Litecoin price had a strong performance this week as it jumped to its highest point since January 18. The surge was most likely because of the ongoing optimism about a potential LTC ETF approval by the Securities and Exchange Commission and the potential inflows. So, can the LTC price soar to $1,000 as one analyst predicts?
Crypto Analyst Predicts Litecoin Price May Soar To $1,000
A surge in a cryptocurrency often leads to more bullish forecasts by analysts. The same has happened as one pundit has predicted that the LTC price will surge to $1,000 soon. Moving from the current $130 to $1,000 would be a 670% jump from the current level. It would also push Litecoin’s market cap to over $75 billion.
The analyst pointed to Litecoin’s weekly chart and the fact that the coin has been forming a symmetrical triangle pattern, which is about to break out. If that happens, he expects that Litecoin will jump and cross its all-time high of $417 and then get to $1,000.
Litecoin Price Forecast
LTC ETF Hopes Are Rising
The main catalyst for the value of LTC that ETF hopes are rising. The SEC has already asked for comments from Canary, which submitted the filing last October. It has also moved to public comments, a step that analysts believe is important ahead of a potential approval.
The other notable factor is that Litecoin is different from other crypto tokens like Ripple and Solana. It is a Bitcoin hard fork that had no presale or staking features. Instead, it is almost simila with Bitcoin, an asset that the SEC believes is a commodity. As such, since it approved BTC ETFs, there is no logical reason to reject a LTC ETF.
Litecoin Price Forecast and Technical Analysis
The weekly chart shows that the Litecoin price has just made a bullish breakout above the key resistance level at $114.42. This was a notable level since it was the neckline of the slanted triple-bottom pattern.
Litecoin has also jumped above the 50-week moving average and is at the 23.6% Fibonacci Retracement point. The Relative Strength Index (RSI) has also tilted upwards. These patterns are all bullish and are sign that the coin will continue rising.
Litecoin Price Chart
LTC Coin Targets
A surge from the current $130 to $1,000, while possible, will take time to happen. Therefore, the most realistic LTC price forecast target is where it rises to the 50% Fibonacci Retracement level at $225, which is about 75% above the current level. Such a move will be followed by the 61.8% point at $275.
On the other hand, a drop below the key support level at $86, the lowest point in December, will invalidate the bullish view.
The post Litecoin Price Forecast As One Expert Sees It Hitting $1000 appeared first on CoinGape.
