A popular crypto analyst believes that a large-volume altcoin is poised to diverge from the downtrend crypto market.
The analyst, known as Rekt, told 330,000 Twitter followers that peer-to-peer payments network Litecoin (LTC) may have already bottomed out in the bear market. told.
“LTC bottoms precede BTC bottoms
In 2015 LTC bottomed in April and BTC bottomed in August
Both Litecoin and Bitcoin bottomed out at the same time in 2018
Now in 2022, LTC may have bottomed in June 2022, but BTC could still see new bottoms
The situation is similar to the 2015 correlation.”
According to Rekt, the historical price action reveals that Litecoin had a strong bullish trend prior to the Halving event. The next halving event for the altcoin is expected to take place in the third quarter of 2023.
“LTC tends to recover before halving events. However, the rallies peaked before the halving.
LTC peaked one month before one halving and two months before the other.
Can LTC peak in the three months before the third halving? If so, the peak will be in May 2023.”
The crypto strategist thinks that if history repeats itself, the altcoin price will be able to break out of the general bearish trend in the crypto markets and recover on its own.
“It is possible that LTC will diverge from the overall crypto market in the coming months due to the Litecoin halving set to take place in August 2023.”
While the crypto strategist is optimistic about Litecoin, he says Bitcoin (BTC) is showing signs of weakness and risks recording a new bear market bottom.
“A textbook BTC breakout at $19,500, turning $19,500 into new resistance means a relief rally.
However, BTC failed to even break its critical resistance at around $17,150 (weakness).
Monthly close below $17,150 and it could drop further in the blue range.”
You can follow the current price action here.