A cryptocurrency hedge fund analyst says he’s watching a leading altcoin to see where Bitcoin will head next.
According to Willy Woo of Adaptive Capital, investor activity on the Litecoin network is picking up, and he expects Bitcoin to follow.
“Using on-chain investor activity, which gives a read of where this may go; LTC is already very bullish, while BTC is still consolidating around an early bullish swing. In a nutshell, I’m expecting a bullish run in BTC lead by LTC as a confirmation signal.”
Woo says on-chain metrics including miner activity suggest BTC is in the early stages of a long-term bull run.
Meanwhile, popular trader Tone Vays says he still believes BTC will nosedive below $6,000 this year. However, he’s ready to become bullish on Bitcoin in the long run if it can move to $8,500.
“Here’s the good news. If we can stay above $7,700 and then go higher than $8,500, I might be bullish the rest of the year. I just don’t think it’s going to happen. The charts will make me a bull. I just don’t think the thing that the charts have to do to make me a bull is going to happen.”
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