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Litecoin has been an investor favourite since 2023 started after the digital asset went by a number of rallies that noticed it carry double-digit features for traders. 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 may be beginning. In accordance with the chart posted by the analyst, LTC might proceed this breakout, driving all of it the way in which out to $200.
If this had been to occur, then LTC could possibly be poised for one more 100% rally that may see it outperform the overall market, and main cryptocurrencies similar to Bitcoin and Ethereum. Nonetheless, it is probably not a totally up-only motion for the digital asset.
LTC anticipated to breakout towards $200 | Supply: Twitter
Michael van de Poppe’s chart reveals a potential retracement again to the low $90 degree. This might not be out of the peculiar because the cryptocurrency continues to rally, then traders would wish to take out some features, resulting in a short lived pause in its rally. Nonetheless, a restoration would shortly comply with with LTC registering a better low.
What Might Drive Litecoin Worth?
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 traders. 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 pattern continues, with the halving occasion solely a few month away, it’s potential 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 degree.
The expectation that LTC will develop into scarcer as the speed at which new cash are being introduced into circulation is reduce in half is at the moment the most important bull case for Litecoin. Following the occasion, it’s potential that the worth will shortly fall because the euphoria wears off and traders money out their income.
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 line with Coinmarketcap. Its every day quantity is sitting at $1.7 billion with its market cap rising above $7.4 billion.
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