The top two cryptocurrencies–Bitcoin and Ethereum have almost made up for this week’s losses brought on by the rumblings of the Genesis Global bankruptcy. Talking about altcoins, Litecoin has attracted traders this week.
In the midst of the upheaval, analyst crypto kaleo believes that after a long time of bearish sentiment, Litecoin will likely resume its historical bull runs in relation to the price of Bitcoin.
On the LTC/BTC ratio chart, Litecoin is currently valued at.0047 ($77.76 worth of BTC), and he predicts that it will break out of its bearish channel and rise to near .02 in early 2023.
“Alright, starting to believe this is the real deal for LTC/BTC. It’s long overdue for a solid pump. Here’s how Litecoin works – long periods of slowly bleeding down sideways, followed by a quick pump up to .02 BTC or so when everything else is bearish,” he said in a tweet.
Should Traders Bet on LTC?
Analyst Smart Contracter also expects Litecoin’s price to break out. The price breakout, according to the expert, is probably connected to Litecoin’s upcoming halving event, when its programmed code will lower payouts for LTC miners, thus reducing its supply.