LTC Analyst Believes The Altcoin Is Ready To Reach New Highs

Litecoin is the cryptocurrency ranked seventh in market capitalization, but it can be the silver to the digital gold, Bitcoin, by leading the cryptocurrency market as per an LTC Analyst that believes the altcoin can reach new high as we are reading in the Litecoin news today.

According to certain LTC analysts, Litecoin “may have bottomed” out and “new highs” are on its way for the cryptocurrency. The analyst also is of the opinion that this means that Bitcoin and the rest of the cryptocurrency market will follow suit what is litecoin trying to do is to swim above this possibility. At the beginning of the 2019 rally, Litecoin led the rest of the crypto market is bottoming and kicking off what potentially can be a huge 500% rally for the altcoin.

The growth in interest in Litecoin was because of the halving that the asset experienced. But a selloff pre-halving ended that rally and Litecoin went into a new bigger low in the second half of 2019. At the beginning of this year, it was also Litecoin to the first bottom and begin showing signs of a recovery. The alternative crypto led the market into another rally, that broke its tendency only recently.

Again, what is  Litecoin showing are signs that it could have discovered a local bottom and is locked and prepared to aim at new highs. According to certain cryptocurrency analyst, Litecoin has just completed an ABC correction after a five-wave impulse upward. The analyst utilizes Elliott Wave Theory to forecast future price movements in assets.

If this is true, Litecoin will be ready for new five-wave impulse upward, setting new local high and potentially the biggest peak since the fall of the cryptocurrency market in December 2018, at least theoretically. As the analyst emphasizes, Litecoin often leads the market in founding trend reversals, and even other cryptocurrencies and sometimes Bitcoin are inclined to follow. Litecoin falling and refurbishing its uptrend will result with Bitcoin and the rest of the cryptocurrency world to follow.

Move like this will probably surprise the market because the fears over the impact of the coronavirus and an impending economic recession keep the cryptocurrencies prices at bay. Investors are panic selling everything they own, dreading that the worst will happen in the months and weeks to come. But as the good old saying goes, the best investors are greedy when others are fearful, and fearful when others are greedy.