A widely followed crypto trader is expressing positive sentiment toward Bitcoin (BTC) alternative Litecoin (LTC).
Crypto strategist Justin Bennett tells his 111,800 Twitter followers that he is bullish on Litecoin and expects the 14th-largest crypto asset by market cap to even outperform the king crypto.
According to the analyst, LTC is likely to continue holding between a low of around $30 as its support and $465 as its resistance zone into 2023, a pattern it displayed in 2022.
“I’m bullish on LTC in the short term, especially against BTC, but there’s no reason to think we won’t see this play out again in 2023.”
Litecoin is trading at $76.81 at time of writing while Bitcoin is changing hands at $16,994. The Litecoin/Bitcoin (LTC/BTC) pair is up by nearly 70% over the past 30 days and by more than 20% in the last two weeks.
Turning to Ethereum (ETH), the crypto analyst says that the second-largest digital asset by market cap is likely to fall after hitting local highs, mirroring its price action last month.
“I mentioned this to members yesterday, but ETH has formed a similar pattern to what we saw in late November.
Run the local highs to trap longs and then reverse.”
Based on his Ethereum charts, the crypto analyst appears to be suggesting that the leading smart contract platform is on track to reach the local high of around $1,320 before falling back to the $1,240 price.
Ethereum is trading at $1,282 at time of writing.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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