Litecoin price targets $300 as analyst paints bullish picture
Litecoin reached an all-time high of $410 on 10 May but traded to lows of $106 in July before a rebound faded around $230 in early September. An uptick across the crypto markets since late September has seen LTC price break above $280.
During this time, Litecoin has gained over 40% in seven days and more than 60% over the last 30 days. The 14th ranked cryptocurrency has soared by more than 390% over the past year.
$LTC has erased two months of downside in just two days of upside
— Rekt Capital (@rektcapital) November 9, 2021
Litecoin price could surge to $1000 this bull cycle
According to crypto analyst Michael van de Poppe, o is Litecoin’s bull cycle could include a major run towards a new all-time high. The analyst points to a potential surge in LTC in a YouTube video that also forecasts a bullish scenario for XRP.
Van de Poppe says he’s “very bullish on those older altcoins,” highlighting their technical picture as a reason to be optimistic of new gains.
Looking specifically at Litecoin’s price action, it mirrors historical moves seen after extended downtrends. In one example, van de Poppe notes that LTC rallied more than 400% after a major sell-off in 2015 and repeated the outlook after subsequent bear markets.
Deceleration has resulted in new highs, even after a major dip since previous highs in 2017. The analyst believes that a retest and continuation from current levels could send bulls higher.
“When we’re getting expansion happening in the next bull cycle of Litecoin, we could be seeing the Fibonacci extension taking place here once again. And then the 1.618 is 600 bucks, and the second one will probably chase toward $1,000.”
Veteran trader Peter Brandt is also predicting an upside move for Litecoin in the short term, giving it an upshot to 2021 highs.
— Peter Brandt (@PeterLBrandt) November 9, 2021
Litecoin is trading at $290 at the time of writing, up 17% on the day, and looking to extend intraday gains towards $300.