Litecoin has been an investor favourite since 2023 started after the digital asset went via a number of rallies that noticed it carry double-digit good points for buyers. However regardless of how a lot the cryptocurrency has already grown, the bull case for the asset continues. This time round, a crypto analyst has come out to color a really bullish image for LTC, predicting that its worth will double from right here.
LTC Headed For $200, Says Crypto Analyst
As Litecoin continues on one other spectacular rally, crypto analyst Michael van de Poppe says that the rally could be beginning. In keeping with the chart posted by the analyst, LTC might proceed this breakout, using all of it the way in which out to $200.
If this had been to occur, then LTC may very well be poised for one more 100% rally that may see it outperform the overall market, and main cryptocurrencies resembling Bitcoin and Ethereum. Nevertheless, it might not be a totally up-only motion for the digital asset.
LTC anticipated to breakout towards $200 | Supply: Twitter
Michael van de Poppe’s chart exhibits a attainable retracement again to the low $90 stage. This might not be out of the strange because the cryptocurrency continues to rally, then buyers would wish to take out some good points, resulting in a short lived pause in its rally. Nonetheless, a restoration would shortly comply with with LTC registering the next low.
What May Drive Litecoin Value?
Over the past couple of months, anticipation has been constructing round Litecoin’s upcoming halving. This occasion has been behind the bullish sentiment seen amongst crypto buyers. Because it attracts nearer, 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 solely a couple of month away, it’s attainable that purchasing stress will proceed to mount. If so, then Michael van de Poppe’s forecast might play out shortly with LTC reaching the $200 stage.
The expectation that LTC will grow to be scarcer as the speed at which new cash are being introduced into circulation is reduce in half is at present the most important bull case for Litecoin. Following the occasion, it’s attainable that the worth will shortly fall because the euphoria wears off and buyers money out their earnings.
Presently, the worth of LTC is trending at $101 after rising over 20% within the final 24 hours. This makes it one of many high gainers within the crypto market, in response to Coinmarketcap. Its day by day quantity is sitting at $1.7 billion with its market cap rising above $7.4 billion.