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Litecoin’s price surged 17% in a single day, with a year-to-date gain of 390%
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Michael van de Poppe says LTC could climb to $600 and then move toward $1,000
Litecoin reached a peak of $410 on May 10, but by July it had fallen to a historic low of $106. A rebound at the beginning of September brought the coin back to around $230. Renewed momentum in the cryptocurrency markets toward the end of September pushed LTC above $280.
During this period, Litecoin rose more than 40% over seven days and over 60% in the past month. The fourteenth-ranked cryptocurrency has surged more than 390% over the last year.
$LTC has erased two months of downside in just two days of upside
Welcome to Crypto#LTC #Crypto #Litecoin
— Rekt Capital (@rektcapital) November 9, 2021
Litecoin price could reach $1,000 during this bull run
Cryptocurrency analyst Michael van de Poppe suggests Litecoin’s current bull cycle could include a large push toward a new all-time high. In a YouTube video where he also outlined a bullish scenario for XRP, he pointed to potential upside for LTC.
Van de Poppe says he is “very bullish on the older altcoins,” citing their technical setups as reason for optimism about further gains.
Looking specifically at Litecoin’s price action, he notes it mirrors historical moves seen after prolonged downtrends. For example, Van de Poppe highlighted that LTC rose more than 400% following a major sell-off in 2015 and repeated a similar pattern after later bear markets.
That recovery led to new highs even after a significant decline from the 2017 peaks. The analyst believes that a retest and continuation from current levels could push the coin even higher.
“If Litecoin experiences an expansion during the next bull run, we could see the Fibonacci extension play out here again. The 1.618 level would put it at $600, and a subsequent extension could push it toward $1,000.”
Peter Brandt also expects near-term upside for Litecoin, forecasting a return to the record levels seen in 2021.
Litecoin $LTC has broken above Sep high on expanding volume and WBBs so expect retest of 2021 high at 395 or so. pic.twitter.com/BkG0zjo8dW
— Peter Brandt (@PeterLBrandt) November 9, 2021
At the time of writing, Litecoin is trading around $290, up 17% on the day and approaching the $300 mark.