If Litecoin Is An Indicator Of Whats To Come Then BTC to $20k
Litecoin usually front runs Bitcoin in history. In the last bottom for Bitcoin back in 2018 you can see Litecoins bottom till when it started to move up again only lasted 82 days and was much shorter than bitcoins bottom which lasted 136 till Bitcoin started to go back up. Thats 60 days Litecoin front ran the next move in Bitcoin. Now look at this current bottom, Litecoin capitulated and bottomed in June 11, 2022. By then we thought Bitcoins bottom was in and it wasnt. Bitcoin capitulated and bottomed November 11, 2022, that 5 months after Litecoin did. Then while Bitcoin consolidated around the 15k mark for 2 months Litecoin started going up and by the time Bitcoin ended its consolidation at the 15k level and started going up, Litecoin was already up 125%. Bitcoin ended its most recent correction after 56 days back in October. Litecoin is still in the correction/consolidation phase now and its been 136 days. Its just taking longer just like Bitcoin took longer than Litecoin the last bull run. Litecoin is very close to a massive move up. If we were to assume it takes as long as Bitcoin took in the previous example then 5 months after would be in 14 days. Litecoin could be bearish for 2 more weeks in that scenario, but the Litecoin parabolic bull run is coming there is no question in my mind about that. Both of these cryptos are sitting on major multi year resistance. Nothing catastrophic has happened. This is just a range we are trading in. Also there is a possibility Litecoin is front running and Bitcoin slams back down to 20k again to touch its trendline like Litecoin just did. I dont know if this is what will happen or if Litecoin is just taking longer in consolidation like bitcoin took longer by 5 months the last time.
Not financial advice.
Not financial advice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.