Litecoin Price Prediction: Is Now a Great Opportunity to Buy LTC?

Litecoin, often referred to as the silver to Bitcoin’s gold, has been on a bullish streak lately, closely following the movements of its big brother. The recent surge in Bitcoin’s price above $95.5k has not only sparked interest in the leading cryptocurrency but has also brought attention to altcoins like Litecoin.

In the past two weeks, Litecoin’s price has seen a 14 percent increase, reaching around $87.38. This uptick in price has been fueled by the growing demand for risky crypto assets and speculation in the market. With Litecoin consolidating for the past few years, many investors see this as a great opportunity to buy LTC at a potentially lower price before a possible bullish breakout.

Looking at the midterm expectations for LTC price, it’s worth noting that Litecoin has respected a rising logarithmic trend over the past six years. Following the recent rebound, LTC is poised to retest its all-time high above $359 in the near future. For traders looking to capitalize on this potential surge, setting a stop loss just below $62 and targeting a price of $359 presents a favorable risk-to-reward ratio.

On the fundamental side, the Litecoin network has been experiencing significant growth, driven by institutional interest. Several fund managers, including CoinShares, Grayscale, and Canary Capital, are looking to launch spot LTC ETFs in the United States soon. This has led to a surge in larger transactions on the Litecoin network, with over $52.33 billion in transactions over $100k in the past week.

The correlation between Litecoin and Bitcoin has also been strong, with LTC recording a correlation of 0.88 out of 1 with BTC in the past 30 days. This close relationship with Bitcoin suggests that Litecoin’s price movements are closely tied to the overall market sentiment and the performance of the leading cryptocurrency.

Overall, the current market conditions present a favorable opportunity for investors to buy Litecoin at a potentially lower price before a bullish breakout. With the anticipated approval of spot Litecoin ETFs in the US and the growing institutional interest, Litecoin’s price is expected to see further upside in the near future.