Litecoin, a cryptocurrency often called the “money to Bitcoin’s gold,” is gaining traction among analysts who predict it could soon outperform Bitcoin.
Tony “the Bull”, certified chartist and head of research at NewsBTC, visited X on January 12, laying out a bullish outlook for the 18th most valuable cryptocurrency. Citing its monthly candlestick formations, the analyst said that what is happening is a sign of an impending breakout that could propel the coin higher in the coming weeks.
Litecoin about to go higher?
Specifically, Tony “The Bull” said that what appears in the monthly chart is “incredibly bullish” for Litecoin. This outlook is heating up for Litecoin Bulls, given its lackluster performance in 2023, when prices consolidated before falling in the second half.
The researcher also shared another chart, predicting that the crypto community is “about to witness something impressive.” Analyst’s enthusiasm echoes earlier assessment of the Litecoin “SuperTrend” indicator, which appears to suggest significant price gains for Litecoin over the coming sessions.
Litecoin remains in a bearish formation and is consolidating, as shown in the monthly chart. It is worth noting that prices are still moving inside the August 2023 bearish bar. Despite the general optimism, Litecoin bulls have yet to reverse these losses and remain in a narrow and stable range, as the monthly chart shows.
Nonetheless, Litecoin could create a new trend depending on the direction of the breakout. Any rise above $115 could trigger demand that could push the coin towards May 2021 highs, around $400.
Spot Bitcoin ETF Failed to Push BTC Above $50,000
Tony “The Bull”‘s bullish sentiment on Litecoin comes as Bitcoin, the world’s largest cryptocurrency, is trending downward, looking at the daily chart’s performance. Although the United States Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs, Bitcoin prices failed to surpass the $50,000 resistance level.
For now, the crypto community remains optimistic. Bitcoin proponents earlier claimed that approving spot Bitcoin ETFs would generate billions in the coin and the world at large. The derivative product provides a legal channel for institutions to invest in Bitcoin. Yet SEC Chairman Gary Gensler has maintained that Bitcoin is a speculative asset. despite agency approval.
Unlike Bitcoin’s lackluster performance, Litecoin has shown resilience, maintaining a strong stance amid market volatility. This development suggests that Litecoin could be poised to outperform Bitcoin in the coming months. The LTCBTC chart shows that Litecoin is up 21% against Bitcoin, recovering from January lows.
Featured image from Canva, chart from TradingView
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