Litecoin has been an investor favorite since 2023 began after the digital asset went through multiple rallies that saw it bring double-digit gains for investors. But despite how much the cryptocurrency has already grown, the bull case for the asset continues. This time around, a crypto analyst has come out to paint a very bullish picture for LTC, predicting that its price will double from here.
LTC Headed For $200, Says Crypto Analyst
As Litecoin continues on another impressive rally, crypto analyst Michael van de Poppe says that the rally may just be starting. According to the chart posted by the analyst, LTC could continue this breakout, riding it all the way out to $200.
If this were to happen, then LTC could be poised for another 100% rally that would see it outperform the general market, and leading cryptocurrencies such as Bitcoin and Ethereum. However, it may not be a completely up-only movement for the digital asset.
LTC expected to breakout toward $200 | Source: Twitter
Michael van de Poppe’s chart shows a possible retracement back to the low $90 level. This would not be out of the ordinary as the cryptocurrency continues to rally, then investors would want to take out some gains, leading to a temporary pause in its rally. Nevertheless, a recovery would quickly follow with LTC registering a higher low.
What Could Drive Litecoin Price?
Over the last couple of months, anticipation has been building around Litecoin’s upcoming halving. This event has been behind the bullish sentiment seen among crypto investors. As it draws closer, this bullish sentiment has continued to grow stronger, leading to multiple rallies for the digital asset.
If the current bullish trend continues, with the halving event only about a month away, it is possible that buying pressure will continue to mount. If this is the case, then Michael van de Poppe’s forecast could play out quickly with LTC reaching the $200 level.
The expectation that LTC will become scarcer as the rate at which new coins are being brought into circulation is cut in half is currently the biggest bull case for Litecoin. Following the event, it’s possible that the price will quickly fall as the euphoria wears off and investors cash out their profits.
Presently, the price of LTC is trending at $101 after rising over 20% in the last 24 hours. This makes it one of the top gainers in the crypto market, according to Coinmarketcap. Its daily volume is sitting at $1.7 billion with its market cap rising above $7.4 billion.