Large-Cap Altcoin Set to Break Crypto Bear Markets, Says Top Analyst

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A popular analyst believes a large-cap altcoin is preparing to break out of bearish crypto markets.

Pseudonymous analyst Rekt tells his 330,000 Twitter followers that peer-to-peer payment network Litecoin (LTC) may have already printed a bear market bottom.

“LTC funds predate BTC funds

In 2015, LTC bottomed in April and BTC bottomed in August

In 2018, Litecoin and Bitcoin bottomed out at the same time

Now in 2022, LTC may have bottomed in June 2022, but BTC may still see new lows

The situation resembles the correlation of 2015.”

According to Rekt, the historical price pattern indicates that Litecoin tends to see a strong rally ahead of the coin’s halving event. LTC is expected to experience its next halving event in the third quarter of 2023.

Says Rekt,

“The LTC tends to rally before its halves. However, the rallies end before the halving.

LTC peaked one month before halving one and two months before halving two.

Could LTC Surpass Three Months Before Halving Three?

If so, the summit would be in May 2023.”

Source: Rekt/Twitter

If history repeats itself, the crypto strategist says Litecoin could break free from the general bearish state of crypto markets and rally on its own.

“Its possible LTC could enjoy a period of decorrelation from the general crypto market over the coming months due to its upcoming Litecoin halving in August 2023.”

At the time of writing, Litecoin is changing hands for $68.61, down more than 2% on the day.

While the crypto strategist is bullish on Litecoin, he says that Bitcoin (BTC) is showing signs of weakness and risks recording a new bear market low.

“A classic BTC breakdown from $19,500 would involve a relief rally to turn $19,500 into new resistance.

But BTC was not even able to break above its immediate resistance at ~$17,150 (weakness).

Monthly close below $17,150 and may drop lower into the blue range.

Source: Rekt/Twitter

At the time of writing, Bitcoin is trading at $16,700, well below Rekt’s crucial monthly level.

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