A preferred analyst believes that one large-cap altcoin is gearing as much as break free from the downtrending crypto markets.
The pseudonymous analyst Rekt tells his 330,000 Twitter followers that peer-to-peer funds community Litecoin (LTC) might have already printed a bear market backside.
“LTC bottoms precede BTC bottoms
In 2015, LTC bottomed in April and BTC bottomed in August
In 2018, each Litecoin & Bitcoin bottomed on the similar time
Now in 2022, LTC might have bottomed in June 2022, however BTC should still see new lows
State of affairs is resembling 2015 correlation.”
In line with Rekt, historic worth motion signifies that Litecoin tends to go on a robust upswing earlier than the coin’s halving occasion. LTC is slated to bear its subsequent halving occasion within the third quarter of 2023.
Says Rekt,
“LTC tends to rally previous to its halvings. Nonetheless, the rallies high out pre-halving.
LTC topped out one month previous to halving one and two months pre-halving two.
May LTC high out three months pre-halving three?
In that case, high can be in Could 2023.”
Ought to historical past repeat itself, the crypto strategist says that Litecoin may break away from the general bearish state of the crypto markets and rally by itself.
“It’s potential LTC may take pleasure in a interval of decorrelation from the overall crypto market over the approaching months due to its upcoming Litecoin halving in August 2023.”
At time of writing, Litecoin is altering fingers for $68.61, down over 2% on the day.
Whereas the crypto strategist is bullish on Litecoin, he says that Bitcoin (BTC) is flashing indicators of weak point and is prone to recording a brand new bear market low.
“A textbook BTC breakdown from $19,500 would indicate a reduction rally to show $19,500 into new resistance.
However BTC hasn’t been in a position to even press previous its quick resistance at ~$17,150 (weak point).
Month-to-month shut beneath $17,150 and should drop decrease within the blue vary.”
At time of writing, Bitcoin is buying and selling at $16,700, nicely beneath Rekt’s essential month-to-month degree.
Do not Miss a Beat – Subscribe to get crypto electronic mail alerts delivered on to your inbox
Verify Worth Motion
Observe us on Twitter, Facebook and Telegram
Surf The Day by day Hodl Combine
 
Disclaimer: Opinions expressed at The Day by day Hodl usually are not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal danger, and any loses you might incur are your duty. The Day by day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Day by day Hodl an funding advisor. Please be aware that The Day by day Hodl participates in internet online affiliate marketing.
Featured Picture: Shutterstock/TadashiArt