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Litecoin has been an investor favourite since 2023 started after the digital asset went by way of a number of rallies that noticed it carry double-digit positive aspects 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 could be beginning. Based on the chart posted by the analyst, LTC may proceed this breakout, driving all of it the best way out to $200.
If this have been to occur, then LTC could possibly be poised for one more 100% rally that will see it outperform the overall market, and main cryptocurrencies comparable to Bitcoin and Ethereum. Nonetheless, it will 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 reveals a doable retracement again to the low $90 stage. This may not be out of the unusual because the cryptocurrency continues to rally, then traders would need to take out some positive aspects, resulting in a brief pause in its rally. However, a restoration would shortly observe with LTC registering a better low.
What Might Drive Litecoin Worth?
During the last 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 couple of month away, it’s doable that purchasing stress will proceed to mount. If so, then Michael van de Poppe’s forecast may play out shortly with LTC reaching the $200 stage.
The expectation that LTC will change into scarcer as the speed at which new cash are being introduced into circulation is reduce in half is presently the most important bull case for Litecoin. Following the occasion, it’s doable that the worth will shortly fall because the euphoria wears off and traders 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 prime gainers within the crypto market, based on Coinmarketcap. Its each day quantity is sitting at $1.7 billion with its market cap rising above $7.4 billion.
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