Bullish predictions for Litecoin and 4 other altcoins

Blockchain analysis platform Santiment is optimistic about the upcoming price increase of five cryptocurrencies. However, the context favors a significant decrease in altcoin prices compared to Bitcoin (BTC). Nevertheless, Santiment believes that Litecoin (LTC) and four other altcoins are undervalued.

Litecoin and Four Additional Altcoins Presenting Opportunity for Crypto Bulls: Analytics Firm Santiment https://t.co/ISvci4QzAY

— The Daily Hodl (@TheDailyHodl) May 10, 2023

Litecoin and altcoins that should grab your attention

According to a publication on its website and relayed on Twitter, Santiment claims that Litecoin, decentralized exchange Serum (SRM), Radicle (RAD), VIDT Datalink (VIDT), and Highstreet (HIGH) could experience a significant price increase soon.

“As altcoins continue to flush while Bitcoin & Ethereum manage to stay afloat in their ranges, we see tons beginning to creep into opportunity zones. Assets where traders are in particular pain & may be bottoming out in the near future include LTC, SRM, RAD, VIDT, HIGH,” says Santiment.

Regarding Bitcoin, Santiment claims that the supply of the queen of cryptocurrencies on exchanges is at its lowest point in 65 months. According to the firm, the low level of Bitcoin on exchanges is potentially bullish for BTC.

“The amount of Bitcoin on exchanges is now at its lowest ratio since December 2017. The five and a half year low is a good sign of increased interest in self custody for traders. And less potentially at risk to be sold back to exchange wallets.”

Whales contribute to building confidence

As noted by DailyHodl, Santiment points to the movements of assets belonging to whales that help to support its position. Indeed, in line with its theory about the decrease in BTC supply residing on exchanges, Santiment indicates that a Binance cold wallet transferred over two billion dollars of Bitcoin out of its custody.

“One of Bitcoin’s largest whale addresses, a Binance cold wallet, has been extremely active today. Through 4 transactions, this wallet has moved $2.26B worth of $BTC out of its possession. Bitcoin’s supply on exchanges has dropped from 6.78% to 5.84%.”

Bitcoin and some altcoins like Litecoin are being stored by investors in their accounts. It may indicate that they expect a bull run. Is Santiment’s argument not a bit too optimistic?