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Litecoin is at Bitcoin as a shepherd is at sheep
For one reason or another, the price of Litecoin was a precursor of the one recorded by Bitcoin (BTC). In fact, LTC's increase of more than $ 60 at the end of March seemed to indicate that Bitcoin was going to move in the same way to $ 4,200, $ 4,400 and $ 4,800 in recent years.
At the end of March, before the recent tumultuous price movement faded, marketer and commentator Halo Crypto argued that LTC's sudden move beyond $ 60 could set a solid precedent for a Bitcoin in the near future. While LTC / BTC recovered significantly after a bullish trend for weeks, Halo confirmed that it was likely that Bitcoin would also experience a bullish reversal, drawing a flare rocket to illustrate its point.
CoinDesk's technical analysis team has already echoed this thinking that Litecoin is at the head of Bitcoin, like a shepherd and his flock of sheep. The point-of-sale technical analysis office has already explained that in a previous market cycle, where Bitcoin reached $ 1,200, LTC's trend "was bullish long before that of" the market leader. In fact, shortly after BTC's withdrawal to less than $ 200, Litecoin left the left field, registering gains in tens of percentage points. Then, believe it or not, BTC and other cryptocurrencies followed, pointing out that the two assets were probably correlated to some extent.
Bitcoin could see $ 5,800 in real time
Interestingly, BTC's recent move beyond $ 5,000 did not cancel out the correlation between LTC and its older brother, so to speak. In fact, it has only been established that key remarks and predictions can be inferred by simply placing the two graphs one beside the other. Halo, the crypto analyst who has popularized these similarities, recently released the graph below to highlight this point.
He notes that the Litecoin, in this current cycle, was the first altcoin to overcome major resistance, which gives it the de facto status of current market leader. Its price action (PA), as mentioned before, is actually a mirror image of Bitcoin. But the radical movement in the LTC comes a few days before the proverbial godfather of cryptocurrency.
So, if the Litecoin trend is reproduced on the Bitcoin chart, Halo explained that BTC could experience a very slight downturn at around $ 5,225 (currently underway), a record test of $ 5,350 for the third time, a rejection to this resistance. and the subsequent collapse at 4,800 USD (moving average of around 200 days), then, finally, a series of moves that will facilitate an escape, allowing Bitcoin to set new highs since the beginning of the Year, at around $ 5,800. Curiously, all this is supposed to happen in the next ten days.
Even if this decision is not 100% likely to be exceeded, given the truth of statements that Litecoin can and often is an early signal for Bitcoin PA, BTC may well reap further gains.
Photo by Alexandru Tudorache on Unsplash
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