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Litecoin (LTC) hit $ 70 for the first time since September 2019 this weekend, fueling speculation that it will induce a bull run in Bitcoin (BTC).
Data from Cointelegraph Markets and Coin360 showed that LTC / USD broke the remarkable $ 70 barrier on February 1, claiming a local high of $ 71.50.
LTC seals 65% monthly returns
As with many major altcoins, the result closes a very successful month for Litecoin, which traded at just $ 43 on January 1.
Litecoin 1 month price chart. Source: Coin360
However, the 65% jump caught the attention of traders for one reason in particular. As a popular Twitter personality Loma noted Saturday, Litecoin posted a similar performance to March last year.
After doubling its price in four weeks, Litecoin gave way to Bitcoin, which began a three-month bull run that culminated in a 19-month record of $ 13,800.
By analyzing current sentiment, Loma and others now see the possibility of the pattern repeating itself.
“Litecoin drives bitcoin”, investor Michael Flaum recap on Twitter Friday.
“Litecoin up 5.8% I don’t know why, but it’s a common trend. $ 10,000 bitcoin very possible. “
Start the road for $ 100K
As Cointelegraph reported, several trading sources have recently become increasingly bullish on Bitcoin’s outlook for this year.
After breaking through the $ 6,000 range, commentators are now broadly convinced that a return to those levels is highly unlikely.
In a market discussion on Friday, two well-known cryptocurrency YouTubers added a sense of anticipation, arguing that at the current levels of $ 9,400, BTC / USD is already in the bullish cycle, which could reach at least $ 80,000.
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