Litecoin has been in the accumulation phase for a while now. According to multiple technical analyses, the coin is past this phase, and the market is looking at another Liotecoin bull run. The first signs of the bull run have been showing from the beginning of November. As we are entering December, Litecoin is hitting the doors of $100 once again this year. So, the value went up to three digits, but does Liotecoin have the potential to soar to $1000? Let’s verify with the information available, and expert opinions.
Key Takeaways
- Litecoin is a unique cryptocurrency that is widely used for payments and microtransactions.
- As possibilities of Litecoin ETFs started surfacing the price of the coin started surging.
- Litecoin has the potential to soar to $1000 in the coming years, especially if a Litecoin ETF gets approved.
Reasons Behind the Recent Price Surge
After surging to about $110 in March this year, Litecoin quickly came down to $78 within months. Although there were short-term price surges in between, the value has been generally low for the rest of the year till November. The price of Litecoin picked up in November, and it has now reached about $100. There have been multiple factors here at play including:
- US Elections and the victory of Donald Trump
- Gary Gensler’s exit from the SEC (Securities and Exchange Commission)
- Rumors of Litecoin ETFs
- Improved community activities
- Aggressive Litecoin acquiring by whales
- Overall bullish sentiments in the cryptocurrency market
A majority of people from the Litecoin community speculate that among these potential causes, the rumored launch of a Litecoin ETF has contributed most to the sudden surge in the market.
Will Litecoin Hit $1000?
The possibility of Litecoin hitting a four-digit value will depend on many factors such as:
- More cryptocurrency favorable decisions from the SEC
- Approval of any of the proposed Litecoin ETFs
- Innovative technical developments to promote the scalability of the Litecoin blockchain
- More active and strong community
If the above conditions are met, there is a high chance of broken resistance levels, that can potentially, take Litecoin to $1000. But you should remember that it might not happen overnight. It requires a slow and steady market activity for such a price surge to happen for Litecoin. However, it is not impossible.
Why Litecoin Has a Future?
Litecoin is a unique fork of the Bitcoin blockchain, which is designed as a lighter, faster, and cheaper alternative to its parent. Litecoin uses a Scrypt-based PoW (proof of work) consensus mechanism, which is less energy-intensive than Bitcoin.
This feature has made Litecoin one of the most preferred cryptocurrencies for everyday transactions, and payments. As the cryptocurrency is expanding its utilities to various industries, Litecoin can become more popular among users.
It also helps in promoting the everyday use of Litecoin because the token has a capped supply of 84 million coins, as opposed to the 21 million coins of Bitcoin. This scalability can potentially help Litecoin be a relevant blockchain for the long term.
So, Litecoin does have a future, as more people start using cryptocurrencies for payment, the relevance and popularity of Litecoin is expected to multiply, making the coin reach $1000 in the coming years.
Technical Analysis of Litecoin
As mentioned in the sections above, Litecoin is climbing after the hiccups faced in the middle of this year. The November month has been impressive for Litecoin, and the market sentiments are mostly bullish. However, it hasn’t broken out of the yearly high of $112, recorded earlier this year. At the time of writing this article, Litecoin is sitting at $101.99 with a 7-day gains of 0.44%.
In the past couple of months, the coin has followed a symmetric triangular pattern, which is thought to be a structure that forms right before a breakout. If Litecoin manages to break out of the triangular pattern and cross a price of $150, then it is a symbol of the continuation of the bull market. The breakout can potentially push Litecoin to an almost 1000% price surge. However, failure to break the cycle can bring the price down to even $50.
The upcoming Litecoin halving in 2027 can also play a major role in potentially driving the price up. After the halving event, the amount of Litecoin distributed into supply will reduce to 50%. This has historically resulted in driving the demand up and has resulted in price hikes.
Final Thoughts: When will Litecoin Reach $1000?
You cannot predict with 100% surety about the price of a cryptocurrency. However, according to technical analysis and expert opinions, Litecoin has the potential to reach $1000 in the coming years especially if a Litecoin ETF gets approved.
