A broadly adopted analyst believes that one large-cap altcoin now has a compelling narrative that may gasoline its surge to a recent report excessive.
Pseudonymous analyst Kaleo tells his 685,600 followers on the social media platform X that Litecoin (LTC) seems to be mimicking its 2021 bull market sample when it shattered a diagonal resistance earlier than surging to a cycle excessive.
In keeping with Kaleo, LTC is repeating an identical value motion however he thinks Litecoin will ascend to new all-time highs and breach the $1,000 value space, fueled by the LTC exchange-traded fund (ETF) narrative.
“LTC/Litecoin
I’ve been ready for this HTF (excessive time-frame) setup to appear like this because the final halving in August of ’23.
It’s so insanely clear and easy, and with Bloomberg shifting it to the best % likelihood for an ETF approval this yr, it lastly has a story to occur.
Ship it to new all-time highs with haste.”
Trying on the dealer’s chart, he appears to foretell that LTC will rally to as excessive as $1,200. At time of writing, LTC is price $119.02.
Earlier this week, Bloomberg ETF analyst James Seyffart stated Litecoin has the best odds of getting the following ETF accepted, at 90%. He additionally stated the U.S. Securities and Alternate Fee (SEC) has given no indication that it thinks LTC is a safety.
“There’s some extra work that must be executed on that entrance that doesn’t have to occur with one thing like Litecoin. The SEC has by no means known as Litecoin a safety so, I wouldn’t be stunned if you happen to see Litecoin come first.”
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