Litecoin could be on the verge of rallying against Bitcoin, according to popular crypto analyst Nicholas Merten.
Merten says that while he has backed out of his position in Litecoin (LTC) following a false rumor about a partnership with retail giant Walmart, it is “a great project nonetheless.” He recommends “keeping an eye on” LTC, since it’s currently in the low price range against Bitcoin (BTC).
Merten tells his 478,000 YouTube followers that Litecoin is currently forming a pattern against Bitcoin that’s similar to the one it did in March of 2017, right before launching into a huge rally against the largest crypto asset.
“I’m not going to say it’s guaranteed by any means, and I think Litecoin… doesn’t hold the same kind of market weight it used to. But again, don’t deny the technical patterns, these supercycle patterns that happen every couple of years each cycle.
I definitely would say to not ignore this, that there’s a potential we could see even a fraction of [the 2017] rally, and that’s still something significant – a potential 2x against Bitcoin, and potentially 2.5-3x.”
Litecoin is trading at $253.19 at time of writing.
Merten predicts that trading in altcoins will be an overall better bet than Bitcoin this cycle, but with a few caveats.
“I personally believe that being in the altcoins generally [is] going to be a better bet throughout this cycle – so long as you’re not all in absolutely speculative small-caps, so long as you’re not putting all your eggs in one basket, so long as you have some form of diversification, and you have the fundamental research to back your positions.
I think that generally being in altcoins – the data showcasing it here is that it’s going to be likely more favorable than being in Bitcoin until we get towards the cycle peak. And when the market correction starts, things will change.”
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