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A crypto analyst who accurately called the 2022 Bitcoin (BTC) bottom says that Litecoin (LTC) could be on the verge of a parabolic surge.
In a new strategy session, pseudonymous trader DonAlt tells his 47,200 YouTube subscribers that the peer-to-peer payments network token could more than double in price from its current value in a short amount of time.
“This is one of the stronger trends that we’ve had. When you look at the weekly, this thing is just walking up slowly. It basically looks to me like Bitcoin did on the daily timeframe at like $17,000 where it just crept up slowly. Litecoin is doing it on a weekly timeframe. I don’t want to sell that. I just don’t. I want to keep it and slow walk up. It’s getting steeper, which I like, because I think this could turn into this sort of parabolic thing where it gets like a proper pushup. It has the base to do it.
I’d rather round-trip it than sell it before it does what I think it can. If I’m wrong on it, I’m wrong on it. This has potential. Do you remember at $60 when I said this can go to $300 and people were laughing at me?
Now it’s trading at $100 and it slow walked up into that $100 level. I think it could just be like three days, four days and it’s going to be trading, not necessarily from here, but if it consolidates around $100 for a bit, it could be three or four days and it’s going to trade at $200.”
Litecoin is worth $96.58 at time of writing. LTC has significantly outperformed both Bitcoin and Ethereum (ETH) after the crypto markets bottomed in November 21st. Litecoin is up 62% since, with Bitcoin gaining 45% and Ethereum rising 47% over the same timeframe.
Next, DonAlt says Bitcoin is consolidating at its current price level and may soon break to the upside.
“We’ve had four weeks of upside, and we’ve barely managed to get a red week. [Last] week has been OK still. [Last] week, Bitcoin’s like red-ish, but after massive push up you would expect more. Just looks like strength to me…
What we’re doing right now is basically just, on the weekly at least, consolidation, consolidating at the resistance or right below it, which is so much more confident than any other consolidation that I could think of. Because if we poke our head into $24,000 a couple times more, it just starts looking like it wants to push again and quite aggressively so. I’m not hating how it’s looking right now. I like that it’s a little bit red, that it’s kind of consolidating because that just gives it more potential to the upside.”
Bitcoin is trading for $22,801 at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/gg_tsukahara/WindAwake
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