A intently adopted crypto strategist is predicting a large Litecoin (LTC) rally this yr in anticipation of its halving occasion slated for August.
Pseudonymous analyst Rekt Capital tells his 331,800 Twitter followers that Litecoin tends to erupt previous to its halving based mostly on historic worth motion.
Taking a look at Litecoin’s pre-halving rallies previously, the analyst posits that the peer-to-peer funds community may maintain its bullish momentum till the second quarter of this yr.
“It appears like LTC pre-halving rallies could also be lengthening in time. If this upcoming LTC pre-halving rally lasts twice so long as the earlier pre-halving rally, then this rally will final ~three hundred and sixty five days, which finds confluence with a Could 2023 high.”
Rekt predicts that Litecoin may rally to a key resistance stage on the month-to-month timeframe round $150 earlier than flashing indicators of bullish exhaustion.
“There may be confluence for an early/mid-Q2 LTC pre-halving high.
However how a lot may LTC rally forward of its August 2023 Halving?
Pre-halving return could also be declining.
However is it declining by +269% every time?
If that’s the case, LTC may rally as much as +285% [from the bottom] earlier than August 2023.”
A transfer towards Rekt’s goal suggests an upside potential of over 82% for LTC from present costs.
Within the mid-term, Rekt says that LTC is exhibiting indicators of energy because it prints a bullish continuation sample on the month-to-month chart.
“LTC has certainly set itself up for a bullish begin to 2023.
LTC has rallied +22% since efficiently retesting the highest of the inexperienced accumulation space as help.
On high of that, LTC is forming a flagging construction (blue) which worth is trying to breakout from.”
At time of writing, Litecoin is altering arms for $82.28.
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