According to an analyst, LTC may have bottomed out and new highs are coming to this altcoin. The analyst also said that this means that Bitcoin and the rest of the altcoin market will follow.
LTC has finished correcting ABC, a bottom may have appeared
During the start of the 2019 rally, LTC led the rest of the cryptocurrency market to bottom out and launch a massive 500% rally for altcoin.
The increase in benefits in Litecoin is due to halving. However, the sell-off before the halving ended that bull run and LTC pulled back to a new higher low in late 2019.
Earlier this year, LTC also retreated to the bottom and started showing signs of recovery. Coin led the market into another rally, recently breaking its trend.
Once again, Litecoin is showing signs that it may have found a local bottom and is ready to target new highs.
According to analyst Benjamin Blunts, LTC has just finished adjusting ABC after a pulse of five upward waves. Analysts use the Elliott Wave Theory to predict future asset price movements.
If this happens, LTC will theoretically be ready for another five-wave impulse again, this time setting another new local high and potentially higher for the first time since the market. Cryptocurrency bottomed out in December 2018.
starting to think $ ltc may have bottomed, am cautiously long, a break above $ 69 and id say the bottom is in and new highs on the cards and obviously if ltc bottomed it means corn did aswell.
not full bulltard just yet but it is looking optimistic pic.twitter.com/CBj1IEewkO
– 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) March 5, 2020
Can LTC lead Bitcoin and Altcoin to new heights?
As analysts pointed out, LTC often leads the market in establishing reversal trends, but then other altcoins and even Bitcoin tend to follow.
LTC hitting the bottom and resuming its uptrend means Bitcoin and the rest of the asset will do the same.
Such a move will probably surprise the market, as concerns about the impact of the corona virus and the imminent recession keep the price of cryptocurrencies unchanged.
Investors are panicking to sell everything they own, fearing the worst in the coming months and weeks. But there is a saying, the best investors are greedy when others are fearful, and fear when others are greedy.
With so many fears in the financial markets, investors who take risks can eventually find significant rewards when joining opposing positions.
However, with the corona virus being a black swan event with the ability to completely crush cryptocurrencies, investors must be more cautious when making any decisions.
You can see the LTC price here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Annie
According to Newsbtc
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