A distinguished crypto strategist, known for achieving the "Master Trader" status on the Bybit exchange, forecasts a potential substantial upside for Litecoin (LTC). This pseudonymous analyst, Bluntz, recently shared his positive view on LTC with his 315,900 followers on social media platform X, underscoring its bullish stance against both the US Dollar and Bitcoin.
Bluntz highlights that Litecoin seems to have completed an ABC corrective wave against the dollar, showcasing a bullish swing failure pattern (SFP) on its Bitcoin pair.
As a proponent of the Elliott Wave theory, he believes that a bullish asset typically experiences a new five-wave rally after an ABC correction. The bullish SFP, in this context, indicates a reversal wherein sellers failed to suppress the price, leading to higher prices due to strong demand.
Bluntz comments, “LTC, notably, is behaving as if an ETF (exchange-traded fund) approval is imminent; it’s demonstrating significant strength against the USD and showing a weekly SFP on the BTC pair. It’s been a while since an asset presented such a clear bullish outlook.”
From his chart analysis, Bluntz foresees Litecoin breaking through the $147 resistance, testing it as a support level, and advancing to $180—a price point not seen since the 2021 bull market.
Bluntz's optimism regarding Litecoin is echoed by another expert, veteran trader Peter Brandt. In December, Brandt also expressed his bullish stance on Litecoin to his 777,300 followers on X, suggesting that LTC could develop into a compelling market force, particularly after it climbed above $100.
Currently, Litecoin trades at $119.60.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.
