Litecoin Price Prediction as LTC Bounces Up 20% From Recent Bottom – Can LTC Reach $100 in 2023?
As broader cryptocurrency markets come under pressure, Litecoin (LTC) is no exception.
As a result, near-term price predictions remain somewhat downbeat.
The cryptocurrency, which powers the payment’s focused Litecoin blockchain that was created back in 2011 out of a tweaked version of the Bitcoin source code, was last changing hands around $79 per token.
That means it's down a little over 10% this month, and is down about 25% versus earlier annual highs in the $105 area.
Still, at current levels, Litecoin is still around 20% higher versus its mid-March lows in the $65 per token area.
That’s not quite as impressive as Bitcoin, which remains up around 34% versus its mid-March lows.
But it nonetheless implied that Litecoin’s 2023 bull run remains intact and healthy.
Indeed, Litecoin continues to trade above an uptrend that has been in play since last November, though its recent dip below its 200-Day Moving Average is a bearish sign.
Litecoin has already surpassed the psychologically important $100 level on multiple occasions in 2023.
Can Litecoin move back to and surpass its 2023 highs in the remaining seven and a half months left of the year?
Absolutely it can, even if the market is seeing a short-term setback right now.
That’s because, on the one hand, macro conditions are improving, for crypto, at least.
The likelihood of the US falling into a recession in the second half of the year has been rising in recent months, thanks in part to a contraction in lending amid the ongoing regional US bank crisis.
That should help bring inflation back under control and result in labour market weakness, which means the Fed is very likely done with rate hikes and will probably soon be cutting interest rates.
Whereas an aggressive hawkish Fed was a
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