A closely followed crypto strategist is predicting a massive Litecoin (LTC) rally this year in anticipation of its halving event slated for August.
Pseudonymous analyst Rekt Capital tells his 331,800 Twitter followers that Litecoin has a tendency to erupt prior to its halving based on historical price action.
Looking at Litecoin’s pre-halving rallies in the past, the analyst posits that the peer-to-peer payments network could sustain its bullish momentum until the second quarter of this year.
“It looks like LTC pre-halving rallies may be lengthening in time. If this upcoming LTC pre-halving rally lasts twice as long as the previous pre-halving rally, then this rally will last ~365 days, which finds confluence with a May 2023 top.”
Rekt predicts that Litecoin could rally to a key resistance level on the monthly timeframe around $150 before flashing signs of bullish exhaustion.
“There is confluence for an early/mid-Q2 LTC pre-halving top.
But how much could LTC rally ahead of its August 2023 Halving?
Pre-halving return may be declining.
But is it declining by +269% each time?
If so, LTC could rally up to +285% [from the bottom] before August 2023.”
A move toward Rekt’s target suggests an upside potential of over 82% for LTC from current prices.
In the mid-term, Rekt says that LTC is showing signs of strength as it prints a bullish continuation pattern on the monthly chart.
“LTC has indeed set itself up for a bullish start to 2023.
LTC has rallied +22% since successfully retesting the top of the green accumulation area as support.
On top of that, LTC is forming a flagging structure (blue) which price is attempting to breakout from.”
At time of writing, Litecoin is changing hands for $82.28.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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