Analysts are now predicting significantly further upside for Litecoin in the near-term, with one prominent crypto analyst noting that LTC could surge as much as 80% against its BTC trading pair in the coming weeks and months.
Litecoin Inches Higher Despite Bitcoin’s Recent Bearishness
At the time of writing, Litecoin is trading up over 2% at its current price of $61.00, which marks a slight climb from its daily lows of $59.00.
While zooming out and looking at LTC’s one-month performance, it grows clear that its recent volatility has favored the cryptocurrency’s bulls, as it is currently trading up significantly from its 30-day lows of under $50 that were set in late-October.
LTC’s recent rise from its monthly lows appears to be largely influenced by Bitcoin’s massive surge that came about in late-October after the Chinese President offered bullish remarks on blockchain technology.
Mitoshi Kaku, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes LTC may be entering a pivoting point that leads it to climb significantly higher in the near-term, which means that its ongoing surge may just be getting started.
“$LTC Leaving ‘pivot week’ behind. I think I might hold onto this one for a little bit,” he said while pointing to the below chart.
$LTC Leaving "pivot week" behind. I think I might hold onto this one for a little bit.