Crypto analyst Hal has revealed how investors can make up to $1 million by investing in Litecoin. This comes as another analyst has predicted that LTC could soon break out of its current consolidation phase to reach a four-figure price target.
How Litecoin Can Turn A $3,700 Investment Into $1 Million
In an X post, Hal stated that investors can make $1 million from about $3,700 if they bid the low $30 range on Litecoin and sell when the altcoin reaches $9,000. The analyst is confident that the LTC price can still drop to around this level, providing investors another opportunity to take this investment advice.
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He noted that Litecoin never saw the 5th wave down in the Wave C corrective move, which he claimed means the altcoin is still going to drop below $41. Hal’s accompanying chart also showed that LTC could still drop to as low as $30 before its next parabolic rally to the upside. The analyst remarked that the altcoin could fall below the projected $30 range, but that it looks unlikely.
Meanwhile, Hal declared that Litecoin is the “clearest and most confident” 250x to 300x play he sees in the market. He added that he has been waiting a long time for this last drop to $30 and that it is coming soon. He urged investors not to miss it, seeing as he projects that they could make millions on their LTC investment.
Hal’s prediction comes amid the launch of the first spot Litecoin ETF by Canary Capital. This is expected to attract institutional inflows into the LTC ecosystem, which could be a positive for the altcoin’s price. However, the LTC hasn’t had the best of starts and is currently lagging behind the Solana and Hedera ETFs, which also just launched, in terms of inflows.
Why LTC Could Easily Record This Parabolic Rally
Hal noted that Litecoin has one of the longest, oldest, and largest accumulation channels in existence among altcoins against its Bitcoin pair. He revealed that the LTC/BTC chart looks similar to the DOGE/BTC chart just before the Dogecoin price broke out and did a 663x in the 2021 bull cycle. This is why the analyst is confident that LTC’s price can record a 300x gain from the next low when it reaches the top of the next altcoin run.
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Meanwhile, crypto analyst CoinsKid stated that Litecoin has been in consolidation mode since the 2018 cycle top. He added that compression leads to expansion, predicting that LTC can reach $4,000 if it breaks the upper resistance just above $200. CoinsKid noted how this would put LTC just shy of Ethereum’s market cap.
At the time of writing, the Litecoin price is trading at around $96, up almost 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
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