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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Crypto Analyst Puts Litecoin Price At $84, Here’s The Timeline

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Litecoin price bull

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Since its third halving event was successfully completed in early August, the Litecoin price has fallen off the radar of crypto investors. This was mainly due to the price decline that LTC experienced after heavy profit-taking from investors who had invested leading up to the price surge triggered by the expectations around the halving. But it seems the tides are finally turning for the coin as one analyst predicts a more than 30% increase in price going forward.

Litecoin Price Shooting For The Stars

The current crypto market headwinds seem to be working in favor of the Litecoin price which one crypto analyst believes is gearing up for a run-up to $83. In the post, the pseudonymous analyst identified as P_S_trade points to the possibility of the crypto market continuing its growth trend. However, this would be null and void if the crypto market were to reverse back below $27,000.

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For Litecoin, the analyst points out that the altcoin has usually been the first to start to see an upside in the crypto market. But this has not been the case, as previously mentioned since high levels of profit-taking have affected the LTC price.

Litecoin price chart from Tradingview.com

LTC chart shows runup to $84 | Source: TradingView.com

Even from the current level, the analyst’s chart points toward a possible retracement from here back down to $55. However, once this is completed, the bounce-off from there shows LTC reaching as high as $77 before succumbing to another correction.

This decline is also similar to the first instance where it falls to $55 in the fact that it signals another price surge. Following this second correction, the analyst puts the bottom somewhere around $67 before Litecoin continues its ascent once more.

The top of this second rally then lands just above $84 on the chart. Although there is no official timeline, the range of trades mentioned by the analyst is the medium term, which could see this run out for a couple of months.

Litecoin price chart from Tradingview.com (LTC prediction crypto analyst)

LTC price holds shakily at $62 | Source: LTCUSD on Tradingview.com

LTC Daily Transactions Continue To Decline

While the analyst foresees Litecoin price to surge, other metrics could be pointing in the opposite direction. For one, the daily transaction numbers for the altcoin have been steadily on the decline since the halving event in August.

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According to data from BitInfoCharts, the number of daily LTC transactions has fallen from over 584,000 in May to just shy of 104,000 transactions by Tuesday, October 10. This points to a lack of interest from investors usually brought on by bear market headwinds.

Additionally, the daily transaction volumes, as shown by the token tracking website CoinMarketCap, show a 13.26% decline in the daily trading volume of Litecoin. These bearish metrics could thwart chances of reversal. However, they could also signal the bottom that triggers the start of another rally.

Featured image from CoinMarketCap, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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