Litecoin has been an investor favorite since 2023 after the digital asset went through several highs that saw it generate double-digit gains for investors. But despite how much the cryptocurrency has already grown, the bullish issue for the asset is still ongoing. This time, a crypto analyst has come out painting a very bullish picture for LTC, predicting that its price will double from here.
LTC heads up for $200, crypto analyst says
As Litecoin continues another impressive rally, cryptocurrency analyst Michael van de Poppe says the rally may be just beginning. According to the chart to publish According to the analyst, LTC could continue this breakout and ride all the way to $200.
If this happens, LTC could be poised for another 100% rally that would see it outperform the general market, and leading cryptocurrencies like Bitcoin and Ethereum. However, it may not be an entirely bullish move for a digital asset.
LTC expected to breakout toward $200 | Source: Twitter
Michael van de Poppe’s chart shows a possible bounce back to the $90 low. This would not be out of the ordinary as the cryptocurrency continues to rally, then investors want to take some gains, which leads to a temporary pause in its rally. However, a recovery will quickly follow with LTC posting a higher low.
What could drive the price of Litecoin?
Over the past two months, speculation has been building around Litecoin next half. This event was behind the bullish sentiment seen among cryptocurrency investors. As it approached, this bullish trend continued to grow stronger, leading to multiple surges for digital assets.
If the current bullish trend continues, with the halving event about a month away, the buying pressure is likely to continue to build. If this is the case, Michael van de Poppe’s prediction could quickly emerge as LTC reaches the $200 level.
The expectation that LTC will become scarcer as the rate of circulation of new coins is halved is currently the biggest bullish case for Litecoin. After the event, the price is likely to drop rapidly as the euphoria wears off and investors cash in on their profits.
Currently, LTC price is heading at $101 after gaining more than 20% in the last 24 hours. This makes it one of the biggest gainers in the cryptocurrency market, according to Coinmarketcap. It has a daily volume of $1.7 billion with a market capitalization of over $7.4 billion.