A broadly adopted analyst believes that one large-cap altcoin now has a compelling narrative that can gas its surge to a recent document excessive.
Pseudonymous analyst Kaleo tells his 685,600 followers on the social media platform X that Litecoin (LTC) seems to be mimicking its 2021 bull market sample when it shattered a diagonal resistance earlier than surging to a cycle excessive.
In keeping with Kaleo, LTC is repeating an analogous worth motion however he thinks Litecoin will ascend to new all-time highs and breach the $1,000 worth space, fueled by the LTC exchange-traded fund (ETF) narrative.
“LTC/Litecoin
I’ve been ready for this HTF (excessive timeframe) setup to appear to be this for the reason that final halving in August of ’23.
It’s so insanely clear and easy, and with Bloomberg transferring it to the very best % probability for an ETF approval this yr, it lastly has a story to occur.
Ship it to new all-time highs with haste.”
Trying on the dealer’s chart, he appears to foretell that LTC will rally to as excessive as $1,200. At time of writing, LTC is value $119.02.
Earlier this week, Bloomberg ETF analyst James Seyffart said Litecoin has the very best odds of getting the following ETF accepted, at 90%. He additionally said the U.S. Securities and Change Fee (SEC) has given no indication that it thinks LTC is a safety.
“There’s some extra work that must be executed on that entrance that doesn’t have to occur with one thing like Litecoin. The SEC has by no means known as Litecoin a safety so, I wouldn’t be shocked when you see Litecoin come first.”
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