained that bitcoin is a speculative asset. bitcoin-etf-approval-the-underlying-asset-is-highly-speculative-and-volatile.html” target=”_blank” rel=”nofollow”>although agency approval.
In contrast to bitcoin's lackluster performance, Litecoin has demonstrated resilience, maintaining a firm stance amid market volatility. This development suggests that Litecoin may be poised to overtake bitcoin in the coming months. The LTCBTC chart shows that Litecoin is up 21% against bitcoin, recovering from January lows.
Featured image from Canva, TradingView chart
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
