A popular crypto analyst who gave an accurate forecast of Bitcoins (BTC) bear market bottom in 2018 is sharing what he thinks is ahead for Ethereum (ETH) and Litecoin (LTC).
Pseudonymous crypto trader Smart Contracter tells his 214,300 Twitter followers that BTC alternative Litecoin is breaking out of its accumulation phase as the altcoin surges past $77.32.
LTC of all coins trying to break out of a rather large accumulation. Of all things I wasnt expecting LTC to be the one to do things.
The strategist says the price breakout is due to Litecoins upcoming halving event, which will cut mining rewards for LTC in half and reduce the number of tokens that get put into circulation.
Previously, he had said that the tokens price pattern is similar to that of Bitcoin prior to the leading crypto assets halving events.
Statistically BTC tends to bottom around 500 days before halving so With that in mind this accumulation breakout [of] LTC starts to make sense considering this accumulation is already three months old and theres only 227 days until the LTC halving.
Smart Contracter says LTC could surge to around the $98 price level. At time of writing, the altcoin is changing hands for $77.95.
LTC is showing a beautiful acceptance ABOVE multi-month accumulation breakout, greatly reducing the chance of a fakeout imo [in my opinion]. Were still a whopping 25% away from any decent structure/resistance as well.
As for Ethereum, the analyst says hes bullish on the leading smart contract platform as it was recently able to convincingly reverse course past a diagonal resistance line.
So far, so good assuming a range here on BTC and ETH.
ETH is currently trading for $1,200 at time of writing.
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