Since the beginning of 2023, the great majority of top cryptocurrencies have traded in the green, giving investors hope that the bear market is nearing its end.
As Bitcoin prepares to launch a bullish run, the rest of the market is likely to follow suit. Notably, Litecoin is one of the leading competitors, as its price has increased by about 15% over the past week.
But the question on the minds of shareholders is whether or not they will see increased profits as a result. Experts and observers agree that LTC’s value might double over the next few months, but they are less optimistic about the prospects for any greater appreciation.
Is Litecoin Capable Of Hitting the $100 Mark in 2023?
Litecoin’s price has increased by almost 15% in the previous week after breaking above the $80 barrier a few days ago and holding steady at that level.
Considering that Litecoin was one of the hardest-hit cryptocurrencies in November, this is an excellent performance, even though it’s more than 80% lower than its ATH from May 10th, 2021 ($410). Experts predict that Litecoin will be able to break the $100 barrier again by the end of August; however, this is highly dependent on Bitcoin’s price. Litecoin would be one of the first cryptocurrencies to follow Bitcoin’s lead in a bull market.
Observing Price Action from a Technical Standpoint
The price of Litecoin has fallen in recent days. This performance is consistent with those of major American indices like the Dow Jones and the Nasdaq 100. As of 2025, the Nasdaq 100 index has fallen by 2.50% from its all-time high reached in 2023.
The earnings reports are not off to a good start, which is a major factor. Large Wall Street banks, such as Wells Fargo, JP Morgan, and Citigroup, all reported dismal earnings last week. Morgan Stanley and Goldman Sachs were among the companies this week to report dismal performance, continuing a recent pattern.
If you look closely enough, you’ll notice that the majority of financial institutions are preparing for a moderate economic downturn. Their preparations for credit losses reveal this. Meanwhile, financial institutions have begun wide-scale layoffs. More than 3,200 people at Goldman are being let go.
Companies across sectors are preparing for further layoffs. Companies like Microsoft and Salesforce are laying off thousands of staff. Therefore, investor sentiment regarding the state of the economy is to blame for the precipitous drop in stock prices.
CoinMarketCap’s price chart shows that as Litecoin’s value has increased over the previous several weeks, most short-sellers have been closing their holdings. In recent days, however, the pattern has changed as longs have begun to reduce their holdings. Over $2.86 million in long holdings were liquidated on Wednesday, while $223,900 in short positions were closed. Buyers’ anxiety is rising as a result of this.
Though it is similar to Bitcoin in many ways, Litecoin has a different mining algorithm and is the second-oldest cryptocurrency. If you’re having trouble deciding whether to purchase or sell an investment, technical analysis may be able to help. Many analysts’ prior predictions that LTC would hit $90 proved accurate.
On CoinMarketCap’s price chart, a black inverted and slanted head and shoulders shape represents LTC’s recent price movement. Although it may take some time to fully form, this price action pattern is among the most reliable.
Furthermore, the price of Litecoin continues to rise and is already far above two moving averages. According to the principles of trend-following, this typically means that the price of a security will keep going up.
As a result, despite the correction, investors believe Litecoin will soon have a bullish breakthrough. When this occurs, there is a high possibility that Litecoin will likely return to the $100 barrier level.
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