Crypto Analyst Predicts Bitcoin (BTC) Bull Market Progress, Highlights Potential Challenges for Litecoin (LTC)
A well-known cryptocurrency trader suggests that Bitcoin (BTC) has successfully broken out of its accumulation range. According to the pseudonymous analyst, BTC is now approaching the first major resistance level in the current bull market.
The analyst states, “Several months later and BTC has completely broken out from its Accumulation Range. This Accumulation Range [green] was calculated based on historical post-Death Cross retracement theory mentioned in the thread. Now at the first major resistance area (red).”
Based on the analyst’s assessment, BTC has already progressed 27.1% through the bull market.
At the time of writing, BTC is valued at $37,055, representing a 7% increase over the past week.
In the latest edition of the trader’s altcoin newsletter, the analyst points out that Litecoin (LTC) is approaching a critical point when traded against BTC (LTC/BTC).
If LTC/BTC fails to reclaim the blue Range Low as support, it could potentially drop back to the new old Time Low level from late 2022. However, if LTC/BTC is able to regain the blue Range Low as support, it could continue its consolidation inside that range and revisit the confluent resistance area that is the Range High and the Macro Downtrend (black).
As of now, LTC is valued at 0.0019 BTC ($71.90), with a 4% increase in the past week.