Long
Litecoin Likely to Head Towards Triple Digits This Year
Updated
The long-term USD chart on LTC has formed into an extremely powerful "double three" Elliott Wave pattern. This means that LTC could be about to begin a major impulsive wave that will take us into triple digits this year and possibly higher in the longer term. Because this is a double three I suspect that we could be beginning an extended wave-3 which could actually take us into quadruple digits, and potentially past that in the longer term. This seems like a wild proposition and would mean that one day LTC could have a market cap of hundreds of billions of dollars, but with USD and most fiat currencies looking extremely bearish over the next few years, due to massive government deficits and money printing, we could see people from all over the world start pouring into commodities (of which cryptocurrency is) and pouring out of fiat currency, bonds and stocks over the next few years.
With banks and big mainstream investors starting to invest in the larger cryptocurrencies we will likely begin to see cryptocurrency take more of a hold in the mainstream of the global investing world. This means that it is likely we will see the total cryptocurrency market cap surpassing one trillion dollars within the next couple years. We will see major foreign investment in cryptocurrency as many savvy investors from foreign countries do not want to invest in their stagnating economies, and are desperate for alternatives. Not only does cryptocurrency offer an alternative investment, it also allows easier access to international markets for underbanked individuals and businesses. The breadth that we are experiencing in cryptocurrency markets is good sign that we are now beginning a powerful wave-3, and this breadth will likely continue for many years as each individual cryptocurrency fulfils its own niche.
With banks and big mainstream investors starting to invest in the larger cryptocurrencies we will likely begin to see cryptocurrency take more of a hold in the mainstream of the global investing world. This means that it is likely we will see the total cryptocurrency market cap surpassing one trillion dollars within the next couple years. We will see major foreign investment in cryptocurrency as many savvy investors from foreign countries do not want to invest in their stagnating economies, and are desperate for alternatives. Not only does cryptocurrency offer an alternative investment, it also allows easier access to international markets for underbanked individuals and businesses. The breadth that we are experiencing in cryptocurrency markets is good sign that we are now beginning a powerful wave-3, and this breadth will likely continue for many years as each individual cryptocurrency fulfils its own niche.
Note
RIP BTC-e, this chart will no longer update unless they actually come back online :(
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