December 12thth, 2017, Charlie Lee sent to Tweet ask people not to get too excited. Charlie stated that anyone who could not handle Litecoin (LTC) down to $ 20 should not buy it. While many dismissed him, his reasons for making these statements were solid. Charlie explained that every time the crypto market goes up too fast, it exceeds its real value, which leads to huge correction and price consolidation. Charlie's predictions have come true.
The 2018 correction saw most of the altcoins lose up to 90% of their value. The litecoin that hits $ 20 also seems a very likely reality at this point. From a look at his long-term chart, it is clear that Litecoin has broken the structure of the market and is now in the deep territory of the bears. The moment he broke the 200-day weekly support for MA at $ 41.66, he opened the door for short sales and the next possible support is between $ 25 – $ 19. This makes Charlie's prediction point to the letter. If Charlie's word is something to go on, then this collapse could be followed by a multi-year consolidation before the market can see a new bull run.
Following Charlie's feelings, then it is possible that Litecoin (LTC) is entering a buying zone. This is because if the previous cycles of expansion and interruption of the crypto were to go on, then Litecoin (LTC) could rebound even bigger than it was in the Bull Run 2017. Several factors support a possible increase in the price of Litecoin in the long term. The most important of these is the halving approaching about a year from now. This, like the previous half-litecoin, could see a substantial increase in the value of Litecoin (LTC).
Furthermore, the adoption rate of Litecoin (LTC) has grown over time. Traders from all over the world have added Litecoin (LTC) as a form of payment. As more merchants move to adopt Litecoin as a form of payment, its intrinsic value will continue to grow. This will play a role in bringing the value of this cryptography back as the use is part of what gives value to cryptocurrencies. It will be a solid base for the rise of Litecoin in the next bull market and could play a role in driving Litecoin beyond its last highs, probably at $ 1,000 or more.
Even Charlie's moves in the market can help. Charlie sold his Litecoin to its historical highs, a smart move for any expert investor. Since he is still involved with Litecoin (LTC) watching his moves can help time in his next move. The moment he returns to the market and starts buying Litecoin (LTC), it may be an indicator that the market is about to become bullish. It has also recently pushed Bitcoin (BTC), which could also be a good indicator of the fact that Bitcoin is bullish in the long run and could outperform Litecoin (LTC) in the next Bull Run. One thing is clear, Litecoin's long-term prospects are good and Charlie Lee knows something about it. It is one of the cryptos to see in 2019.