There is no denying that bullish sentiment is back in the market. Bitcoin has held strongly above $3700 for a while now, which could indicate that the crash to $3100 might have been the bottom. As the market begins to recover, Litecoin (LTC) seems to be leading the way. It is up by over 15% in the past 48-hours and is now trading above $50. This could be an indicator that the $43 weekly support has held strong, and it could be an uptrend for Litecoin (LTC) going forward.
Sentiment is already turning positive for Litecoin on most platforms. For instance, the majority of YouTubers talking about Litecoin are largely positive, and this is essential in driving retail sentiment. Litecoin also got a boost in sentiment yesterday after it emerged that the Venezuelan government was officially accepting Bitcoin (BTC) and Litecoin (LTC). It has helped cement the impression that Litecoin’s success is tied to that of Bitcoin, and at this point, Bitcoin can be deemed to be on an exponential success trajectory. It is accepted across the globe, and institutional money is flirting with it more and more. With all this positive sentiment, Litecoin (LTC) has a high chance of a strong recovery.
In the short-term, Litecoin (LTC) could possibly test $80 next in the next few weeks. This is the next level at which it is likely to experience some level of resistance on its way up. If it achieves this feat, it will be a huge deal for Litecoin (LTC) investors, especially those who got in when it hit lows of $23. If the buying volumes are high enough and it pushes past the 100-day weekly moving average at $80, then Litecoin (LTC) could easily retest its all-time highs within Q2 of 2019, and it is likely to do so while Bitcoin (BTC) is still under $10k. That’s because, Litecoin is gaining by huge multiples for every percentage gain that Bitcoin makes, and this is a huge reason to be bullish on Litecoin (LTC).
It means that by the time Bitcoin (BTC) retests its all-time high, which is a high probability in a bull market, Litecoin (LTC) could easily be trading at upwards of $1000 a coin. This makes it one of the highest potential cryptos at current prices. But it’s not just Bitcoin FOMO that will drive up Litecoin (LTC). The upcoming Litecoin halving will also play a role in driving up its value this year. This will increase the mining difficulty for Litecoin (LTC) and affect its supply. The result is that, Litecoin could see its value rise significantly going forward, as demand chases a lower number of coins.
In essence, Litecoin makes for one of the best investments in 2019. An investment in Litecoin at current prices or anywhere below $100 could give huge returns if Litecoin (LTC) ever gets to the $1000 level. The future of Litecoin is bright, supported by strong fundamentals that are unrivalled in the market.