Bitcoin and LTC often go back and forth, is it possible to predict BTC price through LTC price?







The price of both Bitcoin and LTC has increased by more than 20% since the beginning of the month. Their price action has many similarities, allowing one asset's ability to guide the other.


Analyst Willy Woo posted a chart showing the movement of three coins: LTC, ETH and Bitcoin. According to him, LTC prices often lead the price of BTC, so LTC has increased at a faster rate than Bitcoin, he expects the price of BTC to increase in the short term.



Does LTC price really lead BTC? If so, where will the BTC price go next? Let's find out.


Annual relationship


Bitcoin price (candle) and LTC (blue line) in the past year are shown in the chart below.


The prices of both properties have moved back and forth until June 22, 2019. On that day, the LTC price reached a high, while BTC followed shortly after, reaching a high after four days. After that, the prices of both began to fall. Therefore, this is the first case in the past year, in which Litecoin price is leading Bitcoin.


The prices of both assets continued to follow each other, with BTC dropping slightly until January 8, 2020. In this case, the price of BTC leads LTC. After that, the case is still true even at the next high, reached on February 22 for BTC and on February 25 for LTC.


Price LTC dan dat BTC 2


Looking at the long-term chart, the hypothesis that the LTC price leading BTC is no longer true. Let's take a look briefly to see if it will change or not.


Short-term movement


The hourly chart shows that while LTC's April 6 high occurred a bit earlier than BTC, the prices of both have not led each other at least since early April.


Financial LTC dan BTC 3


In short, BTC and LTC prices have led each other at different times in their price history. However, this event is not consistent enough to use the price of one asset to predict another asset.


You can see the price of Bitcoin here.


Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.


Annie


According to Beincrypto








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