A widely followed analyst is predicting a surge for one large-cap altcoin as the crypto markets grace a new year.
The pseudonymous analyst known in the industry as Rekt tells his 331,200 Twitter followers that peer-to-peer payments protocol Litecoin (LTC) closed 2022 on a high note.
“LTC is successfully retesting the top of its historical accumulation range (green) as support.
Monthly close above this green box and LTC will be well-positioned for upside in the new year.”
Litecoin closed December around $70, above Rekt’s historical accumulation range. At time of writing, LTC is changing hands for $74.59, a 7.45% increase on the day.
Looking at Bitcoin (BTC), Rekt predicts that the king crypto will print a bear market bottom close to $16,000.
“BTC has yearly closed 2022 at ~$16,000.
Historically, wherever BTC begins its new candle three, [it] tends to be very close to where the ultimate bottom forms.
The bottom will be very close to ~$16,000.”
Rekt’s analysis is based on Bitcoin’s four-year-cycle theory, a set of principles that attempts to predict the future price action of the king crypto by following BTC’s halving events. The next halving, which would cut rewards issued to Bitcoin miners from 6.25 BTC to 3.125 BTC, is scheduled to take place sometime in 2024.
According to Rekt, the third portion of the cycle (candle three) is when BTC historically ends its bear market. The crypto analyst predicts that BTC could end 2023 anywhere between $22,300 and $32,400.
At time of writing, Bitcoin is trading at $16,738, an over 1% increase on the day.
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The post Popular Crypto Strategist Says One Large-Cap Altcoin Well-Positioned for New Year Rally, Updates Outlook on Bitcoin appeared first on The Daily Hodl.