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 email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
