Analyst Predicts Epic Litecoin Rally As This Year’s Halving Approaches – Here’s His Target

A closely followed crypto strategist is predicting a massive Litecoin (LTC) rally this year in anticipation of its halving event slated for August.

Pseudonymous analyst Rekt Capital tells his 331,800 Twitter followers that Litecoin has a tendency to erupt prior to its halving based on historical price action.

Looking at Litecoin’s pre-halving rallies in the past, the analyst posits that the peer-to-peer payments network could sustain its bullish momentum until the second quarter of this year.

“It looks like LTC pre-halving rallies may be lengthening in time. If this upcoming LTC pre-halving rally lasts twice as long as the previous pre-halving rally, then this rally will last ~365 days, which finds confluence with a May 2023 top.”

Rekt predicts that Litecoin could rally to a key resistance level on the monthly timeframe around $150 before flashing signs of bullish exhaustion.

“There is confluence for an early/mid-Q2 LTC pre-halving top.

But how much could LTC rally ahead of its August 2023 Halving?

Pre-halving return may be declining.

But is it declining by +269% each time?

If so, LTC could rally up to +285% [from the bottom] before August 2023.”

Source: Rekt Capital/Twitter

A move toward Rekt’s target suggests an upside potential of over 82% for LTC from current prices.

In the mid-term, Rekt says that LTC is showing signs of strength as it prints a bullish continuation pattern on the monthly chart.

“LTC has indeed set itself up for a bullish start to 2023.

LTC has rallied +22% since successfully retesting the top of the green accumulation area as support.

On top of that, LTC is forming a flagging structure (blue) which price is attempting to breakout from.”

Source: Rekt Capital/Twitter

At time of writing, Litecoin is changing hands for $82.28.

Generated Image: Midjourney

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