A widely followed analyst predicts one major-cap altcoin to rise as crypto markets welcome the new year.
A well-known industry pseudonymous analyst known as Rekt tells his 331,200 Twitter followers that peer-to-peer payment protocol Litecoin (LTC) closed 2022 on a high note.
“LTC is successfully retesting the top of its historical accumulation range (green) as support.
Close monthly above this green box and LTC will be well positioned for the upside in the new year.”
Litecoin closed December around $70, above Rekt’s historical rally range. At the time of writing, LTC is changing hands at $74.59, up 7.45% on the day.
Looking at Bitcoin (BTC), Rekt predicts the crypto royale will print a bear market bottom near $16,000.
“BTC closed 2022 at ~$16,000 for the year.
Historically, wherever BTC starts its new candle three, [it] tends to be very close to where the final bottom is formed.
The lower part will be very close to ~16,000 dollars.”
Rekt’s analysis is based on Bitcoin’s four-year cycle theory, a set of principles that attempt to predict the future price action of the crypto-royal following BTC halving events. The next halving, which will reduce the rewards given to Bitcoin miners from 6.25 BTC to 3.125 BTC, is scheduled to happen in 2024.
According to Rekt, the third part of the cycle (candle three) is when BTC historically ends its bear market. The crypto analyst predicts that BTC could end 2023 between $22,300 and $32,400.
At the time of writing, Bitcoin is trading at $16,738, up more than 1% on the day.
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