Litecoin, a cryptocurrency often referred to as the “silver to Bitcoin's gold,” is gaining traction among analysts who predict its potential to outperform Bitcoin shortly.
Tony “the Bull,” a certified chartist and the Head of Research at NewsBTC, took to X on January 12, laying out a bullish outlook for the 18th most valuable cryptocurrency. Citing its monthly candlestick formations, the analyst said what's panning out are signs of an imminent breakout that could propel the coin higher in the coming weeks.
Litecoin About To Rip Higher?
Specifically, Tony “The Bull” said what's printing out in the monthly chart is “insanely bullish” for Litecoin. This outlook is warming for Litecoin Bulls, considering its drab performance in 2023 when prices consolidated before tanking in the second half.
The researcher also shared another chart, predicting that the crypto community is “close to witnessing something impressive.” The analyst's enthusiasm echoes earlier assessment of Litecoin's “SuperTrend” indicator, which seems to suggest significant price gains for Litecoin in the coming sessions.
Litecoin remains within a bearish formation, consolidating, as evident in the monthly chart. Of note, prices are still trending inside the bear bar of August 2023. Despite general optimism, Litecoin bulls have yet to reverse those losses and remain within a tight, flat-lining range, as evident in the monthly chart.
Still, Litecoin might set a fresh trend depending on the breakout direction. Any upswing above $115 might ignite demand that may lift the coin towards May 2021 highs of around $400.
Spot Bitcoin ETF Didn't Push BTC Above $50,000
Tony “The Bull”‘s bullish sentiment on Litecoin comes as Bitcoin, the world's largest cryptocurrency, is trending lower, looking at the performance in the daily chart. Despite the US Securities and Exchange Commission (SEC) approving 11 spot Bitcoin ETFs, Bitcoin prices have failed to break above the $50,000 resistance level.
For now, the crypto community remains bullish. Bitcoin supporters earlier claimed the approval of spot Bitcoin ETFs would trigger billions into the coin and broadly the sphere. The derivative product provides a legal channel for institutions to invest in Bitcoin. Still, the SEC chair Gary Gensler maintained that Bitcoin is a speculative asset despite the agency's approval.
In contrast to Bitcoin's lackluster performance, Litecoin has shown resilience, maintaining a firm stance amidst market volatility. This development suggests that Litecoin may be poised to outperform Bitcoin in the coming months. The LTCBTC chart shows Litecoin is up 21% versus Bitcoin, rallying from January lows.
Feature image from Canva, chart from TradingView
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