History almost always repeats itself, and in the case of Litecoin (LTC), this could be happening at the moment. From a look at Litecoin (LTC)’s chart between the 12th June 2017 and 20th November 2017, one can see a striking similarity to LTC’s price action between 4th February 2019 and the last weekly candle that completes on the 25th of June 2019. What’s interesting is that, in 2017, the 20th Nov candle was followed by a parabolic rise in the price of Litecoin, a move that pushed this crypto to $350 within a few weeks.
In essence, if things take a similar trajectory, Litecoin (LTC) could easily re-test its all-time highs within a few short weeks. The best part is that, just like the hype that pushed Litecoin to $300 in 2017, there are enough factors that could help push it to such astronomical price levels at this point.
The first one is that Litecoin’s rise since January this year hasn’t escaped investor attention. Litecoin has been on a consistent bull rally ever since it tested a low of $21 on some exchanges. Since then, it has outperformed the market and is now up by over X5.
This bullish sentiment, especially in a market where altcoins are largely underperforming, could play a huge role in pushing Litecoin (LTC) forward, as investors seek extra-ordinary gains. Interest around Litecoin (LTC) will only increase especially now that it has crossed the psychological $100 resistance level and held above it, in weekend trading. It’s a signal of strong bullish momentum. Next week, investors chasing gains could flock into Litecoin on this price action, and in a few short weeks, this crypto could be retesting all-time highs.
Another factor that is playing in Litecoin (LTC)’s favor at this point, is the price action of Bitcoin (BTC). Bitcoin (BTC) continues to show signs of bullish momentum, and as it grinds upwards, bullish sentiment will only be reinforced. This is especially a big factor now that Bitcoin seems to be holding above $8000. As it pushes upwards, and altcoins like Litecoin continue to outperform it, money will start to flow into these high performing altcoins. Litecoin is best placed to absorb this outflow of capital from BTC for several reasons. The most important one is its credibility. Unlike some random altcoins that gain 50% or even 100% overnight, Litecoin is a well-known cryptocurrency, with a strong community and a high level of adoption. This makes it a safe bet for big investors seeking higher gains now that Bitcoin (BTC) is supporting the market, with its bullish sentiment.
Then there is the biggest factor of all, and that’s the Litecoin halving in August. This will cause a huge shock to Litecoin (LTC). Therefore, as it approaches and the price continues to rise, FOMO will eventually kick in. The impact could be that by the time the halving happens, Litecoin could easily be trading at over $400. When you factor in Bitcoin halving momentum that is also getting closer by the day, $1000 Litecoin by 2020 suddenly becomes a possibility.