Litecoin hit an all-time high of $ 410 on May 10, but traded at a low of $ 106 in July before a rebound faded to around $ 230 in early September. An uptick across the crypto markets since late September has seen LTC price break above $280.
Meanwhile, Litecoin has gained over 40% in seven days and over 60% in the last 30 days. The 14th ranked cryptocurrency has soared by more than 390% over the past year.
Litecoin price could climb to $ 1000 this bull cycle
According to crypto analyst Michael van de Poppe, Litecoin’s bull cycle could include a major run to a new all-time high The analyst points to a potential surge in LTC in a YouTube video that also forecasts a bullish scenario for XRP.
Van de Poppe says he is “very bullish on these old altcoins,” pointing out their technical image as a reason to be bullish about further gains.
Looking specifically at Litecoin’s price action, it mirrors historical moves seen after extended downtrends. In one example, van de Poppe notes that LTC rebounded more than 400% after a massive sell-off in 2015 and repeated the outlook after subsequent bear markets.
Deceleration has resulted in new highs, even after a major dip since previous highs in 2017. The analyst believes re-testing and continuing current levels could push the bulls higher.
“When we’re getting expansion happening in the next bull cycle of Litecoin, we could be seeing the Fibonacci extension taking place here once again. And then the 1.618 is worth $ 600, and the second is probably going to run around $ 1,000. “
Veteran trader Peter Brandt is also predicting an upside move for Litecoin in the short term, giving it an upshot to 2021 highs.
Litecoin is trading at $ 290 at the time of writing, up 17% on the day, and is looking to extend intraday gains to $ 300.
