A widely followed analyst believes that one large-cap altcoin now has a compelling narrative that will fuel its surge to a fresh record high.
Pseudonymous analyst Kaleo tells his 685,600 followers on the social media platform X that Litecoin (LTC) appears to be mimicking its 2021 bull market pattern when it shattered a diagonal resistance before surging to a cycle high.
According to Kaleo, LTC is repeating a similar price action but he thinks Litecoin will ascend to new all-time highs and breach the $1,000 price area, fueled by the LTC exchange-traded fund (ETF) narrative.
“LTC/Litecoin
I’ve been waiting for this HTF (high time frame) setup to look like this since the last halving in August of ’23.
It’s so insanely clean and simple, and with Bloomberg moving it to the highest % chance for an ETF approval this year, it finally has a narrative to happen.
Send it to new all-time highs with haste.”
Looking at the trader’s chart, he seems to predict that LTC will rally to as high as $1,200. At time of writing, LTC is worth $119.02.
Earlier this week, Bloomberg ETF analyst James Seyffart said Litecoin has the highest odds of getting the next ETF approved, at 90%. He also said the U.S. Securities and Exchange Commission (SEC) has given no indication that it thinks LTC is a security.
“There’s some more work that needs to be done on that front that doesn’t need to happen with something like Litecoin. The SEC has never called Litecoin a security so, I wouldn’t be surprised if you see Litecoin come first.”
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Generated Image: Midjourney
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