A popular crypto analyst is forecasting potential surges for Bitcoin (BTC) and peer-to-peer payments network Litecoin (LTC).

Pseudonymous crypto strategist Loma tells his 282,300 Twitter followers that he believes Bitcoin will eventually take out resistance at around $28,800.

However, the catch is that the breakout could take time and BTC may test the patience of Bitcoin bulls.

“Ideally if this consolidation continues upwards, we do NOT get anymore opportunities to load spot buys in the $26,500-$25,500ish level.

Most likely scenario is a crab environment sandwiched between daily highs/daily lows before going higher.

• If not positioned, build positions via range trading.

• If you’re already in, this should be more a test of patience than anything else.”

Looking at Loma’s chart, he appears to be predicting a Bitcoin breakout before April expires, leading to a strong BTC rally toward his target at $38,000.

At time of writing, BTC is trading for $28,487.

As for Litecoin, he thinks that LTC is gearing up for a rally toward the key psychological resistance at $100. According to Loma, Litecoin’s reaction at the $100 price level would determine whether LTC rallies toward his target at $140.

“Will be curious to see the reaction at the psychological + technical resistance around $100. Anything sustained strength above that and it’ll just cut through to $130-140 rapidly, in my opinon. Binance-CFTC [Commodity Futures Trading Commission] lows act as a good yardstick to define risk.”

#Binance #ltc #crypto2023 #BTC #BNB

Litecoin, one of the oldest and most prominent cryptocurrencies, has undergone several halving events in the past, and the upcoming halving event is generating excitement among investors and traders alike. As Litecoin’s fourth halving approaches, many in the cryptocurrency community are bullish on the future of this cryptocurrency.

What is Litecoin Halving?

Litecoin operates on a halving system, much like Bitcoin. This process reduces the amount of new Litecoin that is generated and released into circulation. The halving process occurs every four years, and it is built into the Litecoin protocol to control the supply of the currency.

The process works by decreasing the amount of Litecoin miners receive as a reward for confirming transactions on the network. This leads to a smaller total supply of Litecoin and can lead to an increase in the value of the currency.

Why Does Litecoin Halving Matter?

Litecoin halving is an essential mechanism for controlling the supply and demand of the cryptocurrency. By reducing the number of Litecoins released into circulation, halving helps to maintain the value of the currency over time. This process ensures that the Litecoin network remains decentralized and secure, a critical trait of any cryptocurrency.

In the past, the halving process has led to an increase in the value of Litecoin. As the supply of Litecoin decreases, the demand for the currency tends to increase, leading to an increase in its value. This is because there are fewer Litecoins available for trading, which can create a sense of scarcity and increase demand.

What Are the Implications of Halving for Litecoin Users?

Litecoin halving has several implications for users of this cryptocurrency. Firstly, it can lead to an increase in the value of Litecoin as the supply decreases, making it a potentially profitable investment. Secondly, it ensures that the Litecoin network remains decentralized and secure, making it a reliable and trustworthy cryptocurrency.

There are also implications for miners. As the reward for mining a block decreases, the profitability of mining also decreases. This can lead to a reduction in the number of miners on the network, which can, in turn, increase the value of the currency.

Conclusion

As Litecoin’s fourth halving event approaches, investors and traders are optimistic about the future of this cryptocurrency. The halving process is an essential mechanism for controlling the supply and demand of Litecoin, and it helps to maintain the value of the currency over time. The halving event can also lead to an increase in the value of Litecoin, making it an attractive investment opportunity.

Overall, Litecoin halving is a catalyst for bullish momentum in the cryptocurrency market, and it is an essential component of the Litecoin ecosystem. As the cryptocurrency market continues to evolve and mature, Litecoin’s halving events are likely to play an increasingly significant role in driving the cryptocurrency’s growth and success.

#ltc #halving #Binance #crypto2023 #BTC