Nicholas Merten: Technical Patterns Indicate Litecoin Rally Against Bitcoin

Crypto analyst and trader Nicholas Merten says that technical indicators point towards Litecoin (LTC) being on the brink of rallying against Bitcoin (BTC).

According to Merten he got out of his position in Litecoin after the false rumor about a partnership with retail giant Walmart hit mainstream news. Regardless, he thinks it is a great project. It might be a good idea to follow closely on the price movement of LTC, since it’s currently in the low price range against Bitcoin.

Merten shared with his 478K subscribers on YouTube that Litecoin is currently forming a pattern against Bitcoin that’s similar to the one it did in back March of 2017, right before launching into a huge rally against the king of crypto.

“I’m not going to say it’s guaranteed by any means, and I think Litecoin… doesn’t hold the same kind of market weight it used to. But again, don’t deny the technical patterns, these supercycle patterns that happen every couple of years each cycle.

I definitely would say to not ignore this, that there’s a potential we could see even a fraction of [the 2017] rally, and that’s still something significant – a potential 2x against Bitcoin, and potentially 2.5-3x.”

At the time of writing Litecoin is trading at $271.45, with 5% gains on the daily chart.

Regarding the wider altcoin market, the analyst expects altcoins outperform Bitcoin during this cycle, as long as “you’re not putting all your eggs in one basket,” he cautions.

“I personally believe that being in the altcoins generally [is] going to be a better bet throughout this cycle – so long as you’re not all in absolutely speculative small-caps, so long as you’re not putting all your eggs in one basket, so long as you have some form of diversification, and you have the fundamental research to back your positions.

I think that generally being in altcoins – the data showcasing it here is that it’s going to be likely more favorable than being in Bitcoin until we get towards the cycle peak. And when the market correction starts, things will change.”