[ad_1]
A popular analyst believes that one big altcoin is preparing to break out of the downtrending crypto market.
Pseudonym Analyst Rekt To tell His 330,000 Twitter followers rely on the peer-to-peer payment network Litecoin (LTC), which may have already hit the bottom of a bear market.
“LTC trough precedes BTC trough
2015 LTC bottomed out in April, BTC bottomed out in August
Both Litecoin and Bitcoin bottomed out simultaneously in 2018
As of 2022, LTC may have bottomed out in June 2022, but BTC may still see new lows
The situation is similar to the 2015 correlation. ”
According to Rekt, historical price action shows that Litecoin is on a strong upward trend ahead of the coin’s halving event. LTC is expected to have its next halving in the third quarter of 2023.
Rekt says:
“LTC It tends to recover before halving. However, Larry tops out before the halving.
LTC peaked one month before the half-life and two months before the half-life.
Can LTC come out on top 3 months before the halving?
If so, the top will be May 2023. “
If History Repeats, Crypto Strategists To tell Litecoin may emerge from the overall bearish state of the cryptocurrency market and recover on its own.
“LTC is likely to enjoy a period of uncorrelation from the general crypto market over the next few months due to Litecoin halving scheduled for August 2023.”
As of this writing, Litecoin is trading at $68.61, down more than 2% for the day.
Crypto strategists are bullish on Litecoin, but say Bitcoin (BTC) is showing bearish signs and risks recording new bear market lows.
“A textbook BTC collapse from $19,500 means a bailout rally to turn $19,500 into a new resistance.
However, BTC has not even managed to break out of the immediate resistance at $17,150 (weakness).
The monthly close is below $17,150 with a possible drop in the blue range. “
As of this writing, Bitcoin is trading at $16,700, well below Rekt’s key monthly levels.
Don’t miss a beat – subscribe to get encrypted email alerts delivered straight to your inbox
Price action confirmation
Please follow us twitterfacebook, telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/TadashiArt
[ad_2]
Source link
