Key Insights
- Over the last few days, Litecoin entered an upsurge, breaking the $73 support and reaching as high as the $81 mark.
- Pseudonymous analyst, Bluntz thinks Litecoin may be headed for massive bullishness in the future.
- Like Bluntz’s predictions, Litecoin broke out of the $73 zone last week and went as far as $83.
Litecoin has been the object of massive hype over the last few weeks. One of the likely causes of this hype has been the altcoin’s price action over the last month.
Despite the general crypto market’s southbound direction brought on by the FTX crash, Litecoin’s performance has been impressive.
The altcoin has also beaten others like Tron, Shiba Inu and the once-great Solana to become the 13th largest cryptocurrency by market cap.
Over the last few days, LTC entered an upsurge, breaking the $73 support and reaching as high as the $81 mark.
However, the cryptocurrency retested its breakout point, and is now consolidating at the $78 zone after rising from an intra-day low of $75.21 and hitting a high of $79.73.
In recent news, the pseudonymous analyst, Bluntz, via a Twitter thread, has shared why he thinks LTC may be headed for massive bullishness in the future.
Bluntz Says Litecoin Is About to Breakout
It may be easy to ask why Bluntz’s ideas should be thought out.
And the answer to that would be that this same analyst also predicted the 2018 Bitcoin bottom.
Im calling a bottom at exactly 3.2k with a 200 dollar leeway either side.
Will retweet the shit outta this when it happens.
— Bluntz (@Bluntz_Capital) June 23, 2018
In a recent Twitter thread, Bluntz shared a few ideas about LTC and why he believes the altcoin may be headed for massive bullishness.
According to Bluntz, LTC broke out from a “rather large accumulation.”
Like Bluntz’s predictions on the cryptocurrency, Litecoin broke out of the $73 zone last week and went as far as $83, as illustrated below.
Keep in mind that one of the factors influencing the price action of Litecoin is possibly it’s upcoming halving.
This event in Litecoin’s history is expected to happen in approximately 220 days (or about eight months from now). It is the event that cuts the rewards given to miners for securing the Litecoin network from 12.5 LTC per block to about 6.25 LTC per block.
The Litecoin halving is expected to start a massive bullish rally and is quite similar to that of Bitcoin (expected in 2024).
Bluntz’s LTC Analysis
Bluntz also mentioned that statistically, bitcoin tends to bottom around 500 days before its halving. And with this fact in mind, the accumulation phase on Litecoin makes sense. He also noted that considering the Litecoin accumulation was already three months old; this would leave about 227 days until the next and third Litecoin halving.
As illustrated above, Bluntz also noted that Litecoin shows acceptance signals above the multi-month accumulation breakout. According to the analyst, this greatly reduces the chance of a fakeout (false breakout).
He concludes the tweet by saying that Litecoin is still a whopping 25% away from any fairly strong resistance zones as well, leaving much room for more bullish price action.
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