Litecoin (LTC) has achieved a significant landmark in the ongoing market rally to break a key resistance around $60 – $70 to consolidate on top of the resistance. Crypto Thies, a market analyst says it is likely that Bitcoin will break the key $6,000 resistance soon and also consolidate above the level.
This is because “things are too related in crypto”, says Crypto Thies who has been watching the market for several years. Bitcoin (BTC), the leading cryptocurrency has been gaining significantly in the last few days but it is expected to see major resistance at $6,000. If Bitcoin succeeds in breaking through the resistance then it is likely to rise more freely from there, analysts say.
It seems Bitcoin is already facing the resistance as well as gathering enough momentum to push through. As at yesterday, the price growth was quite phenomenal with the asset gaining $100 in a single hour.
However once it approached $5,900, there seemed to be a resisting force attempting to push it down but Bitcoin has also held its ground, currently standing at over $5,800 according to Coin Market Cap.
The last time Litecoin was above $70 was in August 2018 and has been under that level although it came really close to breaking over it. However, it could not succeed until in April 2019 when the market started seeing great price gains. It has not dipped below $70 again and currently in the green zone with a gain of over 5%.
Bitcoin is showing a similar pattern as it dipped below $6,000 for the first time in November 2018 since the 2017 bull run and has been below that price since then. Only in April also did the price break through $5,000 but it was still not enough to make for a potential bull market. It is now heading to the $6,000 resistance which analysts believe will usher in a big move for the market if broken through or it consolidates below it with a later pullback.
Experts, however, expect the latter and a bull market to follow because most of the signs in the market suggest Bitcoin will not stop until it is safely over the next resistance. From there, the market may be unpredictable, but in a good way. The question is how soon we will get there.