This is the Litecoin forecast for the coming weeks, in order to see if the Litecoin price can rise to $150.
The Litecoin price has seen a sharp rise so far in 2023. But in the past few weeks, the LTC price has barely risen. However, a breakout in the crypto market could trigger a stronger rise in Litecoin again in the coming weeks.
Recently, the Litecoin price has experienced a sideways movement with some slight ups and downs. Today’s rate is slightly below the $90 mark, the same level as 3 months ago.
The Litecoin price has gone through some phases of decline and rise. Unlike the course of Bitcoin, Litecoin failed to see any gains. Litecoin price increases in 2023 occurred almost exclusively in January.
In mid-April, the Litecoin price was able to rise above $100. But then the price fell back below $85. After that, Litecoin has been able to rally toward the $90 mark in the past few days. Due to the developments of the last few weeks, the Litecoin forecast is not easy to predict.
Why Litecoin Couldn’t Go Up as Much as Bitcoin
Litecoin has very similar characteristics to Bitcoin. It is often referred to as “digital silver” in reference to Bitcoin “digital gold”. Litecoin is also based on the proof-of-work consensus mechanism and has a fixed supply of coins.
However, Litecoin is often more affected by bullish and bearish phases than Bitcoin. Since we are currently still in the bear market in the long-term cycle, this has a negative impact on the Litecoin forecast. However, the Litecoin price can also rise particularly sharply in a very bullish phase.
Litecoin Forecast for May
The Litecoin forecast for the next few weeks is difficult to make at first glance. Based on the course of the Litecoin course in recent weeks, we can see that the course can fluctuate a lot and there is no clear vision. Instead, the entire crypto market is showing a bullish trend in the medium term.
The Litecoin forecast should still be positive for the next few weeks. Because the price of Bitcoin could surpass the $30,000 mark in May and thus put an end to the sideways movement of the last few weeks. This could allow Bitcoin to rise to $40,000. In this case, the Litecoin price would see a significant price increase.
The Litecoin price could go higher again in the event of a Bitcoin price breakout. If Bitcoin and thus the crypto market enter a sustained bullish phase in May, the Litecoin price should also rise well above $100 again.
Therefore, May could be the strongest month for the Litecoin price since January. A 20-30% increase seems to be possible at best in the coming weeks. With a rise above $100, Litecoin could continue to rise sharply and reach $120 by the end of May.
Therefore, a Litecoin forecast of $105 to $122 is assumed by the end of May 2023.
By Audy Castaneda
