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Did We Just Get a Confirmation of a Bull Run in Bitcoin?

The world’s leading cryptocurrency is again back above $8,000 after falling to nearly $7,650 yesterday. Up 2.20% in the past 24 hours, BTC/USD is currently trading at $8,052, as per Coincodex.

You had nearly 2 days to buy this ponzi below 8keks, I don’t think the market will grant you another opportunity now

— Majin (@majinsayan) January 11, 2020

Bitcoin, however, is further expected to go up, so much so that former hedge fund manager Mike Novogratz “added some at 7700.”

As BTC makes a positive movement, altcoins are surging as well, emerging as the winners of the green market.

Bitcoin SV is in the lead with 20% gains while trading at $161.24 and Bitcoin Gold with over 18% gains. Other big gains involve Zcash (9.30%), Dash (8.14%), ETC (7.41%), EOS (7.30%), Litecoin (6.05%), and Bitcoin Cash (5.77%).

Source: Coin360

The altcoin in focus here is Litecoin. On-chain analyst Willy Woo says on the low time frame, LTC has been leading BTC and it has “already has broken the next resistance.”

As we have seen, LTC is up by 3.52% against BTC in the past 24 hours and 5% in the past 7 days. And LTC Woo points out,

“often leads if you are scalping low time frames or macro trading. Right now there’s critical signals from it.”

As for where we could go from here, Woo takes on-chain investor activity into account. As per the chart shared by Woo, investor activity in Litecoin has taken a much bigger upswing than BTC. Woo noted,

“LTC is already very bullish, while BTC is still consolidating around an early bullish swing.”

Just recently, he had shared that Litecoin difficulty Ribbon is in recovery, after going through the largest miner capitulation that the digital currency has ever faced. It should have a bullish breakout of its bearish channel, projected Woo. At that time, he said,

“I wouldn’t be surprised if LTC to leads a bullish breakout of BTC.”

Then on Jan. 8, he further pointed out how 1 day RSI breakout of LTC will lead its price to break the six months long bear channel.

Promoted as the silver to Bitcoin’s gold, Litecoin uses much of the same code as Bitcoin’s blockchain but works on a cheaper and faster scale.

But Litecoin founder Charlie Lee selling all of his LTC holdings at its peak in December 2017 caused rumblings in the crypto community.

But Lee then tried to reignite some interest in LTC by announcing that privacy and fungibility would be coming to Litecoin. Currently, Litecoin Foundation along with David Burkett, a Grin++ developer are working on MimbleWimble implementation.

Also, LTC reward halving on August 5 triggered a short-lived price rally that has many trying to predict the Bitcoin price movement during its upcoming halving in May. Woo said,

“In a nutshell, I’m expecting a bullish run in BTC lead by LTC as a confirmation signal.”

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