Litecoin to Repeat Historical Bull Run, LTC Price Heading Towards this Level

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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.

Recent­ly, the cryp­to com­mu­ni­ty has been more inter­est­ed in Lite­coin as its dai­ly social engage­ments peaked at 99.91 mil­lion. Regard­less of LTC’s price direc­tion, accord­ing to Lunar Crush, it is time for the com­mu­ni­ty to start pay­ing atten­tion to the coin in the upcom­ing weeks.

Why Litecoin Rally Seems imminent?

This comes in the wake of a whop­ping 31 per­cent increase In just a few hours when the price of Lite­coin rose from $61.6 to $81.55 on Tuesday. 

Recent­ly, the LTC shark accu­mu­la­tion trend was brought to light by the cryp­tocur­ren­cy ana­lyt­ics plat­form San­ti­ment, which may have con­tributed to the coin’s rise.

“In the past two weeks, address­es hold­ing 1,000 to 100,000 LTC accu­mu­lat­ed $43.4 mil­lion in coins en route to the first price jump above $80 since May,” San­ti­ment noted.

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